Contracts and Offers

Hello my name is April . I understand the whole process of wholesaling properties and locking them in on contract, but I'm not quite sure on how to write up the contract. If at all possible can someone send me a sample contract or a template of one please. If anyone is able to help me out please send me a message or leave comments. Thanks .

My partner and I had an Option to Purchase contract with full disclosures and rights to assign.

After placing and ad on local investor sites we were hit with a complaint by a Florida RE broker through the Department of Business Professional Regulation for practicing without a license.

The investigator says if we had recorded the contract with the Clerk of the Court we would have legal rights to resale the property. He went on to say that attorneys do not know this.

I have looked and even asked the investigator and have not seen nor been sent the Statute or rule backing the charge.

Does anyone have any info on this?

I'm making about 20 offers today, all properties are REO's, what do I do about the earnest money ?
I can't afford to make checks for each one. any suggestions?

Huw

Has anyone ever dealt with a citybacked lease? I have cash investors that want to open shelters for battered women using lease-backed properties. Not sure of the first steps to take on this one. I have contacted several local municipalities for help but didn't get much there.

DG Family,
I need your advice. I've posted an ad on Craigslist trying to build my buyer's list, however, I've taken it a step further.

Instead of using a phantom property I've actually listed a property that I've been watching on realtor.com for quite some time now. I've figured in asking price and estimated rehab cost and came up with the ad listed below:

**************************************
Asking: $50,000
Rehab: $30,000 (on the high side)
All In: $80,000 (70% of ARV... Great Rental!!!)
ARV: $115,000 (probably closer to $130,000 after rehad and appraisal)
Equity Capture: $35,000
Cash Flow: $100 - $300+ (depending on market rent)

Lot Size: 0.86 acres
Bed: 4
Bath: 2.5
Sq Ft: 2,610

Investors, please email me for more information.

Hi DG Fam,

Happy Thanksgiving Day to you all. Hope you all are having a marvelous day. I have a property that i'm getting under contract but I don't have any earnest money to put up. The owner would like me to put down at least 500 bucks or take out the clause in the contract that says that he cannot receive any other back up offers...that way he can entertain other offers & not have his property tied up waiting on me to find him a buyer.

If I was to take out that clause, how could I protect myself from other investors/wholesalers going around me when I present them the deal? All comments are welcome.

Thanks,

D'Angelo

Have a person behind on payments, trying a loan modification. They thought about land contract and asked me how this works.
He is in pre foreclosure.
If the bank says he can caught up on payments, would he then be safe to sell on owner financing or land contract. I told him he needs to find that out from his lender and have it in writing that he would not lose the place and hurt the tenants. During that time, who holds the title?
I told him he should have the people pay direct to his title company, is that right, but then if there is a cash flow, how does that work with the extra money on the payment?
Sandi

Using the 25:1 theory, and assigning the contract, how do I pay My agent? or how should I pay my REA?

Have a question.
I have a house under contract with the ability to assign. I have till the 30th for financing. I wanted to rehab and get a loan, but decided if I could just assign it for just over what I offerred, I need the money.
We just signed on the accepted offer yesterday. The owner has to get his parents stuff out of the house.
I ran an ad on craigslist, and have someone "very" interested. I will be talking to him later tonight to see if he has funding or POF.
Based on if he is ready and can do that...I do not have the keys obviously, and the agent is gone Friday till Tuesday, and the owner is also going up north deer hunting. So the interested person has to wait to go inside.

i understand the concepts but now that i actually need a legal piece of paper in my hand it feels like i am missing something. i have 2 houses that i know the ARV is at least 30 % higher than the asking price so i want to offer them their asking price or a little lower and assign the contract over. all i need is the steps to do that. here is what i think it is. 1. look inside and outside property and speak with seller and say i want it and want to be able to assign it!