The contract is what incorporates all the time and effort you have exerted in finding a good deal as well as the result of your people skills. It wasn’t easy, and it never will be, but finding a deal that leads to a contract will eventually become routine. However, before you open your computer and begin creating a contract, there are certain things you need to know to create a contract suitable for your business model.

Today, Don and Ryan share their wisdom on how to create a good contract. They explain the importance of keeping it as simple as possible, why you should have an exit strategy and the reason why you should always properly disclose details to sellers. They also discuss what it means to have a financing contingency as well as what it takes to have lenders give you money.

“The biggest thing is to buy these deals deep enough so that you have options.” – Ryan Scialabba

This Week on FlipTalk’s Rookie Play Book:

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