OfflineJust want to say first of all, great advice on the Questions to ask the sellers? However we still need help. My husband and I are just getting started in RE Investing and we are going about purchasing properties in a different way (Bird dog) but we want to know once we talk to the sellers and find out about the property, what do we do next? Is there any forms or paperwork we need to have signed? How exactly do we go about locking up the deal? Then once we get ready to relay all this information to the investors that are willing to buy the property what then?
Assuming that you have been looking for investor and may have one - once you have found the sellers motivation I would:
1) Find the value of the property
2) Determine the repair costs
3) Determine average DOM (days on market)
4) Determine market rents
5) Work an offer formula (found in another post I gave)
6) Make an offer with and / or assigns and my name on the buyer's line as well as adding suitable addendums.
7) Sign an assignment of contract and get paid.
** Keep in mind "assignments of contract" are not allowed in all states.
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Who do we contact to find out what is legal in our state?
"NOW GO FIND A DEAL"
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