How It's Really Done - Purchasing First Investment Property

[Matthew Marcley]

Ok, so I am sure these topics have been covered in numerous other posts but I am having a hard time finding them as the info seems scattered. If you know where to find the answers, please link me to them.

What I am looking to do is marketing to and purchasing houses in a certain neighborhood directly from sellers. Funding would come from hard money lenders. Here's how I think the process goes...

Once the buyer and seller agree on a price, they both fill out a purchase agreement. The buyer promptly sends the agreement to an escrow company. They handle the majority of the process as far as recording, dealing with title company, money changing hands, closing. At some point, the buyer brings the contract to show the hard money company to obtain funding. Buyer walks through house during escrow with contractor to estimate rehab costs. Other inspections such as termite, appraisal, and home inspection happen. Once everything is flattened out, escrow closes and keys change hands. 

So I need to know:

-At what point do I bring the purchase agreement to Hard-Money people?

-What purchase agreement are people typically using? I'm in California so should I start with the normal CAR one? Go see attorney and have them draft one?

-At what point do I walk through with contractor for fix up costs?

-Am I insane for trying to do this without a realtor?

-What am I missing?