Best way to get contracts and forms? - Posted by Sion

Posted by chris-atl on October 24, 2003 at 13:12:43:

Forms for Flipping:

  1. Pro-Buyer Purchase & Sale Agreement (1 way to do it)
  2. Pro-Buyer Option to Purchase Real Estate (another way to do it)
  3. Assignment of Purchase & Sale Agreement
  4. Some spreadsheet or list of repairs and general prices (for estimating while looking at the house)

If you use the Option route for flipping, then when you find your buyer you will have to execute a purchase contract with your seller before you can flip it to the buyer. If you start with a purchase contract, that step is gone.

Forms for L/O

  1. Pro-Buyer Option to Purchase Real Estate
  2. Pro-Buyer Lease
  3. Pro-Seller Option to Purchase Real Estate
  4. Pro-Seller Lease
  5. Whatever else you need for renting a house (ie inspection sheet, application, etc.)

Some people have their lease and option in 1 contract, I don’t recommend it, keep them separate.

Best way to get forms is to buy a course in the area you are interested in. They always come with forms that have been time tested. Just run it buy an attorney to make sure it works in your area.

As far as your last questions, if it’s a hot market it will be hard to buy them at a discount, but it’s possible. But I’d stick with single-family homes - the best route in my opinion.

Best way to get contracts and forms? - Posted by Sion

Posted by Sion on October 24, 2003 at 12:25:40:

Hello everyone! I am very excited about getting into Creative Real Estate, having lurked through this site for the past few days.

One concept that seems to be holding me up is legal forms and contracts that need to be used in a deal. I have several questions. The answer to these questions may be somewhere in the articles, but I am only part-way through reading them all – so if someone knows where to find this information, I’d really appreciate it if you could point me there!

  1. What are the essential forms and contracts needed for to complete a flip? How about a lease option?

  2. What’s the best way to get these forms and contracts? Should I draft them myself? Have an attorney write them? Buy them online?

  3. This question doesn’t relate to contracts and forms. What are your thoughts about making money by lease-optioning new townhomes? Is there profit to be made there? It seems that there’s great profit to be made through fixer-uppers (either flipping or rehabbing them), but right now there are several new townhomes in a hot market and I’m not sure if it’s a wise investment.

[I accidentally posted this in the wrong forum - Real Estate Financing, so I’m reposting it here]