I'm new to this, about 4-5 weeks, and I 've been studying and researching dilligently. I have no money or credit.I finally took action and put some ads out there, thanks to Rina and the others,and had a gentleman call wanting to sell 3- multi units. Being new at this, when I talked with him, I told him I would buy them for no more than 65% FMV/ARV.Fake it till you make it! LOL.
Well, he sent me back a comp value of the property-$460,700, a quick sale price of $300,000 (65%). They are fully rented- 2 leased- 1 not leased- with a monthly income of $3487..He also sent me recently sold comp properties.
I'm doing all this from reading Dean's book and mostly forum topics. I print out all the good topics and keep them in a folder to use them when I come across something like this.
I need to take control to assign.
Next time I talk with him I will ask all the questions about the property:How much do you owe, are there any liens, etc.
I told him I want to see the property as soon as possible. Then I have to lock it up. Here's where I'm intimidated. Do I sign a purchase and sales agreement, with and/or assigns and give a deposit? Which forms should I use, the one in the files section or a state P&S? It's all coming at me real fast! LOL. I don't want to mess this up. Contracts are the only part I get overwhelmed with. I read Anita's P&S, the one that's filled in. Should I use that as a template?
I can really use some help on this one. Then I'll know what to do on the next 2.
P.S. I have a couple of end buyers lined up.