So basically after reading and reading, looks like I want to start in wholeselling as that is where I can build some cash in an account to later on do rehab flips, rentals etc, my question are the following:
1. Should I get an LLC to start or just put the property under my name?
2. Does the contract have to be notarized or be processed by any kind of legal work?
3. Can you make this "contracts or agreements" whatever the official name is?
4. What kind of exit clause can I include as to say I don't get an interest investor to whole sale the property to? i.e. in 15 days if I don't have the fund just terminate the contract
Thanks in advance
Hey Juan....welcome to the game.
1. Get an LLC. If your state is like Maryland you can download the Articles form from a website and have it filled out in minutes. Do not operate in your name.
2. If your speaking of an offer contract on a house...no
3. There are a million contracts for free online.
4. Google real estate inspection clauses.
You have lots to learn - but don't let that be a deterrent. There is plenty of information here on this site, and elsewhere on the interwebs.
1. Take a real estate agent licensing class. Usually about $400;
2. Volunteer to work on a habitat for humanity house. You will learn something about construction and meet contractors, for free;
3. Attend your local housing finance authority's free classes on basic real estate financing.
Do these things and not only will you know more than about 90% of so-called wholesalers, but you may very well find that you can skip that whole step entirely.
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