Hello Everyone! Questions From A Newbie.
Hello everyone! This is my first post, try and not be longwinded. Just want to start by saying I think this is a great site and I appreciate the fact that there are good people out there willing to take the time to help others out. I'm a 28 year old man working as sole supporter of my family and money is tight. I have been studying REI on and off for a couple of years and within the last two months have made a conscious decision to set aside the time to pursue it initially on a part time basis. I have read Careleton Sheets, Ron Legrand, and some other conventional material. I'm also getting involved with some local groups and a couple of local investors I met through this site, and they are very helpful. I want to order some of these courses everyone is talking about to learn as much as I can but money is an issue, so I am focusing on the free info for now. I am very anxious to do my first deal, but I also understand the need to have enough of an education to complete a deal thoroughly. In addition to this, I'm starting to focus on birdogging, wholesaling, and subject to's with LO as an exit stratedgy. This leads me to my questions:
1. What is the best place to go for your contracts? Is there a certain type of realestate attorney you should go to have your contracts looked at?(professional legal aid at a reasonable price.)
2. How much of the actual contract work of a closing can you expect from a title company when you use them to close?
As soon as I can fit it into my tight budget I am going to order John Locke's course on subject to's. Thanks for your help on this! -Dow
Contracts are available at most all title companies, your local Board of Realtors, real estae commission (on line too), or local agents. I would use the standard form for your area, cheap, easy. standard for all title companies and owners and investors. Keep it simple.
The title company does most of the work, order legal documents, loan payoffs, survey, title search, some even help clear objections to title, provide title insurance, handle all the money, record the documents, handle mediation between buyer and seller, just to name a few of their services. They are there to hold your hand to and answer questions you may have. You do have to find the property and get the seller to agree to sell it to you. They are also the escrow agent. PM me if you have other questions and I will try to help. Sounds like you are ready to buy something. Finding a good deal and the financing are the major parts of the game, all this is just semantics
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
Ted Jr.-
Thanks for your help-
-Dow
I haven't spent a dime to study REI. I did borrow Kyosaki's RE course from my bro. in law, and several books from parents and library. (Robert Allen, Robert Kyosaki) My opinion: Don't spend your money (at least not much) on courses and tapes blah blah. Spend your money on the investment. This site is a great place to learn. read the posts and articles and you will have all you need. I do agree education in the realm of REI is fundamental, but avoid the pit fall of "always learning never doing"
Good luck
Josh
jpchapboy-
Thanks for your input-
Dow