Two deals in Charlotte Metro Area and I need your opinion!

4 Replies

I have two deals in the Charlotte Metro Area. One is located in Cabarrus County and the other in Iredell County. The sellers of both are motivated and want to sign contracts tomorrow to sell their properties. These will be my first wholesaling deals ever! What is the best contract with assignment clause to use that involves all legal aspects to cover myself and my seller? Ive downloaded many online but one always seems to be missing something that I've found on another contract but then that contract is missing much more!! HELP!! Thank you in advance.

@Jasmine Brumfield

It's always best to get your contracts from a real estate attorney. Typically, contracts are free from any attorney you use. Contracts from another investor or that you get online may not actually be legal in your state, should you ever get to court.

Purchasing a property, by the way, is not wholesaling. Wholesaling is a way to sell properties. So, you need to be buying low enough that you can sell to a rehabber who can do all the necessary repairs and still make their own profit. 

Do you know how to comp the ARV and know your repair costs? How did you come up with your offer amount?

I'm just concerned since you don't even know how to get a contract.

Good luck to you!

@Jasmine Brumfield hopefully you found the contract you need so you can wholesale these after all the hustle you likely put in to find them. A lot of people will spend all their time prepping and never take action to lead generate so nicely done! Keep us posted and good luck!
Originally posted by @Karen Rittenhouse :

@Jasmine Brumfield

It's always best to get your contracts from a real estate attorney. Typically, contracts are free from any attorney you use. Contracts from another investor or that you get online may not actually be legal in your state, should you ever get to court.

Purchasing a property, by the way, is not wholesaling. Wholesaling is a way to sell properties. So, you need to be buying low enough that you can sell to a rehabber who can do all the necessary repairs and still make their own profit. 

Do you know how to comp the ARV and know your repair costs? How did you come up with your offer amount?

I'm just concerned since you don't even know how to get a contract.

Good luck to you!

Hello @KarenRittenhouse and thank you for responding. I do know how to comp the ARV and repair costs and have done so for both. Im not greedy or looking to "get rich quick", so the profit for my buyer will be significantly higher than what I stand to make for the deal. I also have a formula that I use to calculate my offer amount.

MAO (maximum allowable offer) = ARV-Flippers Profit-repair costs-fixed costs-wholesale fee

There are other variables used here but this is the bulk of it. 

At any rate, I was more or less asking for someone who practices wholesaling in NC if they knew of any good contracts to use. There are some available here on BP and elsewhere online and was curious if someone had one to show me that I could go off of. I would still definitely contact an attorney but was looking for an immediate answer from my BP family. Thanks for your expertise!

@Karen Rittenhouseundefined