All Forum Posts by: Rory C.

Hello everyone,

My partner and I are getting into short sales. I have a background in this area and we feel it would be an added bonus to our portfolio of business.

I know that each lender has different requirements for short sale packages. My question is - Does anyone have a generic list of what all goes into a short sale package? I have the basics, but would love input to see if people include things I am not aware of that would help the process.

Best,

Rory

Hello everyone,

My business partner and I have recently found an investor who is wanting to partner with us. Basically, she is a busy professional with a family and kids who doesn't have the time to do what she wants to do in real estate. We met her at a networking event and discovered she wants to purchase 6 properties to rent this year. After much discussion, she wants to speak more in depth with us about working together.

My partner and I have been working off a wholesaling/assignment contract model thus far. We honestly don't know how to generate income for ourselves pursuing this new venture as neither of us have a TX RE license. We weren't sure if we should stick to our model or if there was a different, creative solution to make money this way.

Has anyone come across this before? Please keep in mind, we are just starting out and have a lot to learn. We might be thinking too much into it, but we would love some input as to how to make this financially viable for our business.

Best,

Rory

Joe,

Nothing at the moment. We are still starting out and a mentor of mine suggested I find at least one in my local area and reach out, introduce myself, etc. I saw a previous post on here regarding the same subject, but was curious if the information was outdated. So I just started a new topic.

Hello everyone!

Can anyone recommend an investor friendly title company in Dallas or the surrounding areas?

@Jon Holdman @Ned Carey @Wayne Brooks @Belinda Lopez - thank you all very much for the input! I didn't think of what would happen if a deal went south and the contract wasn't solid enough. I guess the old saying, less is more, doesn't apply to this situation.

This is why I love this site - so many different perspectives and people with experience who can open your eyes.

Hello everyone!

So far things are going as planned. However, we seem to be running into some issues with out purchase contract. Here is the situation...

We found a basic purchase contract online, added a couple contingencies, made sure it is assignable, and gave it to an attorney friend to look over. The contract we found came from a member of this site and the gentleman said it was good to go and met the legal criteria for Texas. But, once my attorney friend looked over it, numerous paragraphs and pages have been added with some seriously intimidating verbage. I don't think he quite understands what we are trying to do and I am afraid our "new" contract is way too complicated now.

Has anyone run into this before? I just want a simple, one to two page contract that protects our company, the seller, and buyer's interests. Are there contracts out there like that?? Advice?

Best,

Rory

I'll be there, looking forward to meeting everyone!

Hello everyone!

Wanted to share an update on the progress that my partner and I have made since my first post. We worked all day today on our contracts, both purchase agreement and assignment contract, and I think we have a good basis. I will have an attorney friend of mine review them both to make sure they are solid. We then completed the LLC (all except the name part because we are still deciding on one) documents for Texas and I have to call the Secretary of State offices tomorrow to find out how we actually pay for the thing...that website is so confusing! Finally, we wrote our mission statement and preliminary business plan.

It was a proud day. I am so excited to be in the beginning phases of our goals. Our next steps are deciding which types of marketing strategies we will pursue and defining our target market.

If anyone has advice or wisdom to impart, steps we need to include, or any general comments...I am all ears! Potential buyer comments are always welcome : )

Best,

Rory

Kenneth E. - Thank you!

Bryan H. - Do you have criteria that you follow distinguishing a good neighborhood from a bad neighborhood other than just the address?