Tomball, TX · Member since 2015 · 1 post · 2 votes
Hi, newbie here trying to wrap my head around the basics. Would any of you flippers or wholesalers in Texas be kind enough to email me an example TREC 1-4 contract or two thats been filled out for the purpose of wholesaling and or flipping a single family home, along with any common addendums you add to your TREC contracts for wholesaling. I don't want to use the simple non-TREC one page contracts that I read a lot of other people use, because I hear from local flippers that title companies and sometimes the sellers' lawyers like to criticize them.
I'll need an email address or contact info from you, apparently I'm not allowed to post my email address in my first post.
I'm based out of Houston Texas in case you're wondering.
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Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com
Could I also get a copy of your TREC 1-4, I feel like I've been doing research into Wholesaling a years, and it's about time I get out there and get started. Thank you
It's my understanding that TREC requires all single family (1-4) transactions be done using the state required sales contract, I wouldn't be loading up BS clauses in it either. Sort out internet fiction and folklore with facts about the investing real estate industry, my Texas attorney said "you don't want to cross the TREC"! Learn real estate, your plans will change after you understand the game. :)
FYI -- TREC contracts and TREC addendums are not required unless you are using licensed real estate agent. Even then, an agent can use a non-TREC form or clause if the client insists or if it is drafted by an attorney. Title companies like the TREC contracts because they cover the basics needed to close the transaction i.e., sales price, responsibility for certain fees, timelines to cancel, responsibility for default, earnest money/option disputes, etc.
The real problem with a 1 page contract is that many of these items are left out. That leaves the title company guessing on how to close the transaction.
I think the TREC contracts are a good start -- but that should not stop you from being creative or adding investor friendly clauses/addendum to the contract. Again, unless you are a real estate agent, you can use any form you like to make an offer.
True, you don't have to use the TREC forms, but it makes things much easier on the title company. My county only has two title companies. Both of them strongly prefer that I use the TREC forms. When I pushed, they wanted to charge an additional fee to have their lawyers review the contract to ensure everything was legal. It's just not worth it in my case... TREC forms are available freely online and trusted by everyone.
It looks like you've got some great people on here helping you! I noticed that you were in the Houston area and that is where I started. Houston has an incredible amount of resources (many free) available for real estate investors and I highly recommend taking advantage of them. They really helped rocket me up the learning curve. The self-directed IRA company I use is there and they have great instructional meetings and webinars.