[alpoitier]

I'm trying to get my team together as in realtor, attorney, etc. although I'm having a hard time for the fact that I have not done a deal yet and have very little capital. It seems as though people wants to be paid before I close on a deal. Which I don't have much money before the deal closes.

How do you convince people to work with you with little to no capital and before closing on a deal.

any suggestions?

[John Merchant]

In my own experience I can tell you no busy lawyer is going to even be "member of team" blanketly and he's gonna want to see a specific deal with fee paid before he's going to commit time and energy for you.

I've been personally approached on such deals and can't remember one that ever paid off or even came to fruition.

[alpoitier]

so no one will work without pay till the deal is closed right. I'm trying to start my real estate busniess I got a good deal of training, no experiencen little capital; but yet no one will work with me till I pay them first and I don't get paid till the deal closes. seems like I'm stuck?

[John_Corey]

alpoitier,

Where did you get the idea that you need a team in place before you start? It sounds like something a seminar seller teaches from stage.

What you do need is a place to close the deal (escrow officer at a title company or a lawyer depending on the state process). In neither case do they join your team and neither will expected to be paid until there is a deal on the table. They expect to be paid when you finish the deal rather than in advance unless they are doing work that is not really tied to a deal.

[alpoitier]

Honetly I'm really new... I did hear it in a seminar and afterwards i started reading every real estae book I can get my hand on trying to learn about the processes that happens in a transaction. Wholesaling, short sales, etc. I spoke with 2 realtors, market strageies in place, call services ( to take the calls I can't), and all the doc's that I believe that is needed to make any transaction. So I really do appreciate the help.

[John_Corey]

Originally Posted by alpoitier

Honetly I'm really new... I did hear it in a seminar and afterwards i started reading every real estae book I can get my hand on trying to learn about the processes that happens in a transaction. Wholesaling, short sales, etc. I spoke with 2 realtors, market strageies in place, call services ( to take the calls I can't), and all the doc's that I believe that is needed to make any transaction. So I really do appreciate the help.

Thanks for the reply. This is what I was thinking.

To buy a house you do not need a lawyer before you have a signed contract. Unless you want to use a special contract, I would stick to finding a deal and using the normal Realtor approved contract for your area/state.

Once you have a deal accepted, you can bring it to the closing table and let the closing agent (escrow officer or an attorney) get on with processing the paperwork.

BTW - Even if you use a lawyer they are not going to advice on how good the deal it. A lawyer will explain a contract and highlight issues that relate to the laws. They are not qualified to offer financial advice unless they have qualifications beyond being a lawyer. In other words, they are there to process the title paperwork and get involved down stream on most residential deals.

For a first deal I would stick to something pretty vanilla. No need to complicate things when you are learning. The success of the deal will mostly relate to how successfully you spot a great opportunity. In other words you need to pound the pavement and run the numbers to hunt for the diamond in the rough.

Are you expecting to hold what you buy or are you looking to flip the property either before or after closing the sale?

[alpoitier]

I'm planning on flipping houses, I went to the seminar taught by Than Merrill ceo and founder of "Fortune 500" and "Flip this house". Not important, but I hope is informative.