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Assignment deal....have I made a mistake

June 29th, 2012 | posted by gifergy

I have recently put my 1st assignment deal together. Two houses on the same lot, both in good shape and a garage that holds two cars. I put everything under a contract with the thoughts of assigning the deal to an investor. If someone puts $12K into it, the property could be worth about $70K. Both would rent for $550-$600 a month.

I started advertising it and the owners found out and are a little upset that I am trying to resell their property without 1st buying it. When they signed the contract for sale, I explained everything I would be doing, but now that it is happening, they don't care for it. I was very transparent and upfront...I don't want to lose this good deal....any advice out there?

On 1:13am, June 29th, 2012 gifergy said:

I forgot to mention that I

I forgot to mention that I put them under contract for $24K.

On 2:35am, June 29th, 2012 GlenA12 said:

Wholesaling

GlenA12's picture

The first thing you should do when wholesaling is build your buyers list.

After you get a contract on a property (a DEAL) then your marketing should be all of 15 minutes. Call the investor(s) on your list that best fit this property and if it's a deal you'll have it sold in no time flat.

Glen

On 7:01am, June 29th, 2012 Tina1 said:

Keeping Sellers Happy

Tina1's picture

Hi Ray,

You did good! Congrats on your first assignment!
I can see the predicament here- you're trying to get the deal completed fast as possible.

You've probably already done this, but I would suggest telling the sellers you thought you were clear and of course you have a lot of work to do before you can sell it, but you like to get plenty of prospects lined up ahead of time. But, if it is upsetting to them you will gladly take the ads down.

Then as Glen says (in my own words) blitz the doo-doo out of the deal. Use more private sites like Connected Investors, DG Classifieds, and to your buyers list and to any Bird Dogs you have-- AND do a Ghost Ad! When you get calls from the Ghost Ad tell them about the Unhappy Seller's houses!

That should work.
Keep the sellers happy and keep the deal!

-Tina

On 12:43pm, June 29th, 2012 gifergy said:

Appreciate the comments

Glen/Tina - Thanks for the advice....I think the deal will go through, but I was not anticipating the calls saying "What are you doing"...you cannot sell the house before you buy it. I will be more clear next time. Thanks