Newbie Looking for Advice on a "Live One"!
Calling all Experienced Real Estate Investors who might be willing to "give back" tonight...
So, you're a new wholesaler who doesn't have it all figured out... You decide to take some action and get a house under contract with a seller. You've ran some numbers on the property, but aren't really sure that they're all that legit, because A) you're still learning and B) it doesn't really matter anyway because you put it out online and already have an all cash offer from a neighbor who saw it and wants it... Now you as the newbie have an assignable contract with the seller for $34K and a Cash Buyer for $40k, but again- you are NEW and don't know how to "get it done"... What are the steps to take now? ?? Step 1: Get the "Assignment Agreement" with the buyer signed and deposit collected??? Step 2: Locate a title co. to take both the seller side contract and the assignment contract to? Step 3? Due diligence on title and liens etc? <- Who does this, me or the title co, or what? I have the contract in hand from the seller and the buyer is ready to move, but the buyer isn't an investor and is expecting me to be the expert (rightfully so)... What's next? Who do I talk to? What do I do? What paperwork is in order? What title Co. should I be talking to? NOW WHAT? It's hard, because I feel a responsible investor would have all this in place and know the process start to finish, but I decided to TAKE ACTION before figuring out all the transaction tasks and steps to get to closing... I have a fresh one, a real live one on the line, but am a little lost with the proper, legal and correct way to get this closed. Property is in Avoca, IA (35min from Downtown Omaha). Praying someone out there would be willing to give advice (even step x step transaction steps) in order to help me, the new guy wanting to get his first deal closed and learn the process steps...