My Dealmaker Toolbox

I am going to try and keep a running list here of stuff I need to bring when I go to look at a property for the first time. It will need to include inspection stuff as well as forms to sign up the deal (think positive!)

Tools:
- Flashlight
- Notebook and Pen
- Camera!
- Calculator
- Voice Recorder

Forms:
- Inspection Checklist
- Purchase Contract
- Purchase Option
- Subject To CYA Form
- Credit Authorization Form
- plus, Property Specific Info (tax records, comps, etc.)

I'll add stuff here as I think of it...so check back.

Free Home Inventory Software

I found this at the Insurance Information Institute

Know Your Stuff Free Home Invetory Software can help you track your insurable items and properties.

Short Sales for VA and FHA Loans

FHA pre-foreclosure sale info is obtained either by calling 888-297-8685, or going to www.hudclips.org/sub_nonhud/html/pdfforms/00-05.doc

 

Dept. of Veteran's Affairs (VA) compromise sales are at www.vba-roanoke.com/rlc/forms/Compromise%20Sale%20Program.pdf

Housing Maps with Prices

Here is a cool site I found: HousingMaps.com

It mashes Google Maps with major cities houses for sale and rent. You can see what is listed and zoom right in. Not bad for doing surveys, etc.

 

 

Wholesaling Assignment Tips

When wholesaling a deal via assignment, here a few tips:

* Must be a cash buyer! (have them show proof of funds)

* Assignment fee is paid prior to closing (or can be escrowed in advance)

* Use corporation (S, C, or LLC) as the assignee if possible - for tax purposes

* Two critical clauses in your contract with the seller should be:

[1] Liquidated Damages (whatever you gave upfront is full damages if you back out);
[2] Inspection or partner approval clause (use one, but not both).