May 30, 2008

Letter of Intent to Purchase

We've been talking about ways to reduce risk for beginners so you can muster enough courage to do that first deal. One of the best ways to mitigate risk in real estate is by doing a thorough financial evaluation as part of your due diligence.

But here's a great tip from our friends over at FlippingHomes.com. Using a Letter of Intent to make your offers is a great way to ease your nerves as a beginner and I strongly encourage you to start applying this idea if you are having trouble getting started. I used this approach myself when starting out and it certainly helped me. I remember being quite anxious signing a contract for the first time. So for those of you looking for a little more peace of mind, this might help.

So, there you have it. A quick and easy tip today but a very effective one for beginners.

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Technorati Tags: beginning real estate investing, letter of intent, risk management, risk reduction

Tags: beginning real estate investing, letter of intent, risk management, risk reduction

Filed under Acquisitions, Getting Started, Videos by Scott Roemermann

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Comments on Letter of Intent to Purchase »

June 17, 2008

jp moses from REI Tips @ 9:31 pm

Hey, nice video! I remember making it! …jp

June 18, 2008

Scott Roemermann @ 12:51 am

Yeah, good job, JP. I think it's easy to forget how useful little tips like this are to people when starting out. I know I suddenly felt much more relaxed about making offers when I had a Letter of Intent I could use.

December 23, 2008

JerseyGuy @ 9:03 am

It is also a way to put it in "dummy terms" or "layman's terms"…Some beginners get frightened just by the look of an official contract. This is a great start

February 7, 2009

Trader @ 5:47 pm

Thanks Scott, I have been looking for help on writing a letter of intent and your video helped point me in the right way

May 30, 2008

Letter of Intent to Purchase