Posted by Jim on October 20, 2000 at 22:11:58:
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.
Good Luck! You are off to a great start!