Seeking Minor Advice Legal from Experienced Wholesalers!!
Hey Guys, first time posting in this specific forum. So in late August I'm moving to Tampa Bay to attend the University of Tampa as a freshman. While doing so, myself and possibly one of my roommates will be staring up a wholesaling business. I have been studying a great deal into Rental Property Investing, and Wholesaling and have been told the best way to learn is to do. And I mean if there is ever a time to fail and go broke, its when you're 18 and have under five grand to your name.
So a couple questions:
Do you guys think it is a good idea to potentially partner up with someone, starting a business for the first time to have someone to learn the process together? If anyone wants to share the Pros v. Cons they've experienced in the past, please do!!
Another question more specific to wholesaling. I've watched a lot of YouTube & listened to a lot of Bigger Pockets Podcasts, and for anyone that has wholesaled before... Is it essential to speak to an attorney about forming a Purchase & Sale Agreement or is it entirely possible to form one yourself from online resources. Note, we are on a budget of about $6000, ($1000/month) for the first six months and have set a goal to close our first deal within that time period. An attorney can get fairly pricey, so is it worth it to spend the $300 for a very well done contract or are there alternatives? Any recommendations from former experience would help a ton!! Thanks Guys :)
@Sam Giberti great questions and congratulations on getting started. It is said that if you want to go fast go alone but if you want to go far, go together. I wish I had started partnering on deals earlier. Second question; The two different purchase contracts I use and recommend to my students are the Standard Real Estate Contract that your local real estate agents and brokers use and the Standard Purchase and Sale Agreement. The Standard Real estate contract that your local real estate agents is the one I use most often and the one I recommend you use. Sellers who have bought or sold a house recognize it and feel more comfortable signing it; attorneys deal with them every day so they prefer it be written on that contract; and your end buyer who in an investor will recognize and know that contract. The point here is because the standard real estate contract is so widely used in the industry it makes it a widely excepted contract to facilitate real estate transactions. The second contract I often share with my students is the Standard Purchase and Sale Agreement. I included this contract because I know some of my students want to get started now. Until you have built a relationship with a real estate agent and get from them a standard real estate contract you will use this. What I like about this contract is how simple and short it is. It is only a 2-page contract that communicates everything needed to get the job done. If your interested inbox me and I'll share it with you. Hope this helps.