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If you are considering writing an offer to purchase a property with the assistance of a real estate agent or broker you should get a copy of the Seller Property Disclosure Statement to review before making your offer.
The Seller Property Disclosure Statement is usually filled out by the seller when they list their property for sale with a real estate agent or real estate broker and, when filled out correctly (which many are not), can give you an idea of the actual state of various aspects of the property. A challenge is that some sellers have been known to not fill one out at all or to just mark all “Yes” or all “I Don’t Know” in all the blanks without even reading this form.
When we, as real estate investors, are buying directly from the seller without the aid of a real estate agent or broker, we will usually not have one of these forms filled out because there was not a listing agreement. If you want to use one when you are buying from your seller, you can download and use the two page Seller Property Disclosure Statement that I have for our Real Estate Investor Bronze Members. Feel free to modify it to better fit your own business or use it as is. I would prefer to get this before I sign an offer to purchase with the seller, but in practicality it rarely happens that way. I will usually get one after the property is under contract and before the actual closing.
Until my next post,
James
P.S. Upgrade to our Real Estate Investor Bronze Membership now to access all our training and resources for investors.
Inner Circle Membership - Daily, Live Training for Bird Dogs, Wholesalers, Real Estate Investors and Real Estate Entrepreneurs with Q&A and consulting and more.
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Since we have been adding lots of new forms to the Real Estate Investor Wiki for our Real Estate Investor Bronze Members, I occasionally get asked… where can I find the “[INSERT YOUR FAVORITE FORM HERE] form”? Well, I have great news.
I am starting to also create new ways to organize the existing resources on the site including lists of related resources like the Real Estate Investor Forms page that lists forms for our Real Estate Investors Bronze Members.
I also have a separate page up for Property Management Forms which lists the forms you’ll want to reference relating to Property Management.
Of course, there are some other lists that are both done and on the way for you to access. Feel free to explore the wealth of information on the wiki and if you have a particular need, let me know and I can move that up towards the top of the list. That service is included free with your Bronze Membership.
Until my next post,
James
Inner Circle Membership - Daily, Live Training for Bird Dogs, Wholesalers, Real Estate Investors and Real Estate Entrepreneurs with Q&A and consulting and more.
Or, become an Inner Circle Member and get much more...
If you want to maximize the deductions you can take as a real estate investor, you need to completely document them. Having good systems for documenting all the deductions you can take is an important first step in maximizing your tax deductions.
One example is using a log to document all the mileage you drive that is directly related to your business. While you should definitely check with your tax adviser as I am not a tax adviser, it is my understanding that it is required that you document your mileage to take that deduction.
In our business, we use the Vehicle Mileage Log (link provided for Real Estate Investor Bronze Members that are logged in) to document each time we go out to a property we own, when we go look at potential deals we are considering buying and all other real estate investing business related driving that we do.
You can also see some of our other time saving and money saving forms that you can use in your own real estate investing business from the list of Real Estate Investor Forms that we have on the Real Estate Investor Wiki for our members.
Until my next post,
James
Inner Circle Membership - Daily, Live Training for Bird Dogs, Wholesalers, Real Estate Investors and Real Estate Entrepreneurs with Q&A and consulting and more.
