Tennessee Real Estate Contract: Fill & Download for Free

In the US, you would not have a case at all, since all real estate contracts have to be in writing... but from your writing I am guessing you are not from Tennessee.My suggestion is to call a lawyer (or solicitor) and ask them about the local laws, this may be a 30 second conversation they will have with you for free.

Long distance real estate investing is very plausible today. In fact many people today own hundreds of properties that they themselves have never even stepped foot in or seen in-person. How is this possible?Real estate investing in the last 20 years has completely changed! 20 years ago you had to invest in properties that were within driving distance. Shady real estate agents would take advantage of the fact that you didn’t know the market. People from California (where real estate is extremely expensive) would look at other places in the United States and think to themselves, “oh my gosh that property is only $150,000?! That is a screaming deal!” There is just such a stark contrast between $1.5M and $150K. However what they failed to see was that even the apparently ‘cheap’ 150K properties were still over priced.Real estate is a market specific business. While the purchase prices of the homes are vastly different so are the rents. In California, the rents may be $10,000 a month whereas some place else may be only $400/month. Understanding real estate metrics is crucial! Really that is all investing is. Moving your money from areas of low yield to areas of higher yield. You much first understand cap rates, return-on-investment, and return-on-equity, among others. You need to learn how much money your money is going to pay you.Real estate is market specific,it always ebbs and flows but it has micro markets and viewing it from a macro level will not be sufficient. Which brings us back to the original question. How do you know the specific market?Its easier than you think. There are two main factors. 1- Supply and Demand and 2- the job market. When there is a surplus of housing and very few people that want to live there, houses will be cheap. When there are a lot of people and few houses, housing will be expensive. A bubble can be predicted to an extent by how well the housing markets correlates with these two factors.For example my home in the last month has appreciated by about $100,000. This doesn’t really make sense. It is only appreciating because… well… it’s a bubble. Properties in my county would make a great fix and flip or wholesale market, but not a buy and hold. It would be a great market to be in 5 years ago, because I could have rode the wave and sold at the top. Other places in the nation do not show this same trend. For a buy and hold investor in makes sense to invest in Memphis, Tennessee or Indiana, Indianapolis. These are under valued properties.So how do you overcome this problem of scammy realtors? The internet is a powerful source these days. Websites like rent-o-meter show you specifics of what is actually being rented in those markets. You can run numbers yourself. If you don’t have cash flow on the property than it is not a good deal, so don’t buy it. There is just too much information on the internet now not to invest in real estate from a distance. Brokers are rated online simply don’t use one that doesn’t have references and a lot of solid ratings. Select the ones that are doing 100+ deals a year.Zillow, Movoto, loopnet, and other online real estate websites, aren’t technically as realable as the MLS because they often draw from the county records. Running comparables through a realtor may be a good idea to get exact numbers for after repair values and prices, but that doesn’t mean that they aren’t a great ball park starting point. Besides real estate is a relationship based business. The really good deals aren’t even on the MLS anyway, (which is the strategic advantage that realtors have) they are offered between friends without anyone knowing about it. They then right up contracts through lawyers, and skip paying the realtors the ~3%–6% fees for their services. Good deals come to you after a while, you don’t have to find them.The real trick for investing in real estate long distance is first having the ability to identify a solid cash flow market and then building relationships with people that can be your boots on the ground. David Greene -author of Long Distance Real Estate Investing and co-host of the bigger pockets podcast- suggests building your core four.Before you buy from a far you want these people on your team.Deal finderLenderContractorProperty ManagerOnce you have these four people on your team an Iphone should be enough to get the job done.You see once you build relationships you can make them check each others work. Once you have a reputation of being a solid repeat customer your core four are loyal to you. People just like to be able to drive by to see if the property is still standing and it didn’t get burnt to the ground. Don’t let your feelings prevent you from becoming a long distance investor! Data and numbers is how you make decisions, not money.You don’t have to know specifics about a sub market if your deal finder brings you properties that he already has vetted to your standards. You just need to look at the numbers and say yes or no. Your property manager will tell you if it is a good area of town because they know the area. If they have bad experiences with other properties in that area, then they will tell you or fear losing your business.Being a landlord is often like checking under the hood of your car after it breaks down. Do you really know what you are looking at enough to fix it yourself? Or would you have to take it to a mechanic? Most people pay a specialist for their special knowledge. So pay the specialists and be an investor. Your skill set as a real estate investor is knowing where to put your money. Spend your time investing, not swinging a hammer and rehabbing properties.They don’t say real estate is about locations and relationships for nothing.

Contact the state bar association. Tell them what you're looking for. Ask them for a list of real estate lawyers in areas close to your office. Also ask them if real estate lawyers is a category they need to be certified in by the state bar.Google real estate lawyers in, say, Knoxville, if that's where you are. Also check out names from the bar associations list.Check out each real estate lawyer website. If you're still interested, call them up and talk to them. Ask them what kind of real estate law they practise. Many may do house purchases and mortgages, but few may do the legal work for developers or builders. Depending on what you need, pick out a few “finalists" in your quest. Make appointments to see them and ask questions, and decide if there's chemistry. Discuss fees carefully and thoroughly.Even though you're small, if you're realtors you'll want a law firm that has a litigator in it. To sue for commissions. If you rehab, you'll need a litigator to handle contract disputes and construction liens. But if you get a bigger firm, you'll be paying for prestige. Their drive for billable hours will make their bills high.If you get a sole practitioner who does real estate, your bills will be lower but at times he won't be able to give you prompt service.So the answer for a small business may be a small law firm: 2, 3,4 or 5 lawyers.Don't worry. If you don't like him, you can change.Oh, yes, before you start with one, check with the bar association to see if he’s in good standing, and whether there have been any disciplinary actions taken against that lawyer by the bar. If yes, get details and then decide.You could also do your own background check on him. You don't need a dishonest lawyer.