I'm new to REI and have taken an interest in wholesaling. I've done lots of research and I'm ready to give it a go. However, I'm seeing lots of mixed opinions on what contracts to use. I see a lot of people recommending the TREC 1-4 but I see others opposed to using it and instead suggesting something simpler.
Can anyone recommend an attorney who I can consult on contract usage? Looking to either get advice on using the TREC contract, or getting a new contract drafted. Also looking to get an assignment contract drafted. If anyone would be willing to share their contracts, that would be awesome. I would also be grateful for any investor friendly title company referrals. I'm located in the North Dallas area.
@Austin B. if you go to https://home.flipwithrick.com/freewholesaling they have a lot of good training but the also offer free purchase and assignment contracts to download. It may be worth taking that when you find a real estate attorney and having them look over it. I'd imagine that would be more cost effective than asking them to draft a whole new contract. A lot of what I have heard from more experienced wholesalers is that the TREC contract can be very overwhelming and make sellers kind of nervous. Something shorter and more clear cut helps their comfortability level and looks less like there may be something hidden they may overlook. I am using Texas Secure Title but I use the Ft Worth office and have a personal connection there so mileage may vary, but at least it is somewhere to start. If you are not sure what to ask flipwithrick also has specific videos on working with title companies and what to ask. Good luck I am in Arlington and just starting also so reach out if you ever have any questions about this side of the DFW market.
Don't reinvent the wheel. Use the TREC and be educated on it. Take a contracts class on it. Willy Nilly filling in the blanks is risky. Make things nice and simple for everyone involved.
Start creating your own contracts and you'll need to educate everyone on their content. That will cost you a lot of money when you start paying attorneys at $350-$500/hour.
Good real estate attorneys on single family probably tell you to use the TREC.
Spend your hard earned money on education and deals, not on attorneys drafting new contracts.
@Austin B. if you go to https://home.flipwithrick.com/freewholesaling they have a lot of good training but the also offer free purchase and assignment contracts to download. It may be worth taking that when you find a real estate attorney and having them look over it. I'd imagine that would be more cost effective than asking them to draft a whole new contract. A lot of what I have heard from more experienced wholesalers is that the TREC contract can be very overwhelming and make sellers kind of nervous. Something shorter and more clear cut helps their comfortability level and looks less like there may be something hidden they may overlook. I am using Texas Secure Title but I use the Ft Worth office and have a personal connection there so mileage may vary, but at least it is somewhere to start. If you are not sure what to ask flipwithrick also has specific videos on working with title companies and what to ask. Good luck I am in Arlington and just starting also so reach out if you ever have any questions about this side of the DFW market.
I'm new to REI and have taken an interest in wholesaling. I've done lots of research and I'm ready to give it a go. However, I'm seeing lots of mixed opinions on what contracts to use. I see a lot of people recommending the TREC 1-4 but I see others opposed to using it and instead suggesting something simpler.
Can anyone recommend an attorney who I can consult on contract usage? Looking to either get advice on using the TREC contract, or getting a new contract drafted. Also looking to get an assignment contract drafted. If anyone would be willing to share their contracts, that would be awesome. I would also be grateful for any investor friendly title company referrals. I'm located in the North Dallas area.
You should give New Western Acquisitions a call. They are located in Dallas. I sold one property using them as a wholesaler. They did all the footwork including a good title company. And yes, I used the TREC contract, it's assignable and is the best if not the most legal option.
Nothing wrong with TREC, you have to nail down your assignment agreement, we advise wholesalers to have a few custom contracts ready also. Shorter and faster than the TREC form