Do I Need Any Contracts

And/or assigns after your name somewhere. And, use your contingencies.

will have the contracts.

You say you are offering 30% off purchase price - I assume you mean asking price. But what is the true market value? Have you looked at the comps? Be sure to use a formula like
ARV (after repair value) - repairs x 65 or 70% (and if you are going to assign it - your profit). That is your maximum offer.
I don't mean to assume you didn't do this, just want you to be careful.

published prices don't mean anything. As my friend said above me, you need to find out the market value via comps before you will know what to offer. The Realtor will bring all the forms, you just have to bring all the brains. As long as you have actually read Dean's book and can apply the processes, you will be okay.

your realtor will have the forms you need to submit an offer, but she's probably going to ask for some earnest money...

wishing you success,

Valerie

Mike, As Bill stated, purchase price means nothing unless it is based on sold and currently listed comps. Currently under contract comps also. Does it needs any repairs/remodeling to bring it up to current ARV? Those costs come off your offer price also.

Good luck!
Michael Mangham
MD Home Acquisitions LLC

I didnt do any comps yet,I will have the realtor do that before I meet with her tuesday,it just needs a little painting.Its a 2 story and has two meters one for the upstairs,and another down stairs.I just have to close off one room,and make another door which I can do that myself,two make that into a 2 apt. house.

If this is the seller's realtor, you don't want to get comps from HER. She will tend to pull comps that will reflect the asking price. Try to get YOUR realtor or one that is not connected to seller to pull comps for you. Or research them yourself.

Mike,

Since the house has 2 elec meters,and you want to put another door in,my concern is that is this a 'legal duplex'-if not you can run into some serious problems and cost you money.

Thanks so much for the info,I will get my own realtor to do the comps,and I will check to see if it is a legal duplex.

I meet with the sellers realtor tommorow,just like deans book,I'm going to tell her that I'm going to assign it over to another investor,so write in the contract 14 - 30 days,and/or assigns after my name.I'm going to tell her soon has I find a buyer,they will put up the earnest money,but she is getting the contract ready,just to make an offer,will it be the contract where i need to put earnest money down,and put and/or assigns after my name,or does that go on another contract when my offer gets accepted.

The realtor is going to have a contract and where it asks for the buyer's name you write "Mike and/or assigns". She is going to need and EM check now, or a copy of one. It won't get cashed until the deal closes. It is unlikely you are going to get more than 10 days on any contingency. What contingency are you using? Have you gotten a copy of the contract to read so you understand the terms before you get there to sign it? READ THE CONTRACT AND KNOW WHAT YOU ARE SIGNING. Do you have potential investors to assign to?

No,I dont have any investors to sign to.I read the part in the book about the earnest money,on one part it said let the new buyer put up the earnest money,you could put 14 to 30 days contingency,if you cant find a buyer in that time frame you just walk away,please correct me if I am wrong.

Mike,

I can see you're very eager to go out and get a deal done.

DO NOT GAMBLE on finding a buyer. If your could have found a buyer in the last 14-30 days, you'd already have one,what makes you think you can find one in the next 14-30 days?

I'm NOT trying to be nasty-just trying to save you from making some mistakes(looking stupid) and losing some money.

I suggest you go back and re-read 2,3 or more times and get a better understanding of the process.

I'm suprised the REAgent has not ask you for pre-qual-preapproved letter for loan, much less is willing to work with you while you try and find an end buyer. If you got 'em, line up the buyers and find the next property.

Go back and review the whole process of assignments, from finding the buyers to finding the deal, running the numbers and closing and what documents to use. Type in 'assign contract' top left under Deans chin and hit 'enter'.

Have your property deals PRE-SOLD b4 you get them.

You're definately geared up and wanting to go,but, you can't let the clutch out on your actions B4 you get your mind is in gear.

Take your time and you'll do fine.

Thanks for the info,your write I am eager to get out their and make it happen,but I do see what your saying,I better go do some more homework before I let the clutch out.

create a buyers' list. There is tons of info on doing that on this site.
Do nothing else first. Read to get educated and make a buyers list. Then look for the deals.