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Updated almost 15 years ago, 12/30/2009
General Newbie Questions
Posted in another forum on this site with only moderator response so trying it here. I am in Houston and have questions about wholesaling and assigning contracts:
Do you suggest using the option period on a standard TREC 20-7 to control the contract/property and flip it to an investor/rehabber or using an Exclusive Option To Buy Agreement that I would develop? Seller would be aware I was flipping contract with no intention of buying. Do not want to deposit earnest money. If I cannot flip, I want out. Which form do you think owner would be more receptable to signing? Which do you use? Timeframe for option period?
Recommend any investor friendly lenders/mortgage brokers and title companies in Houston?
DTA - "Don't Trust Anyone" so I have developed an Assignment Agreement with fee included and Non-Disclosure Agreement. All Parties sign Assigment Agreement. Rehabber/Investing and I sign Non-Disclosure. My CYA policies. Good to use? Thoughts?
I want to form an LLC for this business. Most people say get feet wet and then form business entity. Want LLC for advertising, business cards, etc. instead of following the herd and saying "I Buy Houses". Is it a good business structure for wholesaling?
I have limited funds and it seems everyone has a hand out offering boot camps, courses, etc for big fees. I have been reading and studying forums, many articles, etc. Just trying to see what is working in the wholesaling area for investors in Texas and I am ready to take the plunge - tired of paralysis of analysis. Thanks for any comments, advice and answers to my questions.
James