What contracts do you use to aquire a deal?

[Genesis Rodriguez]

Hello! Thank you for taking the time to join our discussion.

So I'm new, and looking to wholesale.

I know different states have different rules, I'm open to any information you can provide about where ever in the US you invest in.

What contracts do you use? How long do you generally take to close? How much time do you use for your inspection period, and if everything doesn't come back as originally planned, what do you have in place that will let you either renegotiate the deal or escape the contract?

Once again thank you for any information you can provide to clarify this for me!!

[Brenden Mitchum]

Hey @Genesis Rodriguez

So first just a disclaimer that I definitely know nothing about contract law in TX so you'll want to do your homework to double check my advice.

I am not a wholesaler but being a REALTOR® I have a decent grasp on real estate contract law here in GA. So I will give you the advice I would give to a wholesaler here - chances are it will probably work fine for you too. First, start networking with wholesalers in your area, which should not be a problem (sooooo many wholesalers in DFW). Build a relationship with some of these guys and gals and ask the really experienced ones if they would mind sharing their contract with you. Then, take that contract to a local real estate attorney, explain what you are trying to do, and have them read it over to make sure it's what you need. For more $$ you can cutout the networking with other wholesalers step (don't recommend) and simply go to the attorney and ask them to draft you up a contract. DO NOT simply use someone else's contract without having an attorney look it over. 

In terms of giving yourself room to back out of a deal, I am not sure what TX does but here in GA our contracts have a due diligence period and you simply fill in the blank for the number of days you want to check out the deal and back out with your earnest money for any reason. The number of days will just depend on the deal and how much time you think you will need. You can also throw some kind of financing contingency in there too because your end buyer might want this. 

Please, feel free to reach out anytime if you have other questions or just want to chat!