Wholesale Real Estate Contracts | PART 5 | Amendment & Finding A ROCKSTAR Closer | Ben Clardy | Skillshare

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Wholesale Real Estate Contracts | PART 5 | Amendment & Finding A ROCKSTAR Closer

teacher avatar Ben Clardy, Real Estate Coach

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Taught by industry leaders & working professionals
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Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

4 Lessons (15m)
    • 1. Welcome!

      0:34
    • 2. Amendment Contract

      4:43
    • 3. Finding A ROCKSTAR Closer

      6:42
    • 4. Your Class Project!

      2:38
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About This Class

Welcome to PART 5 of my Real Estate Contracts for Wholesaling Class.

In this class you'll learn about the Amendment and also how to find a ROCKSTAR deal closer.

I will slowly walk you through each line of the contract so that you understand why each line is there, why it's important, and what it can do for you.

Every word of the contract is there for a reason - whether it's to help you get offers accepted, to control deals, or to protect you from liability. By learning how the contract works, you'll be more effective and confident Real Estate investor.

Remember to download your contract from within the resources section of this class.

Finally, be sure to enroll in the other 4 parts of this class series:

Wholesale Real Estate Contracts | PART 1 | "Buy-Side" Purchase & Sale Agreement

Wholesale Real Estate Contracts | PART 2 | "Sell-Side" Purchase & Sale Agreement

Wholesale Real Estate Contracts | PART 3 | Assignment & Option

Wholesale Real Estate Contracts | PART 4 | Invoice & Marketing Fee Agreement

Meet Your Teacher

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Ben Clardy

Real Estate Coach

Teacher

My name is Ben Clardy.

I'm a Real Estate Entrepreneur, but I'm a teacher at heart.

I create HIGH-QUALITY / LOW-COST Real Estate courses for my students.

I've made MANY of mistakes in my investing career. One of them that I will always remember is the day that I wrote a $25,000 check to a "Real Estate Guru" that promised to teach me everything I needed to know to succeed in Real Estate. That was a BIG mistake.

I lost an incredibly large amount of money that day, but I did learn something important:

I learned that I wanted to save other people from making the same costly mistake.

You see, it's not uncommon for people so shell out 10k, 20k, or even 50k dollars in order to learn the ro... See full profile

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Transcripts

1. Welcome!: Hi there. My name is Ben Clark and I'm a real estate investor and coach. I'd like to welcome you to my class series on wholesale real estate contracts. This is the final part of this series, is part five of five. And in this video we're gonna be covering two things really. One is the amendment contract. This is a very helpful but very simple form to have. And as a special bonus, I'm gonna be teaching you how to find a rock star, closing attorney or title company. So without further ado, let's get into it. 2. Amendment Contract: Alright, so let's talk about the amendment contract. Alright, so let me get that opened up here for you. Come on baby. Alright, here we go. So this is the Ammendment. It's a very simple form. And it's simple because all you're doing is referencing a contract that you already have put together with a seller or buyer. And the amendment is used to modify one or more terms within that original contract. So if you want to change the purchase price or the closing date or the closing attorney, or even the property address, if some problem was discovered that the address wasn't right? Or I mean, it really just any number of things. The amendment is very flexible and it's used to modify the terms or conditions in an already executed contract. Okay, so let's come up with a tangible example. Let's say you put together a purchase and sale agreement between yourself and a homeowner for $50 thousand. Okay. And then you went and had the property inspected and discovered that instead of $50 thousand, the best that you can offer them as $45 thousand because the properties in worse condition that needs a roof and he's the air conditioner replaced and these plumbing work, whatever, you need, a $5 thousand reduction. Well, you go to the homeowner. He talked to him, you plead your case and you get them to agree to $45 thousand instead of 50. What you do is you fill out this amendment and you, you've referenced the original contract and then you modify those terms. You change the price from $50 thousand to $45 thousand. Both sign this amendment. And then the amendment basically goes with the original contract and modifies those terms. Ok, that's what the amendment is. Four, it modifies really any condition or term you want to that both year yourself and either the homeowner or the buyer agree to with you. Alright, so let's get through this amendment. This amendment. The first part here is you're referencing the original contract. So it says the following as part of the purchase and sale agreement dated blank. So what you do is you put in this blank the date that the basically the purchase and sale agreement that you're modifying, the date that that was executed. So if it was if you put together the contract between yourself and the homeowner on March tenth, you would put March tenth and this blink. Okay. Now, the next part is between seller and buyer. So this is saying that contract, the original and that you're referencing put together between the seller, this is where the homeowner homeowners name would go and buyer, this is where your name or your business entity would go. And the next it says regarding the property known as blank, and this is where you put the property address. Alright. Now this next part, this, this kind of this open area between this line and this line, all of this white area here is where you can write in the new terms. So if you're changing the price from 50 thousand to 45, you write it here. Or if you're changing the closing date from March 27th to April 14th, you put it here. So whatever terms you're modifying goes in this, this general area right here. Okay. And then the next line just says, All other terms and conditions of the agreement remain unchanged. So yeah, you're you're in this area here, you're you're you're detailing the changes that you want to make. And this line ensures that all the other terms and conditions, none of that stuff is going to change. And then all that's left is the buyer signs it and the seller signs, sign, print, and date for both the buyer and the seller. Alright, so that's all there is to an amendment. So next time you have a contract put together and you need to make a change to it. Instead of starting completely over with a new purchase and sale agreement, you can simply put together this amendment between yourself and the homeowner. And all of the changes that you need to see made to the contract will apply. And that's how it works. Alright? That's all there is for this lesson. 3. Finding A ROCKSTAR Closer: So at this point you have all of the paperwork you need to start doing real estate deals or to ramp up your real estate business. But there's a couple of very important parts that I want to talk to you about. And there are basically two things that despite having all the resources in the world, you're still not going to have much success if you don't have these two things going for you. Let me start with the second one. Actually. You have to get out there and start talking to people and making offers and negotiating with Paypal and basically trying to get houses under contract because nothing happens. If you don't get out there and start making offers. Ok? That's rule number two. Basically now, going back to the most important thing, all of the paperwork that I gave you of the contracts, they are not going to do you any good, even if you have the right home owners that are motivated to sell you put to put the deals together with the right paperwork and you had the right buyers behind you that want the houses. The deals are not going to come together unless you were working with the right title company or real estate attorney. And what I mean by the right one is a title company or real estate attorney that specializes in investor real estate closings, regardless of your market or where you live, or your state or anything like that. There's basically two different kinds of real estate closers. There's the ones that get it and there's the ones that don't. Okay. I mean, you can have, you know, a great deal and the buyer ready to buy it and everything done, right? But if you send all that paperwork into a closure, that doesn't get it. I mean, the whole thing is there's a very high likelihood that everything is just going to derail on you because they just don't know how to handle it or they're they're caught up with the understanding that a lot of the things that go along with wholesaling real estate is illegal. And trust me, I've dealt with this for years. I've closed hundreds of houses and I've had all kinds of people tell me that it's illegal and it's wrong and you're acting like an agent and everything else under the sun. But trust me, if you have a good real estate attorney behind you that understands how this stuff works, then I don't know everything else just kind of falls into place. The majority of time if you've got a motivated seller and somebody that wants that house on the backend, It's kinda hard to mess up the deal when you have a good and capable closer behind you. So that is enough talking about that, let me show you how to find a good closer in your market, okay? So first of all, think about it. If you're trying to find real estate closers that really understand how wholesale real estate closings work. Who do you talk to when you talk to the real estate wholesalers? And here's how you find them in your market. Just go to the search engine, Google or whatever you want to use and type in. Wholesale real estate and then type in your market, okay. Whether it be Houston or Dallas or Denver, or in my case, it's Atlanta. So I'm gonna type in wholesale real estate Atlanta and click search. Now what you're gonna get is a pile of real estate wholesalers. I mean, all the stuff you're looking at is real estate wholesalers. And there's probably pages and pages. I think there's there's probably 20 per page. What you need to do is go down this list in your market. And I would say call up probably to really do this, right? I'm going to say I'm going to say 20 or 30. Okay. So go to these websites, call up the wholesaler and just have a quick little conversation. Say, Hey, my name's Ben, you know, I'm trying to just get a bearing on what closing attorney or title company is really good at handling wholesale real estate closings. And they're gonna give you a recommendation. I mean, most of these guys are going to give you a recommendation. You might talk to a few of them that are just hesitant to give you a recommendation for whatever reason, but that's why you're calling 20 or 30. And what's going to happen over the course of those 20 or 30 calls? You're going to hear the same name coming up a few times. You might, you might end up with two or three that you keep hearing over and over and over. Those are the ones you want to go to. I know in Atlanta, my goodness, there's probably 1000 different closing attorneys in Atlanta. But I know there's about three or four or five that really know how to get it done and what you need to do. You need to find that small handful and 0 in and start sending your closings to those guys that can get them done for you. Alright? Now let me say you're not going to figure out that trend. If you make one or two or three phone calls, you need to make 20 or 30 calls so you can figure out the trend. You're gonna then same names gonna come up over and over. And those are the guys you want to go with to get your closings done, okay? So that is the most important variable in all of this. Again, you can have the right seller, the right contracts, the right buyer, but unless you're sending that deal to somebody that knows how to put them together. And I'm talking about dealing with assignments and double closings and using the invoices and such as that. You know, it's going to be a real up-hill battle. So send your deals a capable closer, okay. That if you don't already have one, that's the final step in this course. Find that capable closer and your life in wholesaling real estate is going to be ten times easier, I assure you. Alright, that's it. That is all for this course. I hope you enjoyed it. I hope you get tons of benefit out of it. And if you have any questions that I can help you with, just send me a message. I'm happy to help and clarify on anything that you need some additional detail on. And I wish you the very best with your real estate wholesaling all the best to you. Thanks. 4. Your Class Project!: Okay, so now that you understand how the contract works, it's time to work on your class project, which basically means going through the contract and seeing if you want to make any potential changes to it that may basically improve or enhance the contract. So what you wanna do is download the files to your computer. You have both a word or an OpenOffice version, which is the editable version and also a PDF. So take the editable version and go through the contract line by line. And you want to consider making changes to things like, you know, kind of formatting things like fonts and margins and things like that. And also go through all of the terminology and be sure that everything is clear and would make good sense to both you and anybody who would be potentially signing the contract. And also maybe considered things like if you want to add a header or a footer, or a logo or a watermark, just things like that. You want to, you want to consider making this your own. Now, I want to I want to say that it is not mandatory that you make changes. I use these contracts exactly the way they are, but you may want to make some changes to make them more user-friendly and just make them your own. And that's what this class project is about. So once you've been through them and you approve of the way they are and you've made a potential changes, you want to export it again as a new version of the PDF. The PDF is basically your working copy. It's your general use copy hits the one that you would potentially print off or e sine or email to somebody. Again, the PDF is basically your work in copy and the other version is the one that you would potentially make any edits to. So once you have it, you know, any edits made and you have that final version that marks the completion of both this course and also your class project. Now the one other thing I want to say is regardless if you make any edits to the contract or not before you put them to use in your own business and your own market. I always advise that you have it approved by either your title company or your closing attorney. That kind of thing varies state to state, but have it approved before you put it to use. It can potentially save you some time and hassle. So that is always a very, very good idea. So with that said, that marks the end of this course. So Ben clarity, signing off and wishing you the very best and you were real estate investing endeavors.