Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Wholesaling
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 10 years ago on . Most recent reply

User Stats

152
Posts
13
Votes
Zach Schaar
  • Real Estate Investor
  • Columbus, OH
13
Votes |
152
Posts

Option To Purchase Contracts

Zach Schaar
  • Real Estate Investor
  • Columbus, OH
Posted

Is anyone still using option to purchase contracts? Especially in the Ohio market. I know the dept. of commerce was making a big deal out of it awhile back.

Thanks!

Most Popular Reply

User Stats

21,918
Posts
12,876
Votes
Bill Gulley#3 Guru, Book, & Course Reviews Contributor
  • Investor, Entrepreneur, Educator
  • Springfield, MO
12,876
Votes |
21,918
Posts
Bill Gulley#3 Guru, Book, & Course Reviews Contributor
  • Investor, Entrepreneur, Educator
  • Springfield, MO
Replied

RE is not that easy, you're dealing in tens of thousands of dollars, not tens of dollars, all kinds of things happen, the longer you hold a contract the more risk involved. If it is customary in your are to have a 6 or 9 page contract, there are reasons why, use them, learn them so you can explain them.

If someone approached me with a one page contract (the least I've seen was 2, it takes a half page for signatures) I'd laugh and walk off.

Now, I have hand written a quick agreement to hold property until we could enter a formal contract, but that is not good practice.

Get a good contract, copy them and carry them with you in your vehicle along with other forms you will need.

Dealing in RE without good contracts is like running a blacksmith shop without fire or an anvil, forms are the heart of the business.

See an attorney, I've mentioned 3 or 4 times today I believe, the initial cost for good documents is really a one time purchase and you can do hundreds of deals off the same set of contracts, might work out to a dollar a deal. :)

Loading replies...