Off market contracts

[Todd Snyder]

I just sent out my first wave of direct mail and got 2 responses. This is my first off market deal and I'm curious on my options on coming up with a contract if they agree to sell at my desired price. Is it possible to reach out to a few of my agent contacts and use their contracts? If I use a lawyer what should I tell him to include? What should I look for in a contract?

[Account Closed]

Growing up in this business I found things I didn't care for and started to invent my own systems of investing and changed the conventional rules to suit me; like cash down payments (I have a system of making offers without the need for real negotiable cash or EMD). This enables' me my network of clients and apprentices able to make offers without commitment, which means making many more offers w/o money.

CONTRACTS! A 30 page agent's contract was way too much to read and understand by sellers…. So I created my own contract offer that I call it "The Skinny", because it is only ONE PAGE. I found out immediately that I was able to control more houses because sellers understood my written SKINNY CONTRACT OFFER. It was simple, it said in every day language what I wanted, and what they needed. all the other stuff was negotiated and hand written to the satisfaction to all.

I made more changes in my contract that was PRO-ME as an investor; A full profit disclosure was inserted,(this is a protective statement that made it clear what the meeting of minds were between buyer and seller just in case there is ever a legal issue) Delaying clauses (this is an insurance clause against running out of time to settle or failure to assign or sell), A release/non commitment contingency, (a clause that lets me out of a contract ethically if I am unable to assign my contract) Marketing hybrid, rights with cooperative expenses', (this is an informal profit sharing with the seller or estate) Automatic time extension, (creating more time when needed, a protective clause that can save deals when necessary to use)

Knowledge of market value is important, so I created a national real estate comparable and information service, named IURealist This is a great service that helps me our friends find needed comp information on properties. Check it out.

So FAST FORWARD now, May 2020; At 78 years old, I am still active in development, investing teaching, and learning and working on equity deals, and I have been helping other folks on Bigger Pockets, partnering and growing our base of members and friends.

Good luck  - MAKE OFFERS OFTEN!

Charlie