Riverside, CA · Member since 2014 · 29 posts · 7 votes
Hello BP family,
Working on my first deal.
- Its a cash deal on a buy and hold out of state.
- What should I be aware of or watch for in my 3-4 page contract that my general contractor/wholesaler is providing?
- Is this adequate?
- I know we are going through a Title company and Escrow company but I want to make sure I'm as safe as possible here.. I've yet to see the contract first hand as it is being written up currently, just want to know what to watch for when it does show up.
The wholesaler sold this house 1.5 yrs ago, I saw the inspection report from then and as stated the wholesaler is a general contractor also and shared with me his inspection report of repairs made when current owner purchased, I feel comfortable that I've waived the inspection.
The thought of a Lawyer has been thought of but would the lawyer need to be in the state of purchase or where I reside?
You should have hired your own inspector. Even if you waived the inspection. A report from 1.5 years ago is virtually meaningless. You need a report of current conditions. Especially if you're buying out of state. Tenants really tear up a place.
That being said, you should use a lawyer local to the property if you can. They would be more familiar with local laws and not all lawyers can work across state lines.