Good for you! You have made an offer, it was accepted. It may even be worth what you are paying for it. You have already avoided a major cost, the real estate sales agent’s commission! As for technical details, you should not be there. Your efforts should be focused on getting the property ready to rent, to cash flow. Therefore, you should invest in a good real estate lawyer, particularly since this is your first experience. You will need one eventually, anyway, so get one now! Write down at least twenty questions you have and ask them as a part of your initial and follow up contacts.
This should not be just any attorney. You want an experienced real estate attorney. Real estate sales agents, who you will eventually use, will usually tell you who they respect in the business. This is not going to be your last deal, so find a good agent who can be your buyer broker when you need one.
You should also start figuring out how to get the cash you put into the place out of it, so you can use it on another purchase. I personally like Jimmy Napier, Chipley Florida. Look him up in information. He lives in “a town with 600 people, counting trees.” Spend 40 bucks or so for his news letter. If you, as a customer can catch him at home, he will answer any question you have, though sometimes not the way you wish he would.
I have my first deal—Owner will sell me a good condition home that (I have spoken with PM) can stay. It does need some work, but I can do that.
How do I purchase the home–stupid question, I know, but I just jumped into it. I live in CO.
Where do I get a contract?
What is needed in Colorado?
Thanks you all for the handholding–I appreciate it.
P.S. Anyone who cares—the guy wanted 10k, I offered 5500, and he said no. I very nicely said that if he changes his mind, to call me and I wished him well. Wife called tday and asked if offer was still good. Being somewhat stupid, I didn’t ask for more off, but it still fits a Lonnie parameter!!
Re: please read—very short - Posted by J.P. Vaughan
Posted by J.P. Vaughan on October 22, 2000 at 06:28:00:
Hi Joel,
Lonnie’s books have contracts in them. Before you buy,
you must know how much you can sell it for. If you post
this on the Mobile Homes Forum, you may get more input
from experienced MH investors.
Posted by Todd W(CO) on October 22, 2000 at 06:05:41:
You might try asking William Brochick on the main board, Or his web site at legalwiz.com. If you didnt know he is a Real Estate attorney here in colorado and also the president of the colorado Real Estate investors group.
Todd W
Good for you! You have made an offer, it was accepted. It may even be worth what you are paying for it. You have already avoided a major cost, the real estate sales agent’s commission! As for technical details, you should not be there. Your efforts should be focused on getting the property ready to rent, to cash flow. Therefore, you should invest in a good real estate lawyer, particularly since this is your first experience. You will need one eventually, anyway, so get one now! Write down at least twenty questions you have and ask them as a part of your initial and follow up contacts.
This should not be just any attorney. You want an experienced real estate attorney. Real estate sales agents, who you will eventually use, will usually tell you who they respect in the business. This is not going to be your last deal, so find a good agent who can be your buyer broker when you need one.
You should also start figuring out how to get the cash you put into the place out of it, so you can use it on another purchase. I personally like Jimmy Napier, Chipley Florida. Look him up in information. He lives in “a town with 600 people, counting trees.” Spend 40 bucks or so for his news letter. If you, as a customer can catch him at home, he will answer any question you have, though sometimes not the way you wish he would.