Week 10 - The Contract

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The contract is what incorporates all the time and effort you have exerted in finding a good deal as well as the result of your people skills. It wasn’t easy, and it never will be, but finding a deal that leads to a contract will eventually become routine. However, before you open your computer and begin creating a contract, there are certain things you need to know to create a contract suitable for your business model.

Today, Don and Ryan share their wisdom on how to create a good contract. They explain the importance of keeping it as simple as possible, why you should have an exit strategy and the reason why you should always properly disclose details to sellers. They also discuss what it means to have a financing contingency as well as what it takes to have lenders give you money.

“The biggest thing is to buy these deals deep enough so that you have options.” – Ryan Scialabba

This Week on FlipTalk’s Rookie Play Book:

  • The two contracts you will always use in your career.
  • What makes a great contract?
  • When should you consider putting a financing contingency in place?
  • The importance of establishing the right exit strategy.
  • Why you can always make a mistake even with experience.
  • The benefits of disclosing everything to sellers.
  • The three things you need to make a binding contract.
  • How long should you mull over a contract?

Key Takeaways:

  • If you have a deal, hard money lenders will never tell you no.
  • Don't overthink the contract; just make sure it's a contract you can read and understand.
  • Don't be afraid to make an offer and get it into a contract.

Connect with Don and Ryan

  • Don’s email: don@fliptalk.com
  • Ryan’s email: ryan@fliptalk.com

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Thanks for tuning into the FlipTalk podcast! If you enjoyed this episode and want to learn even more about what it takes to build a 7-figure real estate business, head over to iTunes and subscribe to the show. Don’t forget to tune into our other shows: FlipTalk’s Rookie Play Book and FlipTalk’s REI Round Table. Share your favorite episodes on social media to help other new investors learn what it takes to grow a successful business in the real estate investing industry.

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