Contracts and Offers

I'm a cash buyer in So Cal. If anyone wholesaling or bird dogging in area please PM.

DG Fam,

I wanted to go into how to do a double close a little more because I am thinking my first deal will be off the MLS through my agent. Ok, let's just say I get an offer accepted on the MLS through my agent. Alright, the contract is signed and mostly likely I'm unable to put and/or assignee on the contract since I understand it's tough for MLS listings. Ok, now I have to do a double close. The question is: When I find a cash buyer for the prop, do I use a contract I created with a real estate attorney for the cash buyer or go to my agent and explain the situation and let the agent handle that contract too? I hope I wasn't confusing...

Bernard
Douglasville, GA

What is the purpose of using an "Option to Purchase Agreement" instead of the regular Purchase Agreement? Is the Option to Purchase Agreement used for a short period of time to allow the wholesaler to bring in contractors for rehab valuations, have cash buyers look at the property, etc.? If that is the case couldn'that consideration be included in the regular Purchase Agreement?

Thanks

I'm new to Real Estate Investing and have no money to spend and need to deal with Wholesaling properties.

I've spent over $11K on education and have read Dean's book "30 days to Real Estate Cash" and watched the videos on the 25-1 filter system to use with RE Agents. I now have a handfull of cash buyers and I have an investor friendly RE Agent. I'm trying the 25-1 method that Dean and Matt Larson says to use.

I live in Jacksonville, FL (one of the largest cities in the US) and using this 25:1 system, my "investor friendly" agent was only able to track down 4 listings in the MLS that fit the criteria out of 6 zip codes. In addition, they are all REOs and Auctions.

Can anyone speak on the task of actually negotiating an offer to the seller and to the end buyers in wholesaling deals. What is involved to determine the amount offered to the seller and how to determine the amount one should expect/request from the end buyer as their profit? How to go about the negotiation process?

Thanks.

I live in Jacksonville, FL and am closing in on my first deal. Can anyone answer these two questions regarding the 25-1 strategy?

1 - Working with Real Estate Agents - When submitting offers to purchase to the real estate agent, do I have to use the Real Estate Agency's standard contract or can I draw up my own?

I know that the standard FAR-BAR has many provisions for investors already written into it and areas to enter addenda.

2 - Email - I know people talk about out-of-state offers, but when submitting offers to purchase, can I email them with a scanned signature to the agent or do I need to physically hand these off in person or mail them USPS with a live signature to make it legally binding?

I am working remotely in a new state that doesn't have the checkbox for assigning a contract and a contingency has to be put into place to make the assignment. I decided to use "and/or assigns" on top of my contingency to make sure that I am covered but I am having a problem and my agent has never used it before. Where is the proper placing for "and/or assigns"? I was told that if I am using my entity that I am supposed to put it following my entity name. The problem I am running into is that the only place my entity name exists on the contract is where it states the "printed names for deed". Is this correct? (PRINTED NAMES FOR DEED: My Company, LLC and/or Assigns (as "Buyer") and Owner of Record(as "Seller")) Or is it supposed to be placed by my personal name in the signature section?

DG Fam,

Just want some verification on Matt's 25:1 system... So, you only discount from the asking price, whether it's 20,30 or 40 percent below once you figure out what's working in your area? No contacting the seller right? You don't include rehab estimates on those offers correct? Then when you get one accepted you go and do your due diligence as far as rehab estimates and make adjustments to your offer? I hope I got this figured out....

Bernard

Morning DG FAM!

My question of the day is: How do you go about making offers without the assistance of your agent? I.E. FSBO or callbacks from your bandit signs? I know the agents have a template they send when they are making offers for you from the MLS but how to go about it without that assist?

Bernard
Douglasville, GA

DG Fam,

It seems like having a business entity/LLC is needed to get a POF letter. Is that a requirement to have or will these websites I've been referred to complete one for you with the LLC? I am planning to get one but just want to know if it's a requirement.

Thanks,

Bernard
Douglasville, GA