Happy saturday everyone,
I'm located in Colorado springs and I am very motivated in wholesaling locally. I have everything I need to get started, phone, website, bandit signs, formulas, repair estimate sheets, potential end buyers, people skills, ect. I brought 4 contracts to my real estate attorney (2 different buy side and 2 different sell side) he called one of his other attorney friends and literally said he's about to vomit after reading the first line pf the buy side contracts I had. Lol good thing I decided to have someone legally inspect them instead of a potential seller call me out. Does anyone have COLORADO WHOLESALE CONTRACTS to share so I can get started?
Thank you everyone!
@Dustin Johnson Why are you trying to reinvent the wheel? Why not just use the public documents that a broker would use. They are free and you know they will stand up in court as they are made and approved by the state board.
Here is all the approved contracts to purchase for a broker in CO: HERE
Here is the main website ran by The Colorado Department of Regulatory Agencies that I used to find the google drive with the purchase contracts.
When using the CO contract on line 25 of the Dates and Deadlines section make sure you put the date out far enough so you can object and use the exit clause if you don't find a buyer.
I have never purchased property in CO but was able to find this info with about 3 minutes in a google search. Utilize people who have already done the work for you. In Texas, I just use our state approved form and make sure that the option period is long enough for me to assign, set up a double close, or opt out of the contract.
Use the state contract as Ryan has mentioned. That is everything you need. Add a line in the provisions saying the contract is assignable if you are wholesaling.
thanks for the info guys, i'll check it out when I get back to my house. If anyone is interested in a night to meet up in Colorado springs, let's plan something!
@Kyle Doney spot on with the additional provisions comment.
Hey Dustin, I'm also in the Springs. Do you recommend using a real estate attorney for closings or a title company? Are you just assigning or double closing? What are your thoughts on legality such as marketing the property before you own it without having a RE license? But I guess some say we just market the "contract." Another idea I had is to create an LLC for each property and then get the contract under the LLC, and then sell the LLC - I wonder if flippers would be into that or not.
Curious how much you're paying for closing fees? Thanks man!
@Dustin Johnson hey how is wholesaling going for you ? I live in Colorado Springs. I have been researching a lot on wholesaling I am ready to get this started!
Oh Snap, saw this come up on alerts today. Broker here in Colorado. The suggestions were spot on in 2018, but in 2019 and going forward that's no longer valid advice. At the beginning of 2019 we changed our Contract to Buy and Sell Real Estate, Section 2.2 states -
2.2 No Assignability. This Contract IS NOT assignable by Buyer unless otherwise specified in
So you might want to reach out to an attorney and ask for some guidance on how you would word the asisgnability in the additional provisions.