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Making An Offer On Your First Investment Property

When your new to real estate investing, the thought of making an offer and filling out the paperwork and writing a contract can seem daunting. n this video, I’m going to show you the least you need to know to making an offer on your first investment property. ALL-IN-ONE HOUSE FLIPPING SOFTWARE http://GetFlipster.com So let’s breakdown the 5 things to include and consider when making an offer to buy investment property 1. Price The first is pretty obvious and that’s the price you’re offering. Now keep in mind, price is not the only thing a seller considers when deciding to accept your offer as you’ll lean in a minute. 2. Terms The second thing you offer should include is what we call the terms or payment method. There are 3 different methods for payment. First is “cash.” We call this an “all-cash offer. The technical definition of all-cash is that the funds are liquid like sitting in a checking account or under the mattress but what it really means is that the offer is not subject to bank financing. So that means hard money and private money, which are 2 forms of investment capital can also be considered cash when making offers. Now you may want to let the seller know that you’re using hard money to fund the purchase but I typically don’t. The second method of payment is traditional bank financing. Now this form of payment means that your offer is subject to bank approval meaning that you’ve just created a contingency or a way to legally not perform on the contract. If you don’t get the bank financing approval, then you don’t have to buy the property. This can be seen as a negative to the seller. The 3rd type of payment is what we call “creative financing” which are alternative ways to control the real estate without cashing out the seller. On this video we’re not going to go into all the details but this includes strategies such as seller financing, land contracts, subject-to, options, lease-options, and so on. 3. Consideration The next thing your offer needs to address is what’s called “consideration or good faith or more commonly know as an earnest money deposit. This is an specified amount of money that is held in escrow to show your good faith to buy the property. If you don’t perform on the terms of the contract and all of the contingencies have been removed (I’ll talk about contingencies in a minute), then the seller gets to keep your EMD. Now to learn how NOT to pay an EMD deposit when making offers on deals then watch this deal and to learn how to not pay an EMD when wholesaling houses, watch this video as well. So how much should you pay for EM? There is no rule, it’s whatever you and the seller agree to but typically $500-$1000 is acceptable. 4. Contingencies The 4th thing you offer should include is any contingencies. The 2 biggest contingencies are financing, which we discussed already and an inspection contingency. This means that you as the buyer have a window of time to make sure the condition of the property is satisfactory. If during the inspection time, you discover issues with the property, you can either ask for concessions from the seller or back out of the contract and get your EMD released. Typically inspection contingencies can be anywhere from 3-10 days. Keep in mind, when buying investment properties, it’s important to let the seller know that you are buying the property “as-is”. That means you’re not going to come back and ask for concessions to replace the carpet or paint. The inspection should be for big ticket items like maybe structural or the roof or things like that. There could be other inspections like termite, pool, etc. 5. Closing Date Number 5 is the closing, meaning what date you are agreeing to close on the sale of the property. Typical closing are 30 days but can happen anywhere from 24 hours or past 30 days but you want to make sure you spell that out in your contract. Like I said earlier, if you don’t close on the agreed date and any and all contingencies have been removed, you could forfeit your EMD. -------------------------- Jerry Norton is the nation's leading expert on flipping houses and has taught thousands of people how to live their dream lifestyle through real estate. GET PAID $10,000 to find deals for Jerry http://www.My10kCheck.com SUBSCRIBE:    / jlnorton1234   FREE DEAL-FINDING SOFTWARE https://flippingmastery.com/datacrunc... FREE BEST-SELLING EBOOK: Making Money in Real Estate https://flippingmastery.com/ebook-10k... Get Mentored by Jerry: http://www.FastTrackApplication.com FACEBOOK:   / flippingmastery   INSTAGRAM:   / flippingmastery   #FlippingHouses WholesalingRealEstate #HowToFlipAHouse