How to Attract Investors to Assign to Your Deals

How to Attract Investors to Assign to Your Deals

Like so many of us newbies Eye-wink, using this very informative and helpful site, we are usually starting with little to no money to finance and not so great credit. I think I speak for the majority, when asking, How did you (the 'old hatters') market to investors to assign purchases to?

Any and all information would be very much appreciated!

Thanks much!!! Smiling

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attorney is the best way

I think the best way to find out if they are illegal in any state, is to talk to an attorney that deals with real estate, and knows real estate well...And atleast heard of the assignment contract...not all attorneys that deal with real estate know about the assignment contract...The first attorney I talked with never heard of it and, well just a pain in the butt and was gunna charge a ton of money...

The next attorney I talked with deals with just real estate, been doing it for a while, and helped me out like it was second nature basically...Not that he sees a lot of it, but he knew about it, and didn't play games...

So just gotta find somebody that knows about things, and doesn't try to come off like they know when they don't...

Hope this helps

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Marc

This information was very helpful. Could you please tell me how you found your real estate attorney? I would like to talk to one about assignment contracts and also talk to one about incorporating a business. Could you also tell me what a fee would be for talking with someone about this?

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jenna

Ill PM you with the info that you asked for

__________________

~TAKE ACTION AND THINGS WILL HAPPEN~
***Something to Believe In***
"If you want something, GO GET IT...PERIOD" Will Smith
***"I CAN'T IS NOT A EXCUSE...IT JUST MEANS YOU WON'T"***
"Obstacles are those frightful things you see when you take your eyes off your goal" Henry Ford
~"Success doesn't come to you...You go to it" Marva Collins~


new site to check out!

corkin.com its very user friendly and in my opinion just as good if not better than craigslist, enjoy!


assignments not illegal

I don't think that assignments are outright illegal in any state. I found this blurb at: http://www.houseflippingonline.com/contract-assignments.html

"You will want to note that the standard real estate purchase and sale agreement used by real estate agents in some states may include a non assignability clause.

If this is the case in your state or your local area, you should have an investor-experienced real estate attorney draft up a real estate purchase and sale contract that meets all the regulations and legal requirements in your area and is also assignable.Assignability is obviously the most important requirement for the process to take place."

I can not find any information on a standard contract in MD, so I have to assume there is not one. everyone I talked to knows about them so far but has not done them that often if at all so I have to assume that, in MD at least, there is not this standard clause.

I also deduce that even if this clause does exist in your state's standard document, that it can be removed. but as it says you should make sure that you get it verified by a RE attorney or multiple agents and I would check with title companies as well.

Hope this helps,
-Damon


Sully has it right...

Real Estate Goddess's training teaches you how to wholesale without ever owning the house or whatever. You are then going to *generally* assign it to your buyer.


nice points, but...

I am trying to figure out how to do this without access to a local REI club, as there doesn't seem to be one listed here and without a home phone where people can call me. I had two computers serially crash this year which took away my surfing/learning at home and my phone. I also lost my pt-time job. I don't have a dentist, lawyer, insurance agent or other sales office. I am also not comfortable just chatting up any stranger. I need a lead in or a valid reason to bring up such things. The gates may be opening up for you, but people around me are a bunch of negative nancies.


Finding Buyers

Hi Madison

I'm new, too & have triedthe Craig's List ad (San Diego county) with no success. SoI've started responding to "I Buy Houses" ads in local/online papers & just found 1 investor to work with. If you're in an area that's saturated with investors, like mine is, you'll have better luck using local papers than you will on Craig's List.

Good Luck!

Jan


Hello all, I've been working

Hello all, I've been working on my buyers list and I believe its just about complete to be able to start working some deals. I was wondering if someone could share the details on how to work a real estate attorney into my team. Any thoughts or suggestions would help. Thanks in advance


Jepthy

You need to interview 2 or 3 attorneys and see what will fit in your team. You should also find out how much their fees are as well. Good luck !

Warm regards,

Paul T. La Moy


Thanks Paul I'll start

Thanks Paul I'll start working that Monday morning and hope everything works out well.


Jepthy

Hi Jeff,
You might want to ask your real estate agent for referals. They are most familiar with who closes what and how accrate. A mortgage broker, an inspector. Anyone associated with real estate sales. They usually in my state refer in threes. Much success to you.............Lubertha

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"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"


Welcome

You are so welcome and you have a great day and good luck ! Smiling
Let us know and also use Lubertha suggestions too. She is also a great resource we have.

Warm regards,

Paul T. La Moy


Wholesaling argument

Well, I know the wholesalers (investors) here own the properties out right. @Elena now the seller can entirely bypass the middle man (wholesalers/distributors) to sell directly to the customers at wholesale prices themselves, if they really wanted too. @Al: Are they (NAR teaming up with Lenders) making the argument that Buyer is getting pay a referral or an actual commission? Agent gets paid a commission base on whether they sell or provide a service. We the investors have the Right to assign a contract if we want to get out of it but we're still held liable if the assignee fails to follow through on their obligation. How are you getting the approval of the assignment from the lenders?

__________________

"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.


8 ways to build a buyer list

Here's for all you guys struggling to build a buyers list.

1. Go to a local real estate club

2. Go to a public auction

3. Ask a renter for the properties he's interested in

4. Look for the "I buy houses" ads in the newspaper

5. Go to craigslist, backpage or any other websites that have ads

6. Look for the "we buy houses" street signs and give them a call

7. Call every hard money lender you know. Ask them who currently has money and is looking for properties. Incentivize them by telling them you will direct the hard money loan back their way. They may not want to release the information but they can find out what they are looking for on your behalf.

8. Marketing by passing out business cards in places like grocery stores, birthing centers of hospitals, and wedding shops. Wherever people are going through life changes. Or marketing by placing an ad like this in your local newspaper:

INVESTORS WANTED!
I sell homes at 40% off todays already low prices! Call me if you're ready to make money!
xxx-xxxx

_______________________________________________________

Here's a few things you would want to know from the buyers to build a quality buyers list:

• Email address
• Company Name
• First and Last Name
• Company Address
• Preferred Phone
• Fax Number
• Type of property they are interested in: Single Family, Multi-Family, Commercial
• Approximately how much capital are they working with?
• Are they interested in loaning money on mortgages?
• What level of Rehab are they comfortable with?
• How many transactions have they completed in their career?
• How often do they buy property?
• What's their price range and profit margin they expect?
• How much equity they're looking for?

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"Open minds backed by knowledge, wisdom, persistence, and determination equals unstoppable excellence"

- wrecklessKane


Thank You wrecklessKane!

I knew most of these, but you list them so concisely that I just had to print it out!

Could you elaborate a little on number 7? I'm not sure I fully understand what we're asking for... investors, HML? Who will be directed back to them, the investor that you got from them, a buyer?

Thanks a lot!
-Damon


freeindeed, could you answer something for me?

freeindeed wrote:
I put an add on craigslist that basically said " investors needed for multiple investment properties" Even though I had none at the time I was confident I would soon. When they called I put their name on my buyer's list.

Did you supply your home number on craigslist? If not, what number did you use? I'm not too keen on supplying my home/cell number on Craigslist.. The area is saturated and I get enough useless advertisements in emails from just posting ghost adds on CL that I figure I'll get the same via phone.

Thanks,
-Damon


As far as craigslist was

As far as craigslist was concerned I just put my e-mail that I have made for my investment company. That way when people reply to you with all the spam e-mails you are not getting it in your main e-mail address. With doing that I have gotten some goods investors with me but I also get people sending me links to advertise on some other site which is still good for exposure.


Building Buyers Lists

Wreckless:
great tie-up of ways to find Buyers. Thanks!


Motivation

Great motto!!


This topic has been very

This topic has been very informative!


needed encouragement

It's the 4th of July 09, where is my future headed ? Just want to thank you for your response to a member not sure how to draw buyers. You posted in Oct 4, 08 I am really curious How things are going for you at this time since then. Please let us know ! HELPMEWIN


Jepthy

I am checking in and see how are you making out with your deals and getting all your stuff together. Just hang in there ! Happy 4th ! Did you interview with more real estate lawyers ?

Warm regards,

Paul T. La Moy


Private buyers

Hello everybody,
When i think of assigning to a invester i know they will probably need great discounts,I am thinking private buyers would not need as much discount! The "trick" is cash to lock up the deal you have found(That is my understanding). In the private sector i am sure there are cash buyers,Take that idea out of the soup and what about if they're...Pre Approved! Would that be enough to hold your deal in place,Meaning a cash buyer...Could steal your deal with the seller?
My point is: Private buyers would accept lower discount in retro giving the REI more wiggle room in making a deal!

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Invest in yourself!


UMmmm

Wow I'm am confused... What kind of exit clause is every one using? My exit clause allows me too not have to pay earnest money Only if I get to closing and when I get their the buyer pays for it along with closing fees and attorny fees. You put it all in the price when you resell it to the end buyer. And you never "own the house" You just have it on contract for 30 days or so....

I think this is right, please anyone with actual experience correct me if I'm wrong.

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you never know until you find out...


Can someone post up an

Can someone post up an actual contract w/the exit clauses that they use when typing up a property?


INVESTORS

Can anybody please tell me in detail the step by step HOW to put an AD in Craiglist. It would be greatly appreciated.

__________________

samuel oduok


Creating a craigslist account

1. Go to www.craigslist.com
2. Select U.S. city (e.g. Detroit) where you live.
3. On the left side navigation menu there is Post to Classifieds, My Account & Help, FAQ, Abuse, Legal. Select My Account.
4. You will be taken to My Account login page, since you don't already have a preexisting account, you're going to click on Click here to sign up.
5. Create your account using you preferred email where you want any response to your ads to be forwarded to. You will also create a password.
6. Now to post an Ad, select which category e.g. (real estate services)you want to post under. You will be ask for verification code to be sent to your cell phone via text msg or call to verify your account before you're allowed to create your ad to posted.
7. Enter the verification code.
8. After that you will be allowed to create your post in the text boxes similar to how you create your comments for posting here on DG. You can either select have your personal information displayed or anonymously.
9. Preview &/or edit any misspelling before you click post. Click post if you're satisfied with how your Ad looks.
10. You will get a confirmation email to you delivery email address stating that your Ad will be posted in 15 minutes.
11. Lastly, you can go back into your craigslist account to either extend your preexisting Ads, delete old ads or post new Ads, and track which Ads are about to expire.

HTH Smiling

samURA wrote:
Can anybody please tell me in detail the step by step HOW to put an AD in Craiglist. It would be greatly appreciated.

__________________

"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.


Thanks A Lot!

cbrpower wrote:
The way to attract investors to your deals is this: Make it so darn easy for them that they would have to be crazy not to do the deal. Walk into any real estate club and ask everybody this: raise your hand if you are interested in buying real estate that cashflows and has equity. When EVERYBODY raises their hands then ask them this: Of the people that just raised their hands what kind of property are you looking for? (here is a secret-always sell someone what they want to buy-yes I know it's genius) Don't try to sell someone something they don't want. I recently assigned a duplex to an investor because another single family home I had for sale he wasn't interested in. When I asked him why he didn't want to buy a single family home with $40,000 in equity and $400 per month in cashflow he said "because I want a duplex". So I went and found him a duplex and he bought it. Next ask them where they want to invest. Then ask how much equity do you need in a deal to buy it? Then ask how much cashflow they need.

Do you see my point? It really isn't hard. Ask good questions.

The bottom line is this: If you want to attract investors then you need to become attractive--NOT THE PROPERTY! People buy from people, plain and simple.

You become attractive by going out and meeting people and asking them good questions and finding out what they need.

The next time you are at your dentist office, lawyers office, insurance office, any sales office etc, start talking to these people because there is a good chance they have money and there is an even better chance they have been losing money in the stock market. People with money are begging to find something to invest in.

Here is how to break the ice: "Wow the stock market really took another big hit today didn't it." and then they will say "yeah tell me about it, I have lost over $100,000 in the market this year!" then you say "hey I don't know if you know it or not but I am a real estate investor" they will say "really" and then you say "yeah and there has never been a better time to buy real estate-you should see some of the deals I am finding!"

I think you guys get the picture. Tell eveyone you know that you buy real estate and watch what happens. The gates of abundance will open up and shower down on you.

Get it done.


I like this advice. I have a meeting on Thursday with a group of Investors. Im gonna ask some of them where they want to invest and what they're looking for. Hopefully, that can get me started.


WOW! This is GREAT!

I am just at the beginning of all this. The information on this post has been so helpful. Now to take action! Watch out world here we come!

Thanks everybody! I don't know if you realize how much you have helped me today, and I'm sure many others.

Thanks Again,

Janet

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