CONTRACTS!!!!!

[Jaleen Anderson]

Just now getting my feet wet in the wholesaling business and I have an opportunity to my 1st house under contract... only thing is i have no idea as to where i go to get the 3 Contracts required to get started someone please help!!!

[Aaron Mazzrillo]

Don't get too caught up in the paperwork. The sales contract can be written on yellow lined paper - I've done more than my fair share of those, handwritten right in front of the seller, or you can type up your own in Word with a nice fancy header. 

Here is all you need:

Address, buyer's name (or entity), price, condition (usually As-Is), Occupancy (vacant or with tenant in place), terms (closed in 14 (21, 30??) days or less), who escrow is (I put name and phone number), who title is (name and phone number), you might want something like "Contingent upon interior inspection" or some other contingency clause, I like to add a statement about prorations such as: Security deposit, prepaid rent and unpaid taxes to be prorated through escrow (that way I get the credit for the paid taxes, not the seller), and sometimes I put in a line about how long the offer will be good for.

It's really quite easy. Only real estate agents make it absurdly difficult. They've really corrupted this business. As for the assignment, have escrow type it up for you. That being said, make sure you open escrow with a company that is familiar with wholesaling and how assignments work.