can modify it to protect your interests.
The following is the general information needed for an RPA:
• Address • Price • Your name • An earnest money deposit
• Timeframes for both due diligence and closing • Contingencies, which could include items such as
inspections, appraisals, and financing • How you’ll be paying (loan or cash) • Proof you have the money
Some RPAs require different information, so if you’re going to be flipping properties in multiple areas, it’s a good idea to get RPAs from ALL those areas, so you know exactly what will be needed in each location, which will save you time in the future. Have your team in each area advise you on specifics.
FIXING UP YOUR FIXER UPPER
After finding the right fixer-upper property, the second-most important component is finding the right person to help you fix it up. We’ve all heard contractor horror stories; unfortunately, this honestly is one of the trickiest parts of the process! Even if you’re a seasoned Do-It-Yourself (DIY)-er or a construction professional, I recommend having a solid, reliable contractor on your team. They’ll be there for expert advice, they’ll come with a team of skilled workers, and they’ll help the process move more quickly (“time is money” is a saying for a reason). Plus, they can help you out if you have a lot going on in one — or multiple — properties. And who knows: they might just become a project funder! 50
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