Posted by chris-atl on October 24, 2003 at 13:12:43:
Forms for Flipping:
- Pro-Buyer Purchase & Sale Agreement (1 way to do it)
- Pro-Buyer Option to Purchase Real Estate (another way to do it)
- Assignment of Purchase & Sale Agreement
- 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
- Pro-Buyer Option to Purchase Real Estate
- Pro-Buyer Lease
- Pro-Seller Option to Purchase Real Estate
- Pro-Seller Lease
- 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.