Renter · Hialeah, FL · Member since 2014 · 239 posts · 27 votes
Hello everyone. Today I met with a real estate attorney/ title company to build my team. Ask about drafting contracts and to do that would cost $250/hr. That's when in my head I said, s*@t another road block. I keep reading post where most investors suggest attorneys to review or draft contracts for compliance, legitimacy and legal protection.
So wholesaling requires a lot more money to get started than is really mentioned. Of course, this is doing it the right way. The way a business should be done. Then, there is marketing. Gotta figure out how to pull this off.
As you know there are different approaches to this business. When I first started I bought a couple hundred dollars worth of bandit signs and they lasted me a year. I got my first deal with a $1 sign, a free contract, and great rapport with seller.
Customized contracts are a nice accessory but dont let them hold you back. Wholesaling is a great opportunity for us and glad you want to run it like a business, your integrity shines through. Maybe get some free contracts and ask their opinion, I cant imagine they charge for that.
I just chose the one I liked and had seller initial each line to solidify the agreement.
As you know there are different approaches to this business. When I first started I bought a couple hundred dollars worth of bandit signs and they lasted me a year. I got my first deal with a $1 sign, a free contract, and great rapport with seller.
Customized contracts are a nice accessory but dont let them hold you back. Wholesaling is a great opportunity for us and glad you want to run it like a business, your integrity shines through. Maybe get some free contracts and ask their opinion, I cant imagine they charge for that.
I just chose the one I liked and had seller initial each line to solidify the agreement.
As you know there are different approaches to this business. When I first started I bought a couple hundred dollars worth of bandit signs and they lasted me a year. I got my first deal with a $1 sign, a free contract, and great rapport with seller.
Customized contracts are a nice accessory but dont let them hold you back. Wholesaling is a great opportunity for us and glad you want to run it like a business, your integrity shines through. Maybe get some free contracts and ask their opinion, I cant imagine they charge for that.
I just chose the one I liked and had seller initial each line to solidify the agreement.
Yes Russell, I am going to create or modify a contract and take it to my next local REIA meeting in hopes of getting someone to look it over for me. Good to here it worked out for you.
San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
12y
When building your team, it's best to meet with a couple different prospects before you make your hiring decision. This will give you the opportunity to ask questions and see different perspectives.
In my experience, I've learned a lot just by using this technique - not everyone will have the same views. Also, it will give you the chance to see different personalities and choose from a higher pool of prospects.
If you're interested in wholesaling, you may want to connect with @Sharon Vornholt. She's been successful in this area and has written numerous articles on the subject for the BP blog.
Columbus, OH · Member since 2014 · 61 posts · 19 votes
12y
Hi Jose,
You might want to look into Legal Shield or one of the pre-paid legal plans. I pay $17 / month for Legal Shield, and I've been happy with the service. They just recovered $250 for me that was an over charge that a mortgage company did not want to acknowledge. My monthly subscription covered the attorney fee 100%. Some services are free and some have a discounted charge. I've used them for personal and employment issues as well, and prevailed in each case. They will help with reviewing contracts, criminal and traffic cases, too. Pretty much everything.
Real Estate Investor · boston, NH · Member since 2014 · 401 posts · 32 votes
12y
all you need is about 500$ i would say. you can send letters and stamps and get signs with all that.
as far as contracts go, it shouldnt take an hour for the attorny to read it, so you shouldnt get charged for the ful 250. the contracts here on bp are a start. that is what i plan on using. after my first deal i will get a professional one that will cover my butttooxxx a little better