Callvin Trim wrote:
How can I get a house under contract, and what is the fastest way to do it... also what paperwork do I need, is there a guide to how much i should offer and how much time I should ask for, etc? Thank you
Callvin,
WOW, you don't just ask little questions. There's alot of pieces to this so I'll summarize and then you can call me for more details.
You can use a TREC contract or any other investor contract to put a home under contract. Be sure to use the appropriate contingency statements to protect you. As for the analysis, it's a common practice amongst investors to use the following formula to determine value - ARV (after repaired value) X 70% minus repairs = MAO (Max allowable offer) and we never offer MAO. Now, there are many other things to consider here when drafting up your offer such as determining the COMPS/ARV, is it a cash offer or are you asking for terms, and what are the "true" repair costs in order to come up with an accurate current value and offer.
Judging from your question above I assume you are brand new in the business. If so, my recommendation is find a Mentor such as myself or someone else that will partner with you that can walk you thru the process.
I would also encourage you to attend the local investor groups such as the DFW REI Club and the www.meetup.com/West-DFW-REI-Group to learn all the in's and out's of the business.
To Your Success!
Tim Cook
817-599-8058
AllWholesaleProperties.com
