All Forum Posts by: Caleb L.

@Aaron H. Thank you so much! Really helpful! 

What if I'm going to wholesale a property, and the owner has an agent already? Does that affect me and the process at all? I suppose that after I assign the contract to the buyer, the agent would get paid when my buyer buys and closes the deal. Can you please explain the process of wholesaling if there's an agent/brokerage involved? 

@Aaron H. Thanks a lot! When I deliver the contract to the title company, and after I find a buyer, do I get paid after the buyer goes to the title company and they assign him the contract? Or do I have to be there with the buyer when he gets the contract assigned to him, and collect my check then? Also, after I have the contract signed by the seller, do I take it to the title company and then leave and wait for my buyer to come and sign the contracts? What do I do after the seller signs the contract, and how do I get paid?

Thanks for all the help y'all!

I would say to start with your own state, but it's almost impossible to buy anything in California, in terms of rentals. I live in Texas, the best state to invest in real estate! Which is a good place to start if your investing out of state. Have you read "long-distance real estate investing" by David Greene? 

In terms of advice, make sure the neighborhood is good and meets your standards. Make sure you know the local rental laws and guidelines. (Know your markets, I can help you with that as well, and give you some city recommendations, and potential deals in those cities I've found). If you have anymore questions, message me. 

"Price is what you pay, value is what you get" - Warren Buffett. The best investor of all time!

Lastly, who do I deliver the earnest money to? The TREC contract has a space to put the name of the escrow attorney. Is an escrow attorney needed? Or can I deliver the earnest money and option fees to the seller when we sign the contract together? If I don't have an agent or attorney of any kind when I sign the contract, what do I put in the  space for the attorney and agent's names?

Thanks BP community!

So, to Aaron's statement, the contract could say my company name instead of mine? If it did, would that mean the company is on the hook for the money if I can't find a buyer? 

Example: My company, C-Core, is getting a property under contract, and it reads: the buyer, C-Core, will pay the seller $200,000 for the house. 

Is it okay that my companies name is there and not mine? Is that legal? 

Also, how do I get paid from the title company? Do I meet the buyer there and assign the contract there? 

Thanks for all the great help so far y'all!

I'm also in Texas. Does that change anything about the process or the number of different contracts I need to bring?

Thank you so much for the helpful information!

Can the TREC contract be customized to have a contingency? Or do I have to get a "contingency" contract from my attorney? 

Can you send me a finished TREC contract? That would be REALLY helpful! 

I was told you could use the TREC contract for residential and small multi-family (2-4 units).

Also, how many days do I have till closing? Can I back out of the deal before the closing date if I can't find a buyer? Can I customize the closing date with the seller? I think I read on the TREC contract that I get 15 days for inspection (during that time I can back out of the deal), and 20 days till closing. Although I thought I saw a space wear you can customize the closing date? Is that right?