One of the most complicated tasks when starting out is knowing the legal ramifications of what should be in the wholesale contract. This article will be a great foundation to start with. However, laws are different in each state, so the best advice in this article is to consult an attorney.
Starting out can be expensive with legal fees. In my experience, I paid over $1,800 in legal fees to generate contracts I use for lease options. Of course, most newbies starting out do not have that kind of money. I will go through the most important content that need to be added in your purchase contract. I recently wrote a similar article regarding this topic on Bigger Pockets where I am a regular contributor regarding wholesaling. I want to go deeper in depth in this article and discuss the most critical things to have in your real estate contract. Read the rest of this entry →