On this episode of The Most Dwanderful Real Estate Podcast Ever, the topic is getting the real estate contract signed. Building on the foundation that you have built over the past few months of listening to this podcast, you should now be ready to close a deal, and knowing how to handle the contracts is a big part of this process. Dwan explains how the real estate contract works as well as how to create your own LLC which will be used to complete the final sale of the property to the rehabber.
Time Stamped Show Notes:
- 1:39 – On the day of this podcast recording, The Most Dwanderful Real Estate Podcast Ever was ranked #9 on the Investing podcast chart and in the top 40 of all Business podcasts. In addition, the Dwanderful.com site is seeing tons of increased traffic thanks to listeners!
- 5:29 – Dwan has started every morning for the past 20 years with a drink called Fortune Delight plus liquid stevia. It is full of live enzymes that give her natural energy.
- 8:27 – Dwan checks in with listeners to see how they are doing with their goal of closing a deal in the first season.
- 9:29 – This episode is about getting the real estate contract signed. Remember that you should make no less than $30,000 per deal and your goal is always to help the homeowner.
- 12:16 – Last week, Dwan finished up her review of the Fed-Up packet, which you need to get from her website, Dwanderful.com/fedup, for the special podcast rate.
- 13:57 – After you become a member of Dwan’s site, you will have access to the document library, as well as the Wednesday morning, LIVE Coaching Calls. There is a sample real estate contract on Dwanderful.com which can be used for educational purposes, but you will need to procure a contract for your specific state for use in business dealings.
- 16:28 – Many people think that only real estate agents can fill out contracts, but anyone who is purchasing a property can fill out the contract. You are considered the buyer and the homeowner is the seller on the initial contract, even if you are flipping the contract to a rehabber.
- 19:40 – When you find your rehabber, you will have to do another set of contracts.
- 20:55 – In December, Dwan talked about finding a title company, so if you haven’t listened to that podcast episode, make sure you do right away. For each property, you will want to create an LLC that will own the house, then when you flip the contract, you will sell the rehabber the LLC and everything it owns. You can get help from your title company on this transaction.
- 23:17 – You will create an LLC online and then print your LLC documents so you can have your ID number, then you will be able to sell the LLC and everything it owns. You will make your money in between.
- 25:12 – You will then turn this paperwork into your title company who will check for liens on the property, and you will remain open to backup offers. Remember that you should have 20 deals in your pipeline at any time, from the initial contact stage to closing, so keep working on those leads in the meantime.
- 28:12 – Now is the time to sign the initial purchasing contract and get your buyers lined up. Dwan will cover this on the next episode. Dwan recommends that you have a solid system for organizing and keeping up with your deals.
- 30:44 – Your assignment is to listen to the last 3 episodes of the podcast so you are sure you understand the Fed-Up packet options.