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Listen robert,
I understand you, and where your coming from. I know you dont have much money right now, but hows your credit? I only ask because if it's good that could OPEN a couple more doors for you. Your right as to what I do, I'm a WHOLESALER, have been for about a half a year now, still kinda new, but @ least i know what i'm doing now. Wholesaling is definitley a possiblity for you: it's easy to do, and has very, very low risk and NOT a bad reward either. I know you had a question as to what to do if you CAN'T find a REHABBER to sell your deal to, well in that situation 1 of 2 things happened; 1) You mis-calculated the REPAIRS on the property and consequently have NO DEAL, or 2) You just flat out paid too much for the property(YES, their is a formula on how to buy deals). But lets say that you just ran out of time and no one was interested, in that case you will ACTIVATE one of your "ESCAPE CLAUSES" in your contract and BOOM! your released from the deal and your "EARNEST MONEY" is returned back to you. If you have any more questions, you know where to find me, SULLY.

I've read about locking up a deal many times in Dean's book. I'm still not confident I understand the process and all the angles of it. Could you possibly shed more light as to the process?

What are examples of scenrios where you have assinged and stated escape clauses, and the works?

i dont have 2 hours to spend on here explaining everything about WHOLESALING, sorry not trying to be rude, but i work like 56 hours a week and need to go to bed soon, I'll tell you this, Elena did a pretty good job in explaining the WHOLESALE PROCESS, you just need to find the thread, i'm sure if you PM Elena she will be more than happy to give you the thread, BUT if your STILL unclear on anything else, just post the question here and i'll do my best to answer by hopfully tommorrow(thurs), SULLY

http://www.deangraziosi.com/node/5585

goodnight Sully.

Rina

I enjoyed that section so much! I have gained a lot of knowledge on this, taken a load of notes! I wanted to know, who could I turn to for advice when I've found and gotten everything together to really understand how to crunch numbers or obtain a formula to calculate these deals so I don't make any misakes when diving into my first deal. I want to have the confidence of knowing I have done as much as I could to CMA(cover my @$$) and escape plan etc. I've noticed the assignment to purchase contract provides an escape clause stating that if I choose to back out I get the escrow/earnest money put forth paid back. Is that all there is to it?

My credit is POOR lol. I have school loans and a couple revolving accounts still open that are holding me back. I am working to reduce that. Wen't to FCR (FreeCreditReport.com) and found out my score and saw what was revolving and holding me back. I have a total close to $2k in debt. Slowly have been working on it.

You can still get a contract locked up with bad or no credit. You just have to flip the contract to another buyer with money or financing. Investors do it all the time. That's what CBR is doing, assigning the contracts to other buyers and collecting his fee of $2,000 or $5,000. Did you read his post? That's the way you do it my friend!
God bless,
Elena

And you're not limited to any certain amount. The better the deal, the better the fee. Here are the posts Elena was talking about. Read for inspiration
http://www.deangraziosi.com/node/10427
http://www.deangraziosi.com/node/10452

Hey, Robert, welcome to the site! It's good to have you here.

Rina

Your Almost there, the ONLY thing that i would adjust, notice i said "adjust" not change, is the FORMULA NUMBERS, your first offer should be 60% of ARV -repairs, -assignment fee, instead of 65% of ARV, this way if the seller "balks" you can raise to 65%, you really dont want to go to 70% unless you absolutley have to, SULLY

I will make the adjustment in my calculation.
What do you mean, if the seller "balks"?