Updated almost 11 years ago on . Most recent reply
1st Deal Alert !!!!
I have a 4-plex that needs work and is in a hot upcoming inner city area. Is there a template that can help me get the buyers the info without involving the seller so i don't loose my $$ part on the deal. It needs work and she is asking 150,000.
Most Popular Reply
It sounds like you're new to the investing arena, so rather than lose the deal and potential profit, you should seek out the assistance of an active local investor who can help you put the deal together so you can both make money. 20% to 50% of something is better than 100% of nothing.
BUT, if you decide to go it alone (mistake!), here's some basics.
1. get the property under contract
2. depending on state law, you may also want to record (in the official public records) a Memorandum of Option which gives constructive notice that you have an option contract on the property (seek legal advice prior to this step)
3. you can require any interested parties to sign a "Non-Solicitation Agreement" which states they will not try to go behind your back and cut you out of the deal.
4. Notice: remember that should you ultimately assign a contract to another buyer, the assignment does not typically release you (Assignor) from your obligations under the contract unless your purchase/sale contract contains specific language regarding this matter or unless the Seller signs the assignment too. I'm sure it's different from state to state, but in Texas, this is often overlooked by investors.