Licensed realtor in Texas starting out

[Agustin M.]

Hello everyone. Just started my first house flip and I'm currently in the middle of the rehab. I bought the house from a wholesaler at 66 with an ARV of 103. I did the research and the comps were right. After closing costs, hard money, repairs, etc..realistically the deal is going to make 10,000 to 12,000 in profit IF! everything goes well. This will be my first listing by the way.

The more I learn about RE investing the more I'm starting to realize that wholesaling is the direction I want to go. Plus I want to do it the right way, where everyone in the transaction wins and build strong relationships. I have ran into some very shady wholesalers before I found my first house, and that is not the way I want to do deals. 

I plan to contact FSBOs, For rent, expired listings, and drive around looking for abandoned distressed properties. 

There is a bit of confusion though. What contracts do you use? Should I use TREC contracts? I'm a little worried about doing something that will put my license in jeopardy. 

Any help and bits of information will be greatly appreciated. 

PS. I'm giving myself until Monday 11/10 to learn as much as I can before I start searching and contacting for properties. 

[Tyler H.]

Congrats on your first rehab! Be smart with your rehab costs , hire good subcontractors (the cheapest bids are now always the best), maintain ample insurance. When your rehab is complete, listing the property will be a great experience for you as well. Definitely use TREC forms for everything. 

You are held to a higher standard as an agent, so you must be sure to thoroughly disclose with all  paperwork deemed necessary.  Consult with your broker, your broker's compliance coordinator and or legal counsel with any questions you have about specific issues. Best of luck!