Here are the latest Real Estate SELLING Contracts for you to use with your Ron LeGrand Mentoring Program.
Getting Started: What Docs to Use When? A Quick Guide For the New Investor (Click that link to read some instructions I wrote for you)
Use These When You’re SELLING:
- Lease with Rider & Option to SELL Use this document for installing a Tenant Buyer. As this is one of our main goals, we’ll be using this doc a lot:Lease with Rider & Option to SELL (with TOC-Table of Contents) (Doc)
- Applicant Information Sheet Use this for your Tenant Buyers when they apply for your house. Send this to anyone who says they want your house. NOTE: Charging them an application fee is optional:Applicant Info Sheet (PDF)
- Application Receipt Agreement Use this for your Tenant Buyers when they apply & you collect their Earnest Money Deposit (EMD). This is a VERY powerful document, because it allows you to get as many EMDs as you want, without taking the property off the market until someone is adequately qualified.You’ll use 2 copies – one for you & one for them. This is the receipt/agreement you give them for the money they give you:Application Receipt Agreement (Doc) Application Receipt Agreement (PDF)
- Purchase & Sales AgreementSelling a house retail? Selling a house for all cash? Selling a house with owner financing? Great! Then this is the agreement you’ll use! It might look familiar, because it’s the same agreement we use when we’re buying. We just fill out the lines a little differently. Purchase-Sale-Agreement-4-16 (Doc)Purchase & Sales Agreement (PDF)Purchase & Sales Agreement (Google Doc) or Click Here if logged into Google
Instructions to create/edit/share contracts:
- Make sure you’re logged into your Google (Gmail) account.
- Click on the file you want to use. If you want to write up a CONTRACT to purchase a house, you’ll click on “MAKE A COPY & USE THIS-Purchase & Sale Agreement-Fixed-Google Doc”
- When that opens up, go to the top of the page & click on ‘File–>Make a copy’
- Another tab should open up. This is the doc you’ll use. It can be edited.
- Once you have that working, be sure to go to the top right of the page & click on the Big BLUE ‘Share’ BUTTON. This will open a pop-up window. Under ‘People,’ enter my email address (TonyMentorsMe@gmail.com) to share this with me so I may have access to edit & help you out.
How To Submit a Contract to Me For Evaluation (For your first few deals):
You Have TWO Choices:
- The OLD Way: You can download, print out, write on, and then scan & email (or take a picture) of the Purchase & Sales (or Lease Purchase) Agreement after you’ve written it out the way you think you should.
- The NEW/Easy Way: Or you can use the Google Doc I’ve created, and edit everything online, then share it with me & I’ll be able to look at it and edit it in real time with you and get back to you faster & easier for both of us.
As you might guess, I MUCH prefer the latter – because it’s just easier for both of us. But feel free to pick the one you want. Login to your Google (Gmail) Account, then…Click Here to get access to the SELLING Contracts as GOOGLE DOCS. The Docs you’re looking for are titled: Purchase & Sales Agreement: “MAKE A COPY & USE THIS-Purchase & Sale Agreement-Fixed-Google Doc.doc” Lease Purchase: “MAKE A COPY & USE THIS-Lease with Option Agreement-Fixed-Google Doc.doc”
Bonus! Wholesaling Section
Looking to possibly WHOLESALE a Deal? Great! Wholesaling is not only an excellent way to get started in the real estate investing business, but you should always have wholesaling as a possible tool in your arsenal.
I’m actually including TWO different Wholesaling Agreements here for you! One is short, and one is long. Grab them both if you like & use the one you want.
Very Quick Reminder of How to Wholesale:1. First, you get a property under contract with a seller. Make sure you get it for a LOW Cash price. Use the WMAO (Wholesale Maximum Allowable Offer) Formula: ARV x 70% – Repairs = MAO – Your FEE (~$10k) = WMAOEx: ARV: $100k, Repairs: $20k. MAO = $50k; WMAO = $40k (w/ a $10k fee to you)
UPDATE: IF the ARV is greater than $300,000, then use this formula:ARV x 80% – Repairs = MAO – Your Fee (~$10k) = WMAOEx: ARV: $400k, Repairs: $30k. MAO = $290k; WMAO = $280K (w/ a $10 fee to you)2. After getting the property under contract with a Purchase and Sales Agreement, you’ll typically have a couple options on how to sell your contract to get paid. Those options are: 1. Assignment of Contract, and 2. Double Close.The Assignment of Contract is used when your FEE is not so high that your buyer won’t be happy about it. It’s a simpler and faster agreement to use. Truly, no money nor credit is needed here!The Double Close is used when your assignment fee is high. There’s more work for everyone, and there will be two sets of closing costs. But you’re making more profit, so…NOTE: If you truly want to do a double close, I have some secrets to share that will help save a lot of those fees. NOTE: If you’re buying from an institution like a bank (or HUD), you’ll definitely need to do a double close, because assignments are not allowed by banks.
Wholesaling is the Easiest & Fastest Way of Making Money in Real Estate. You don’t need money or credit. This is a great starting point for most investors. It’s also a very small segment of real estate investing, as there are typically fewer wholesaling deals available (depending on the market). Therefore, you’ll most likely do fewer deals, as sellers need to have a lot of equity so they can sell for a low price, and be motivated to do so.
Want to see RON show you more about the Purchase & Sales Agreement? Ok…
And here’s Ron with the LEASE PURCHASE AGREEMENT: