Contracts and Offers

Hello,

Does anyone know if assignments of contracts and double closes are legal in the state of Arizona? If so, do they have to be done via a closing company or lawyer?

Thanks,

Kyle

Writing up a contract for a real estate offer can be intimidating for many people. They feel as if they will make a mistake that will come back and bite them. Let's see if we can take away some of that fear.

If you are working with an agent then she will have state approved contracts to fill out. If you are making offers without an agent you can use the forms on this website located under forms and docs.

Read you contract FULLY a few times so that you know exactly what it says. Filling in the blanks is usually pretty easy if you understand the contract. Have your agent fill the first few out with you. With time you can have an agent fill out all of your contracts.

Also, use the coaches and other members of the DG family. Good luck to all of you.

For those of you who don't like paying for transactional funding and capital gains tax on REO, Short Sales, Fannie Mae, Freddie Mac, HUD, properties, using a disposable LLC is an outstanding option, but what document do you use to make that happen? Attached is the one that I would use that I got from Max Staples and works very well.

Hope this helps!

Dave

Deal Timeline
1. Locate property: (agent, craigslist, zillow, FSBO, etc)
2. Research property:
a. FIX & FLIP - Determine ARV ensuring there is nothing cheaper nearby without a good reason and the sold comparables support the ARV. Determine approximate rehab costs based on pictures and general assessment of the property. Determine Max offer price by:
ARV - investor profit – rehab costs – your profit = MAX OFFER PRICE

b. CASH FLOW - Determine Gross rents, and expenses (taxes, ins, management). Determine the NET CAP Rate by:
Gross Rents – taxes, mgt – ins. = NET Operating Income/Purchase Price = NET CAP RATE

Here are the 3 POF sources I am familiar with
here is advantage / disadvantage of them.

1. Insiders cash
Disadvantage
They will not supply verification of funds
Their POF letter says it is a commercial loan
which can break the deal
Advantage
If you have an account with them, you get unlimited, instant POF letters

2. www.besttransactionfunding.com
Disadvantage
They will not supply verification of funds unless you pay a $500 fee
which can break the deal
Advantage
Free, unlimited instant

3. www.linksourcemanagement.com/innercircle
Advantages
you get verification of funds every time
great customer support
Unlimited / Instant POF
You can even do Generic POF letters
Disadvantage
Monthly subscription

I have a motivated seller who has several properties.

We've negotiated a few months back and couldn't agree on price.

This time around after following up the seller threw in 2 buildable lots as an "added bonus".

How do I write this up?

Do I write it up as the initial property and the 2 additional lots in the same contract? or split them up across 3 separate contracts? 1 for the initial property and 1 for each additional buildable lot?

I would like to assign this to a cash buyer.

I'm currently dealing with a very motivated seller, but they're asking for 45% more than the home's FMV, on the grounds that they've put into the home, what they're asking for and the equity is there....What to do, what to do?

I come to this website with an open mind truly wanting to learn more about doing the deals. I read the 30 day Quick Cash book and I believe the strategies work. I believe I can bring people good deals in California. Can I work directly with Dean or someone on here like Dean talked about in the book. I am a father striving for a better life for my daughter and by no means do I want to be subject to the barriers of conformity. I am willing to dedicate fourteen hours a day to this. If I could work directly with someone that has already done it that would be amazing. I write this with complete sincerity.

Ethen Carrell
586-279-4978
newideas823@****

Writing up a contract for a real estate offer can be intimidating for many people. They feel as if they will make a mistake that will come back and bite them. Let's see if we can take away some of that fear.

If you are working with an agent then she will have state approved contracts to fill out. If you are making offers without an agent you can use the forms on this website located under forms and docs.

Read you contract FULLY a few times so that you know exactly what it says. Filling in the blanks is usually pretty easy if you understand the contract. Have your agent fill the first few out with you. With time you can have an agent fill out all of your contracts.

Also, use the coaches and other members of the DG family. Good luck to all of you.

I've recently been given the opportunity to lock a Victorian home, under contract, but it's been a while since I've done this and I no longer have the laptop data, that I used to have, for this type of work. So, my question to any of you, is this....What changes, if any and I do know that there will be some, would/should I make, to the "Purchase Agreement", contract, in order to protect myself from any unknown liabilities, as well as, in order to pass this market and assign this property to another investor, within the next 90 days?

Thanks in advance!

B. W. Slade Sr.