All Forum Posts by: Karen P.

Thanks Cody.  We have been going to the NCREIG meetings up in Fort Collins for about a year now.  They have been such a big help.

Thanks for the advice.

Karen

We have under contract our first house we plan to flip. We are in the Fort Collins, Colorado area. I was wondering if anyone reading this could recommend a good contractor. I will also be asking our local REI group as well.

Thanks,

Karen

Kevin Grinstead, thank you for the time you spent with me going over the contract.  Very much appreciated!  And Matt M....I took Greg Parham's class last week and it was awesome.  I think I am ready to go.  These posts have been such a big help.  Thank you all again,  Karen

Thank you Bill S and Bill G for the quick reply.

I did go through my real estate lawyer with the contracts- both the DORA contract and the assignment contract.  I think I am good there.  You are probably right in that I am overthinking it. :)

I have done a mock DORA contract once and I will do a couple more.  I have gone through my rehab costs with a contractor and built a spreadsheet based on those costs.  My postcards are ready to send.  I will take this contract class next Thursday and then I am off and running.  

Your advice has been invaluable.  I sure appreciate it.

Thanks,

Karen

Hi Matt,

That is awesome!  I just registered for the class.  It sounds like instead of going with a more simple contract...I just need to get the DORA contract down well and be able to present it to my sellers.  My real estate lawyer has already added in the provision for assignability and I have gone to one class on the contract and read up on it.  But I will take this class and hopefully that will cement everything.  I sure appreciate your time and advice.  Karen

Thanks for your reply Drew.  I appreciate the advice.  

Thanks Kevin,

Do you wholesale in the Denver area? The MEC you would base on the contract signing between you and the seller? And in the section of 4.4 do you just check the box of Does Not have funds that are immediately verifiable and available....? What do you check in 4.5.3? All of them? Do you allow your buyer to have all of the "outs" that are available in this contract? Do you help the seller gather the documents needed for the HOA forms if they are unable to do this on their own? Do you have them fill out an inspection disclosure form and a lead base paint disclosure form? A lot of questions, sorry. I have studied this contract and gone over it with my lawyer. I just worry it is too complicated for an off market seller and has too many outs for my buyer. I would think an off market seller would be going off market because they want a fast and easy closing. I am up here in Fort Collins really educating myself as well as getting a lot of great help from my local REI group. If you can answer some of these questions it would be appreciated. Thanks.

Here in Colorado, the standard Purchase/Sell  Contract is 17 pages long and very much buyer friendly.  I also am struggling with how to fill out all the dates since I don't know who my end-buyer is when I originally fill out the form.

I am afraid that 17 pages is a lot to go through with my off market seller.

Does anyone agree/disagree?  Would appreciate any feedback.

Hi Ryan,

Karen here from up in Colorado. I am new at this as well, so take or leave what I am going to say. I get my leads from list source.com. There is a good tutorial for how to use it for wholesaling on youtube. I send out postcards to absentee owners. Next month I will send them out to owners of multiplexes. I sent out my first batch last October and through that bought our first rental. It was a great deal and so was very worth it. The other lead I got would have been either a fix and flip I would have had to partner on or I would have wholesaled it. However, I did not have all my ducks in a row and lost that deal. You live and learn. Still glad I sent out the postcards bc of the deal we got and because I learned what I did not know. Presently I am locking down my contracts with my lawyer and learning my rehab costs. I am also trying to get down exactly the sequence of events in detail in regards to wholesaling. So far, no one has answered my question I posted earlier. I am also very involved in our local REI group and that has been invaluable. So...listsource.com and I use Click2Mail to order my postcards. Hope this helps. Karen

Hi Ryan,

Thanks...by the way, I have one son who just graduated from Oregon State and another as a Junior there.  Go Beavers!