Possible first deal -Questions
Hello all,
I'm going to see a property tomorrow and hopefully I will be able to make an offer to the seller. It's an absentee owner with no mortgage and I will find out tomorrow what repairs may be needed.
If the seller accepts my offer what do most people pay as an EMD to the seller & how is this set up in escrow? Also, what clauses outside "and/or assigns" should I make sure are absolutely in my purchase agreement & is there a way to make it air tight legally without paying an expensive fee for legal review? I'm not trying to short-cut but I've spent quite a bit on marketing thus far so I'm trying to conserve.
Lstly, I've heard people on both sides of the fence as far as whether you should use your LLC for wholesale deals but I'm wondering what the group thinks. I have little knowledge about how this would work.
Thanks!