How to Attract Investors to Assign to Your Deals

When you are wholesaleing properties you are gettting an assignment fee or finders fee for the contract not the actual house. Thats how we get around not having to have a real estate license. We are selling our interest in the property not the actual property. You can sell your interest in anything. You do not have to own real estate to assign the contract. I have done it a bunch!! Thru my real estate attorney. Just find you a great attorney that understands the "as assigns" clause in a contract and you will be fine. And also ask him or her if they do double closings! And have them explain that to you also. You can own a property for 10mins and then sell it. Thats not illegal,,ask them..hope that helps..

Most of the time on a standard contract it is section 23 or so especially if its a standard state contract from a bank. I always line out the section and write in my own hand writing, "must have right of assignment" when I assign and I also put "as assigns" right beside my name so there is no mis-understanding. Tell the seller or the bank you are a wholesaler and u have investors that will buy it. If the seller or if its the bank, ask for a non-refundable down payment before I have seen as much as 30% and I tell them to go jump!! Most of the time the other rooster in the hen house falls thru and they come back asking if I am still interested then I have the ball and its on my terms. Why do they care if I am assigning the contract as long as their money shows up to the closing. If they are worried about that then tell them to take back up offers if I am first in line duh.....

Is is illegal to assign contracts in NYS?

I am very happy to have run into this forum tonight. I have found 8 property and was under the gun to find some buyers. The craigs list sounds like a great start for now. Thanks FreeinDeed.

Freeindeed,

Thanks for the insights! I will be adding those strategies to my TO DO list for Monday.

wholesale:
A wholesale buyer is an investor. Wholesale buyers buy properties for less than market value because they intend to resale them for a profit. Wholesale buyers are not interested in occupying the properties they purchase, so are more flexible in the properties they look for. Their primary concern is whether the property can turn a profit.

Assignment of Contract:
A fast cash technique used to control a property through a contract. With this technique the investor puts the property under contract and then “assigns” the contract over to another party for a fee.

Thus, he who assign's a contract is a wholeseller.

Just my $0.02 worth

Iam new to this and was just going through the website and i read your thread man how long have you been doing thisYou sound like youve got it figured out.This is how i would like to be but to scared to even try or tell you the truth dont know how.If you can give me any incouragement or insight i would appreciate it thanks barry

Barnnny. Welcome to the DG fam. You'll get all the encouragement you need on this site. Have you read any of the books yet? If not, get one and start there. Any questions you have about real estate WILL get answered on this site through sheer networking. No question is stupid. Ask!

I have a question for anyone who has any insight or suggestions......

REOs are asking for pre-qualification letter from lender / bank to be submitted with sales contract to purchase.

Any way around this ????

I prefer to lock up a REO property ahead of presenting it as a wholesale property to buyers / investors.....Whats the best method that is proven to work ???

If the bank will not enter into a contract with me for REOs for me to assign to investors without pre-quli letter from lender; can I obtain control of that property in any other way ?

Hi my name in Jerry and the question i have is where are you finding your deals.

the problem i have is where to find deals.

Forum,

We are looking for investors in the Portland, Oregon area. Areas of search to include but not limited to Portland and surrounding areas within a 200 mile radius, also to include Bend and Eugene, Oergon. Also would include southern Washington, Vancouver, Camas and surrounding areas. Please respond as soon as possible.

We have already some very interesting prospect investments for immediate consideration.

FOR EXAMPLE, we have found a home in the very desireable Stafford area that is being short sold for 1,000,000.00 under appraised value. There are also many others available with lower investment value with true rewarding equity.

I just wanted to say that although these are all "older posts," the knowledge and wisdom spread here is timeless! Thanks a million, to all of you, for providing good answers as well as asking good questions; it all serves to bear successful fruit.

New Babe:
I have never done an assignment nor posted on Craiglist but i am anxious to start.
I have read both of DG books but not sure. Question!!!!!!!!!!!

Now having completed the Ads on CL and i receive a call from a party of interest to see the property. At what point in time do i sent a picture of the property and then later take him at the site to see the property.

hello, if the above is wholesaling sully, then please tell me what is your idea of how to attract buyers. thanks, JR

I would like to know how much do you get for assignmet of the propertyfrom the other investor if i may ask becuase i am new to this.

What I do is use transactional funding on the REOs I wholesale. The funding company will provide proof of funds that you may use when you submit the offer.
Then arrange to do a double close with your buyer. For this to work you MUST have your buyer in place with their earnest money in escrow and arrange the double closing in advance with the title company and the transactional funding company. Remember to factor in the cost of the funding and all closing costs or commissions when you figure the profit you expect from the deal. Also you must come up(or your private or hard money source) with your own earnest money when you make an offer for a bank owned property. Ranges from $1000 to $2500.

This is what I do and it works great. The key is having a list of REAL buyers and getting the deal at 65 to 70 cents on the dollar AFTER repair cost, Find that deal, call all your investors and boom, there you go!

Hope this helps,
Michael Mangham
MD Home Acquisitions LLC
www.mdhomeacquisitions.com

FREEINDEED,
THANK YOU FOR THE INFO YOU GAVE. I HAVE BEENHAVING PROBLEMS GETTING STARTED. I'M GOING TO JUMP THE WAVE AND PUT THOSE ADS OUT & SEE WHAT HAPPENS. I'LL TELL YOU HOW IT WORKS OUT..

AGAIN THANK U...
SERENA

Great help from everyone here who responds and good questions asked.

I'm still looking for qualified buyers as well, whenever I post an
ad in craiglist for buyers, I get other investors who want me to fill out information on their website about the home I'm selling.

Kelly06

PLEASE HELP!
Hello,
I have recently purchased an investment home, and noticed right across the street another vacant home. When I asked a neighbor if he knows any details....he gave me a contact number. When I called that number I found that the owner had recently passed away with apparently no children, no wife, and the home was a few months behind on payments. The person I was talking to was a live in caretaker to the elderly person that died and has POA apparently, from what I understood her to say at least. She is very interested in me possibly buying the home to keep the home from going into foreclosure. She even gave me the account info of the loan: loan #, the bank that holds the morg, and the 800 number to contact the bank dept.......of course the bank will not discuss with me any details of the loan (couldn't even get past the automated question prompts).
I have looked at the property appraisors site and found that according to this info, the last loan against the property was 1998 of $59,000. The home comps out in the 75K range. WHAT I WANT TO KNOW IS HOW CAN I FIND OUT WHAT THE BALANCE IS TO THE BANK AS OF TODAYS DATE.
AND WHAT WILL THE BANK REQUIRE TO BRING THE LOAN CURRENT IF NECESSARY AND PURCHASE THE HOME so I can make an intellegent effort to discuss an offer to tie the home up for a IEE or assigned contract? PLEASE HELP GUIDE ME TO THIS ANSWER. Thank you so much, anyone! Scot in FL.

Hello all,
I have just learned about this. I meet a guy at my REIA and not only do they do TAF but they also do hard money lending. Backs want to see cash. That is the bottom line. So if you can find someone that does TAF for a REASONABLE fee it's a nice way to go. The guy I met charges 1.75% of the loan amount for a TAF don't know how much they charge for the hard money.

Thanks to everyone for the great advice and information! My husband and I started with Dean's course when I lost my job and I had to relocate. It's been hard to find investor's in my area so we tried to branch out to other states and weren't quite sure how to do that. We haven't had much success and so are looking for different ways to invest and look at a situation. We have EXCELLENT credit but the cash is tight right now! We are looking for anyone interested in partnering with us! Or anyone who can give us helpful information that you may have experienced in your deals!

Still hopeful and ready to make money!!!!

Teresa Mainor
Rising Star Investments Inc

Thanks to everyone for the great advice and information! My husband and I started with Dean's course when I lost my job and I had to relocate. It's been hard to find investor's in my area so we tried to branch out to other states and weren't quite sure how to do that. We haven't had much success and so are looking for different ways to invest and look at a situation. We have EXCELLENT credit but the cash is tight right now! We are looking for anyone interested in partnering with us! Or anyone who can give us helpful information that you may have experienced in your deals!

Still hopeful and ready to make money!!!!

Teresa Mainor
Rising Star Investments Inc

Hi Carol,
Do you mind if I just paste and copy? Your ad is simple, to the point, and attractive.

Thank you.

Peace and Blessings,

Great article and worth reading.

Thanks.

Peace and Blessings,

These books are on my top 12 book list. Are you on the diamond path too my friend. I have read all of these books, they are very good.

Wow, I just jumped on this post and CBR power and freeindeed, man you guys are on point. You just have to make it happen and realize the service you're providing. What investor(in their right mind) wouldn't want someone out there finding deals for them and bringing them to their front door(or desk). And I agree that we are the project. I've heard great things about that book Success and Power dealing with People. I will order that now. Thanks again and I will see you at the top!!

Deshone

I have been reading alot of posts here at DG and took some tips at finding buyers.
I submitted my first ad today and within one hour had inquiries to properties I have !!!
It was completely unexpected, but now I am on another level of POSITIVE !!!
Thank all of you here for the help and information you offer, and to those that may have doubts.....DON'T !!!

I want to take action now!. I know that before i look for deals, I need a buyer list.Before I start advertising and calling buyers, can somebody help me on how to create a rapport with a buy.I am afraid that I will post in the Newspaper my advertisement. And when I recieve the call, I don't know what to say becuase I don't have any deals to give them, please help.