OfflineHello fellow investors. I recieved Dean's program on September 2nd, 2009. I have read the book twice and have been busy getting my ducks in a row. My first real estate agent changed her mind and decided not to work with me. However I have another appointment with another one that is very excited to meet and discuss our strategy. She even asked if she could bring in a fellow agent to our meeting next week. The first Lawyer I met with was not for me, still seeking one that is a good fit. I have not yet made any offers as of yet, and have managed to line up 1 cash buyer from an ad I called in the newspaper. I have complete confidence in the program, but I'm somewhat perplexed with the contracts. I'm not sure how to word the exit clauses, and this lawyer wanted a $500.00 retainer to put them in for me. I think my nervousness about not understanding the contracts is holding me back somewhat. Does anyone understand them word for word? Or is it only the lawyers that do! LOL. Any help would be appreciated! I am going to be very braisen this week and call some banks on some REO's. Well that's it for now.
Cherief's Journal
Posted on: Tue, 10/13/2009 - 15:44
Congrats on getting started...sounds like you are well on your way to getting a great team together.
My advice on the lawyer bit, is use the contracts here on the Dean site and/or others you may find on other real estate investor site.
Build your own from these contracts. And add your contingency clauses in your words.
THEN bring it to an attorney for "contract review". Ask how much it would be for "contract review". If a $500 retainer is involved, find another attorney. Keep calling. I have found that for "contract review", the cost is minimal. If THEY have to create it or build it for you, it is more, but if it is a few lines of advice and re-wording of your exit clauses, it really shouldn't be a big deal. They don't even have to type up the final contract for you. You could bring in your contract, and have them review it, write in the changes, and go finish it at home.
Just my two cents...I hope this helps!
Cheers!
Louisa
Current Journal on Dean's site: The Second Chapter: http://tinyurl.com/p986al3
First Journal on Dean's Site: From the Beginning: http://bit.ly/ocv10
Congratulations for taking action and starting your journal. Each day you will learn a little more about real estate that will better prepare you for tomorrow. If there are thigns you need to gain confidence on such as contracts and "exit clauses" network with other investors and practice in the areas where you need confidence. Also try to use Dean's book as a reference, it is packed with great information and tips. Good luck with real estte investing. Believe and Achieve!
- Joe
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Hey guys. I hope it's a good day for you! Well I have a decent buyers list at this point along with a few cash buyers. I found them in the newspapers and by advertising on some free advertising websites. I decided to do a few birddog deals with one of my cash buyers who is willing to show me the ropes. I want to know what I'm looking at with repairs and what not. My first birddog deal is done and we should be closing in 6 weeks. The property is in probate and there is some issue to be worked out. My plan is to keep working on birddog deals while at the same time put in my own offers with FSBO properties until I get one. Then I think I'll have the confidence to move full speed ahead . I know I can tie one up and pass it along to my one of my cash buyers! Wish me luck!
Good luck! Congratulations on your 1st bird dog deal and on building your buyers list. I wish you the best in REI.
Lea
SPR Property Solutions, LLC