Rental Property Investor · MA · Member since 2020 · 10 posts · 4 votes
Should I be looking for a hard money lender? should I call to make sure I can refinance? what if I cant get the down payment? Who writes the purchase and sale agreement? how do i get it under contract if he likes my offer?
This would be my second deal but my first off market deal in an A class area with A class tenants.
Rental Property Investor · Colorado Springs, CO · Member since 2020 · 433 posts · 284 votes
4y
Doug, congrats on getting to this stage.
I am not an agent or a lawyer, but check your state dept. of real estate web site. You should be able to get a state approved contract for real estate there. Or you can go to sites like legalwhiz.com and purchase forms.
Another option is to contact a real estate attorney, might cost you more, but consider it tuition.
Our first deal we wrote up , the title company was also helpful.
Rental Property Investor · Colorado Springs, CO · Member since 2020 · 433 posts · 284 votes
4y
Doug, congrats on getting to this stage.
I am not an agent or a lawyer, but check your state dept. of real estate web site. You should be able to get a state approved contract for real estate there. Or you can go to sites like legalwhiz.com and purchase forms.
Another option is to contact a real estate attorney, might cost you more, but consider it tuition.
Our first deal we wrote up , the title company was also helpful.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
4y
Doug, I am going to be straight here with you not to be a jerk, but to open your eyes some. If you are getting calls from potential sellers without knowing what to do, you are doing things backwards.
The first step is education. You need to know your market, your lingo, your contracts, and how to build the business. Unless this is a hobby for you, you need to treat it like a business. You can thank me later when you make your first million.
Next step is building your team which consists of advisors (attorney, CPA, real estate agent(s), mentor), lenders (private money, hard money, money partners), contractors, escrow company (or closing attorney). You also need to build your systems which may include (but not limited to) marketing, operations, management, acquisitions, dispositions, etc.
If you go into a talk or negotiation with a seller without confidence or with fear, guess what is going to happen? If you do not have your teams in place ahead of time, you are placing yourself in a weakened position for any negotiation. If you go into a deal without proper knowledge of how you would structure the deal or perform the due diligence on it, including the financials which are of vital importance, guess what is going to happen?
Hope this helps you.
While this may all sound complicated and complex, it is necessary to your success.