All Forum Posts by: Adah N.

We routinely buy deals listed on the mls for either at or below asking price (not that asking price means anything, but it's a metric commonly used to gauge market competition). Only cash flow positive properties (I use a Rent By The Room model). Of course, 99% of the properties you see will not work. I can share specific addresses if you'd like to check the mls and confirm. I'm also putting out 20-30 offers per week.. so there's that haha

20-30 offers a week! Are you making these offers yourself? Or using a realtor?

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Originally posted by @Victor Steffen:

20- 30 offers a week! Are you making these offers yourself? Or using a realtor?

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Originally posted by @Crystal Smith:

Originally posted by @Adah N.:

To get the ball rolling you typically need to sign a contract with seller. What do you do when you have found a seller and have come to an agreement on price/terms?

1)Do you write your own contract to secure the deal and then send to the lender, attorney, closing/title company etc? Where did you go to get the template for the forms? I am specifically interested in the state of GA. I have searched but not finding the one on BP. I think there used to be one but it is no longer available? I can Google but I am curious to find out what other investors are using/doing.

We have a one page contract we utilize when buying single familes direct from seller AS IS. We took the local Realtor multipage contract and removed much of the verbage.

2)Do you contact an agent and have them write the purchase/sale contract and act as the buyers agent? How much commission do you pay the agent?

I'm an agent so naturally I don't use someone else to write my contracts. You can make offers on your own without an agent, but if use an agent expect to pay them 2.5 to 3% commission. (Check with a local realtor on this). There are other arrangments you can make with realtors, like partnering with them. Good luck.

Thanks Crystal. Your suggestion in 1) was right on the mark. I found one, reduced it from 8 pages to 3 pages. It looks like a very generic form/template now. Thanks!

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It first look I would say Travelers. However, did you consider asking Travelers to match Auto-owners coverage? How much will it be? Suggesting incase you like the peace of mind of higher coverage for your property

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Whichever results in lower loan interest/fees and closing costs. At first look, I would say the 3% FHA loan and use your money to fund the rest. But I've heard FHA loans have higher closing costs and take longer to close. Another issue, may be getting the seller to wait for an FHA loan to close, when they can close faster and with less hassle with cash, Hard Money or Conventional loan.

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Originally posted by @Hersh Shah:

Hi @Adah N.

If you have come to an agreement with the seller to acquire an off-market property, you can go to a real estate attorney to put the terms of your agreement on a contract that each side can sign.

If you want to hire an agent to represent your interests in the transaction, know that you will likely have to pay their commission out of your pocket as buyer's agents' commission comes from the seller paying all the realtor fees. Typical commission is 3% on the buy side and sell side for a total of 6%.

Hope that helps! Good luck on the transaction!

Thanks Shah, I am looking to have something in writing and then go to the lawyers/closing/title company to do the rest. We (agent and I) have made many offers on MLS listed properties with a standard form without first going to an attorney, of course seller pays the agent commission here. I am looking to do something similar for off market properties. Since I will be paying most of the closing costs, I really don't want to pay 3% to fill out the Purchase/Sale Agreement.

Investors/Wholesalers - please chime in, what is your source for the Purchase/Sale Agreement for off market properties? Thanks

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@Tony Angelos

Thanks. The hang up at this point is getting a GA specific template I could use to write the contract and get things started. I have a closing/title/lawyer in mind I want to use once contract is signed.

I think it makes sense for the investor/buyer to pay the agent’s commission if I solicit their service.

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@Jonathan Klemm

No, not planing to wholesale, looking to buy/fix rent or flip.

I have been getting "deals" from wholesalers, frankly MLS seems to have better pricing on investment grade properties than many wholesale deals I've gotten lately.

Could you share your contract? I could use it as a starting point and then add or take away for GA.

Thanks.

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All Forum Posts by: Adah N.

Adah N. has started 29 posts and replied 284 times.

Post: Do's and Don'ts of PPC

Post: is 4% hard/private money loan too good to be true?

Post: Is Austin TX market too competitive?

Post: Is Austin TX market too competitive?

Post: Purchasing Directly from Seller Off Market

Post: Picking insurance from 2 options for my first rental property

Post: Buying a Duplex that Requires Renovation

Post: Purchasing Directly from Seller Off Market

Post: Purchasing Directly from Seller Off Market

Post: Purchasing Directly from Seller Off Market