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Updated about 18 years ago,
Wholesaling Questions!
Heya board!
First off let me say that this forum is great and I have learned a ton of information to get started. I hope you guys/gals show the same enthusiasm and share your knowledge.
A little background about me (you can skip this if you'd like) 23, just started researching about a week and a half ago; extensively if i might add, live in the panhandle of Florida and plan to take my Real Estate Sales Associate class in 2 months.
Initially I wanted to use this information to get inside of the heads of my buyers and sellers but I am more intrigued by investing myself. I plan to farm the Walton county here in Florida while specializing in Single Family Homes. I have no equity (this is the opposite of money in the wallet or bank right?) and currently $3500 in credit card debt/school loans. I will start working a 9-5 full-time retail job on Monday until I take my RE class.
Ok on to the knitty gritty. Any kind of feedback would be appreciated. I'm going to make a list of what I need to do and then follow that with questions. By the way my exit strategy is wholesaling. This is going to be a long post. :cry:
1 - Build relationship with probate/divorce attorneys, real estate owned departments in several banks, closing attorney, appraiser, a few private lenders and a general contractor. Is that all?
2 - Get pre-approved by the bank to see how much I can loan while looking for HML lenders.
3 - Price out all my expenses.
4 - Find a sample questionnaire to ask potential buyers/sellers.
5 - Find a sample of a Letter of Intent.
6 - Find a sample of a non-compete agreement, find a sample of a non-disclosure agreement, and find a sample of a Master Fee agreement that I can use as a template when I bird-dog.
7 - Find a sample of a purchase contract, find a sample of an assignment contract that I can use as a template when I am wholesaling.
If anyone would be so willing to share an old or expired contract, I would be most graceful. I understand if it is against regulations or if that is your bread and butter. Onward!
I hate long posts but please bear with me on this.
1 - What do I have to include in the purchase or assignment contract so I do not have to pay one cent? (seller pay closing costs and contingency if not sold in 30-45 days that I walk and don't pay a fee?)
2 - What does a title company do and how do they affect wholesalers?
3 - What is a TREC contract and how do they affect wholesalers?
4 - What information can I find at the Local County Office and how can I use that to profit in wholesaling?
5 - What is a HUD-1 and how does that affect wholesalers?
6 - What insurance companies should I network with?
7 - What is a HOA and how does it affect wholesalers?
Phew that is all, if the moderator wants to separate this into 2 topics, please do as I get distracted and skip the information if its too long. Again, thank you for taking the time to read my post and I plan to take all your words as pretty sound advice.
Arnie Ngai