I am new and don’t have any experience , but I’ve done my research and feel I’m ready to start driving for dollars and cold calling . I want to make sure I am doing it right tho and know the process FULLY. When I have contracts that are sound , do I get them notarized with me and the seller? And then again notarized when I find a buyer to assign the contract to ? How do I know if my contract is legit ? Do I take the purchase agreement to the title company as soon as the seller is ready to sing ? I just need someone to show me the ropes . Also I am in the Massachusetts/ NH area
Hi! I'm also a newbie, so i know how you feel. I got a hold of some contracts(for sales agreement and assignment) and took them to a real estate lawyer to look over and made sure all my bases were covered and asked a ton of questions. After getting a contract signed, you usu have a limited time to take it to the title company and put down an EMD with it. That way also, they can make sure the title is free and clear. I would suggest finding an investor friendly title company to work with, they can provide good insight and let you know what you need to do so far as after getting a contract signed and might let you use their contracts as well.
I bought the audio version of the book called "If you don't know how to wholesale after this I've got nothing for you" and it was a huuuuuge help.
It's a real step by step breakdown of the process!
Whats going on guys,
I'm a full time wholesaler from Houston, and can offer some tips.
Contract - You can use the official contract promulgated by your state or you can use a generic one (BiggerPockets has plenty). The key will be the special provisions and clauses that offer you protections, make sure to be familiar with these clauses and make sure they are always included.
When you have a homeowner that is ready to sell and you have concluded that it is a deal, then you agree on an earnest money amount and both sign the agreement. After this is done you then you take (or email) the agreement to your title company and you provide them with the earnest money (This makes the contract binding, if you do not deliver earnest money then you don't have valid contract).
The title company will then begin their title search to find any liens or issues with the sale of the property.
Hope this helps.