All Forum Posts by: Jeff Fairchild

This is news to me. I have heard over and over again that you need at least $10 if not $100 to make the contract binding. I would much rather put $0 down not because I would be scared of losing the money, but becuase I would rather not even talk about it with the sellers so they dont even think about how I'm forgetting to put money in.

Maybe it is state specific. Don't some states have different ideas about this issue?

But just because you sign a contract that has at least 1 contingency in it, do you really have an equitable interest in the property at that point?

So you're on the phone with the seller writing down all of their answers to the questions you're answering. I've heard one person say he's looking online right then at comps/legal info. Do you do this?

Other than finding good comps, what all info are you getting before the appointment at seller's house?

Ok, I need to know how much money I will need to shell out before I get paid :P

I've been told to say "I generally put $10 down to make the contract legal" or what have you, which is $10. Is this right by the way, or what is the least that people are getting away with as earnest money without RE agent? Any tricks for them not balking at the low amount?

Then, do I have to pay for the inspection up front?

Do I have to pay anything to get escrow started?

What other costs are involved?

So of course newbies will want to have an inspection contingency, but what is the best 2nd one to have? Will sellers balk at an "upon partner's approval" one? Better to have financing one instead?

Are you guys editing contracts on your computer and adding the contingencies or just writing them in with pen?

Can you just print out the contract from your computer or does it have to be on an official form? Should you use a special type of paper to print on?

Other than spending money on a course, does anyone know where an investor may have uploaded all of the contracts they use including purchase agreement, lease option agreement, subject to, rental agreement etc.

One of the biggest things holding me back from getting started with investing is that I don't have all of these contracts. People say to just go to office depot, but why would I want a standard contract when I could use one has been revised and is being used by a top investor?

Do I have to be concerned whether the agreement is state applicable? If so, does this mean I can't use a contract from an investor in another state?

What should I do to get these contracts so I will feel prepared when I talk with the seller?

You get a signed contract after having walked through the house with the seller and everyone came to the conclusion that repair costs would be $20k.
Then, you later discover that they are really $28k.

How do you go back to the sellers and ask for a concession?

What should I be saying up front when signing the contract to make it easier in case there are more repairs needed? Are you saying "My signing this contract is based upon repairs being near $20k" or something similar?

So how do you make a revision to the contract if they do decide to lower the sales price?

Is it just me or do you guys not believe that comment above about CA market appreciating 100% in 2 yrs..

Replying to a post a while back, you said that the legal jargon meant that the contract was assignable. Does this mean I dont need to add "and/or assigns" after my name? If this is true, why do all of the books I read not say to just add it in the legal area?

You also say that you have a special statement in your contract to make it so you dont have to worry about contingencies. If that is so, then why do all the books I read talk about including them instead of just having a phrase in the legal section?