Contracts and Offers

I am a new Wholesaler and I am having trouble getting 2 deals off the ground, I need direction on how to do them, they're both short sales in LA County, California. If someone can help me get started, anything from.

1) Making offer (Purchase contract, exit strategies...etc)
2) Analyzing deal
3) What if they say, Yes! What next...
4) Negotiating with bank...You get the idea!

I am willing to share in the profits if someone is willing to "hold my hand" and walk me through these 2 deals...

Mike

About a month ago I had a P&S drawn up by a local RE Attorney specifically for assignmnets in my state. I know we have some available here from DG but when I presented them to him and stated "this is what I will be using to lock up these properties" he felt they would not hold up in closing as they were "not sufficient" and wouldnt cover all the "what ifs" that he has encounted in his 20+ years as an RE Attorney. Made sense to me, I mean he is the Attorney. This cost me $500. My question is this: Is it illegal for me to alter this contract just a bit by keeping the basic meat and potatoes of the contract, but just change the specifics as to my next possible deal? I would be using the contract for the same purpose so whats the harm?

Does anyone know about using Deans forms in Oregon? My investment club friends seem to think they might not be usable. I really need first hand knowledge not guesses please. It seems like the gov. has done a lot here to try to keep investors form being successful.

Hey Everybody...I want to start off first by thanking everyone whose posts Ive been reading & leaning so much from, There is a wealth of great information floating around here, So Thank You!!!

So to give everyone a brief synopsis of how I'm getting started. I am using no money & no credit & truth be told scared out of my mind... But highly motivated & not gunna let a little fear stand in the way of my goals.

I am about to go into partnership with some other DGers and want to put together the best joint venture (JV) agreement out there.

What are some essential clauses that we should include in our JV agreement.

I am looking for what other people have used or maybe people who have partnered with others and things came up. We want to makes sure we are all covered and don't want to exclude anything that is vital to put in there to CYA... all of 'em! I know the normal 'have a lawyer do it' answer, but really, lawyers that don't do the REI business aren't really going to know all the particulars that pop up in these types of deals.

How To Determine The Value Of A Property In Today's Market
By: William Bronchick

In today's market where there are so many foreclosure and bank REO sales, figuring out the real value of a property can be difficult. The comparable sales method is the most commonly used -- and still the most accurate one -- to determine the value of single-family homes, condominiums and smaller rental buildings (two to four units).

Hey everyone,

I've got another wholesaler who I'm working with who says she has an interested buyer for one of my properties. We have said that we'll split the profits on this one, but she wants to know what we need to do to protect herself from me going around her to her buyer. I respect that completely. Can I just use a non-circumvention agreement? Will that cover everything sufficiently? If so, do I submit it along with the assignment of contract to my title co.?

Vincent

Hi All,

I made an offer on a VA foreclosure last week. It was listed at 77,900. I offered 67,900. They countered today at 77,000. Not much of a counteroffer! But I read that the first counteroffer on an REO is often not much off of the listing price. Honestly, even if I paid full listing price, it is still a great deal for this neighborhood! Would you keep countering and if so, by how much?

When making an offer on a multifamily property, what else should one consider other than the operating data from the previous 12 months? I've been going by the APOD for 99% of my offers and it feels like I'm missing something due to the difference in what I'm offering and what my counter offers have been. Is there a formula to use when making offers on these types of properties?

Thanks
MJ