Assigning question

Assigning question

Why would someone agree to sign a contract with you to sell their house at a much lower price only for you to reassign it at a higher price. Why wouldn't they just decide to sell it themselves at the higher price? I guess what I'm asking is how can you convince someone to drop their asking price significantly to a price low enough where you can turn around and reassign it at a profit? Realistically you would really need to be able to get it at least $20k below what you think you can turn around and sell it for in order for it to make sense for you to go through the trouble. Also, why would be seller be willing to wait 60 days on you and "trust" that you're going to get them the $. You'd think that they would say "call me when you get the money, until then I'm going to continue to try to sell it". What am I missing?

__________________


Assigning contracts, pre approval required on offers.

I have made a few offers and keep getting that I need pre approval to submit offers from almost all agents. I don't have pre approval due to lack of credit score. I have several investors whom I only know by contacting them by phone so I certainly can't ask them for pre approval letter. How do I get by this road block so I can submit my offers.


PLEASE HELP!!!!

When you find what you think mught be a deal how do you find out if its profitable to assign.


Happy house hunting to

Happy house hunting to everyone in the DG family. See you out there!

__________________

"All Your Dreams Can Come True If You Have The Courage To Pursue Them" Walt Disney

Karen


Assignments or Double Closing With Banks

What if you are trying to do a double closing with short sales or REOs? Banks has a seasoning clause that states that the buyer must hold the property for "X" amount of days (usually 30-90 days) before reselling it or flipping it to another investor buyer. The banks are doing this to protect themselves from flippers. I heard that you need to purchase the property under an LLC and sell the LLC over to the buyer. Does that mean that every property transaction must be in a different LLC company since you are selling the LLC altogether? Please explain if anyone knows a clear answer to this.


Setting Up An LLC for Property Transactions

I like to setup an LLC Company for my property buy/sell transactions but I don't want to have to sell it if I am doing a double closing on a particular deal, how do I go around fulfilling the double closing transaction without having to sell my LLC that the property is purchased under? I am dealing with bank owned properties like REOs or Short Sales that has non-assignment clause. Your insight is greatly appreciated. God Bless


Lucky market 7

Transactional funding is what you need to use to do a double closing. Buy title insurance and close under your LLC, No need to create an LLC just for the property. You will only be on title for a couple of hours.

Hope that helps,
Michael Mangham
MD Home Acquisitions LLC

__________________

Knowledge is power, but execution trumps knowledge. Tony Robbins

http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site


Seasoning Article

luckymarket7 wrote:
What if you are trying to do a double closing with short sales or REOs? Banks has a seasoning clause that states that the buyer must hold the property for "X" amount of days (usually 30-90 days) before reselling it or flipping it to another investor buyer. The banks are doing this to protect themselves from flippers. I heard that you need to purchase the property under an LLC and sell the LLC over to the buyer. Does that mean that every property transaction must be in a different LLC company since you are selling the LLC altogether? Please explain if anyone knows a clear answer to this.

I have a great article from greenpearl.com that I think you should read related to "seasoning". http://www.greenpearl.com/group/distressedproperty. read the post @ February 3, 2010 at 11:42. "Flip Flop on Flips" Hope this helps.
-M


asssignments

I have a question for you seasoned in this area. I have a property that i assigned over to my realtors nephew we actually are settling our fee of 5k out of closing . this is a bankowned property and a first time fha in lew of a double close with a bridge loan which is roughly 3% we are doing a prommisary note. My question is ehen doing assignment with aretail buyer and not a investor shoul or could i get a non-refundable deposit since i baqsicaaly gave up the propety. and the time runs out? I have had deals tied up for inspections and funding from investors and lost the dealcause they could not get it and i have to find an investor at the eleventh hour. Does any one have any suggestions. thanks

__________________

Stay focused on Your Goal
Di


If you dont mind me asking,

If you dont mind me asking, how did you find these deals?

__________________

Roland Ochoa


Go to google homepage and

Go to google homepage and search . . . I BUY HOUSES or CASH FOR HOUSES. This should give you a list of buyers. You can put in your property information and submit it to them on the spot. And wait for a response.

__________________

Roland Ochoa


Assigments

What you should look for in the newspaper is any ad that say we buy home or place a ad on craigslist stating that you have a home 3br 2bath and put your contact information,once the phone start ringing you can let them know that the home is not available no more and then ask what are they interested in a take their contact information because they are buyers. real estate companies with LLC after it which most likely is and investor or lookup REI groups in the area you live in and give them a call or join.

Best Regards,
jrtip
www.jrtipwebuyhomes.com

__________________

Harry E Moss Jr


Keep It Simple

I don't get it. Why not keep everything above board, and simply, pay one price to the title company for closing the deal. It sounds to me like the simplest thing to do. I don't like the secrecy aspect of the deal. If you make an offer to sell, and the party you are making the offer to...accepts, then, it is what it is. Get something in writing and its a done deal. If the buyer sees at closing that you made a profit and that you are selling the property to someone else for a profit, so what. The buyer had the time to consider what you offered him; not what your intentions are afterwards. When you start using terms/phrases like "get away with" and "con", you have made things too complicated. Remember the K.I.S.S. (Keep It Simple Stupid) Rule.


Hi everyone

I'm with you! I need help!!!!! I think i have tried to get a loan But no luck. I found this house i have to have but no down payment The bank thinks thats funny.So i asked for a loan with no down payment. Not going so well.So then i thought maybe they will do a lease option But who do i ask Help1111


Nice

Love the Quote, I have never seen that one. I like your style. I know this is an old post but if your still around I have a question about earnest Money. I am sure I get the rest but I have a meet with a potential seller this week end. I feel confident with most of this but, how do I get past the earnest Money??? I am not 100% sure. any help would help. thanks.


Six figures from wholesaling ???

Is there anybody on here that makes six figures from wholesaling annually? I am really curious if it can be done. I wholesaled 4 deals last year and 1 probate wholesale deal this year and want to amp it up to at least 4 deals per month.

Anybody have any ideas ?????

If anyone has any great tips that will help I will tell you how I find cash buyers in todays market super easy!!! You will be amazed when I tell you and wonder how you did not think of it. Its easier than hanging bandit signs, ghost ads in papers and online ads, and easier than networking with with potential investors at REI meetings.

Nothing against REI meetings, but my local meeting is just a bunch of older people that have made there money already and are not actively investing.

Thanks in advance for anybody that can help me!!

__________________

You Can Have and Be Anything you Want!!
Jason Bly (The RE_Situation)

Visit Me at http://www.facebook.com/JasonBly23
Blog- http://wholesalesuperstar.blogspot.com/
Push Button Yellow Letter Software- http://www.yellowlettergenerator.com
My how to take Discount Vacations Blog- http://www.advisorytravel.net


Wholesaling, lmblydenburgh

Finding buyers is very easy when you offer a true whole sale deal. At least 65%
of ARV after repairs! What you want to know (I think) is where to find those deals. We use all of the marketing strategies you mentioned to find buyers, we just direct them at sellers Plus calling and door knocking FSBOs, rentals pre-foreclosures,REO listing agents, short sales. on market over 90 days etc, etc!
Did you ask those old people at the meetings how they got where they are. This business is all about networking. Its a people business!
$100,000 Wholesaling?? EASY!! With gorilla marketing!!(not easy) If you do 4 a month you only have to make $2,100 per deal. Should be $5,000 each easy. $240,000!!

Hope that helps some!
Michael Mangham
MD Home Acquisitions LLC

__________________

Knowledge is power, but execution trumps knowledge. Tony Robbins

http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site


assingments

just getting started read dean book your town your real estate profits got laid off from my job my wife hasnt worked for 3 years.i want to do assingments for now because i need to make something happen asap.i dont have money my credit is okay and this looks like a way to do it.need all the help and advice that i can get.i live in rialto ca. is there anyone in this area that is using dan system i would like to hear from you a your successes and would greatly appriate any advice on how to get started


New at this.. need a bit of help..

Hello, I just finished Deans book, Your Town, Your Real Estate Profits, and from this book I have created a plan but I still need help. I have NO money to buy houses, and bad credit so instead, I want to connect buyers and sellers, basically be the "middle man", and make money doing this. The way I plan to do this is:

• By first creating a buyers list
• Then calling small banks, gaining REO list
• Matching these listing to my buyer’s specific needs.

So, I have the action plan, I just need help executing. How do I get the finder’s fee? What's the legal aspect of all this, or do I just need some kind of contact, if so, where can I get it from? Is this even a good idea? Please help if you can! I'm desperate for a new start in life and ready to jump in feet first!

Thanks!

__________________

Regards,
Faith M. Steward


Michael with MD home Aquisitions

Thanks for the reply back.

So here is a fairly new technique I been using to finding actual cash buyers in todays market in my area and it works great.

1- Contact a realtor and have them send you the current pending and sold properties off the MLS. The REO's that is. I look for properties that sold for $40k or less here in Ohio. Your area might be different.

2- Once you got the addresses of the properties that sold. Go to property tax site and see whom bought them. Usually it will tell you whom purchased them and will have there mailing address for tax purposes of course.

3- Then just send them a letter saying you are the biggest wholesaler in town with your contact information, and that you would like to put them on your VIP list for properties and that they should call you right away.

4- Then just wait for the phone calls and add them to your list. Of course ask for what they are looking for and all the other common questions. This way you can go out and find these properties.

Simple, Easy, Never have to leave the house.

__________________

You Can Have and Be Anything you Want!!
Jason Bly (The RE_Situation)

Visit Me at http://www.facebook.com/JasonBly23
Blog- http://wholesalesuperstar.blogspot.com/
Push Button Yellow Letter Software- http://www.yellowlettergenerator.com
My how to take Discount Vacations Blog- http://www.advisorytravel.net


This Was A Really Good Thread

Thanks everybody who rallied at this discussion! Very helpful, and a good way to spend my 3:45 AM insomnia time!


hwo do I get and property

hwo do I get and property under contract? and then get a contract to buyer? then charge my fee or make my profit. Can someone pleae give me a step by step detail plan on how to do so?thanks I will greatly appreciate it


contract

Is the purchase contract that is available on this site good for assigning or locking in a property?


Real Estate Dealers

I am being told that getting a home under an lease purchase and putting in a assignment clause is illegal now, this was said by a real estate that I just talked to who declined to work with me. I also interviewed another real estate dealer and it was a go, then she was told by her mortage broker not to work with me.
I am in North Carolina and I've called the NC real estate commision and left a message but have not got an answer yet.
Is it always this hard to get a real estate dealer to work with investors?
Does anyone have any advice?


Im stuck!

But wouldnt you have to pay for both closing out of pocket?


Mr metoo!

I alsoam having problems finding investors. Ive been on my game for the sellers just stuck in a rut finding the capital to get me on my way


Open Invitation To Everyone Doing Assignments ...

Hi Everyone !

Consider Assigning Probate Properties !!!

The sellers are extremely motivated (the longer it takes them to liquidate the estate, the more they are losing in attorney fees.)

You can reach the Personal Representatives of the Estates before they sign up with a REALTOR in many cases. (*** Note *** Dean has a "Probate Finder" system.)

There is little competition, because folks often avoid probates like the plague.

As a bird dog initially ... my goal is to be a "walking encyclopedia" in the area of probates. I will be the middle person who alleviates the stress for investors who want these great deals without having to do all of the 'probate research and homework' themselves.

Yesterday, I started a PROBATE PROFITS forum.
Here is an open invitation to come join the conversations there, if interested !

You can find the forum in the category of "Everything Else".

Let's talk about it all ...


Question About Assigning Properties

I responded to a buyer on the craigslist. The buyer has a number of properties that I found the spread between the asking price and the ARV incredible. I am interested in those properties. My concern or challenge is that the buyer has the property in a number of website, free classified ad sites that I usually visit.
My intention is to assign the properties, if I am able to get contract signed. Right now, I don't have a buyer in mind. My intention would be to find buyers, via the medium mentioned above, and others.
I have corresponded, via email, with the seller (I suspect he/she is a wholesaler too). There are indication that there is mutual interest on both sides. I have not made a formal offer. Even if I accepted his asking price as it is, there is not enough meat (gap) in the asking/ARV price to warrant a very profitable re-assignment.

My question to the forum is: How should I approach this?


double closings

i believe double closings are illegal in florida, i was told by a mortgage broker that it was. do you have any info on the subject?????????????


Leverage

This biggest missing element from the initial question is a pool of end buyers. Everything you say is true, except typically you're not advertising the fact that you're assigning the deal to someone else. If the buyer questions the Assignment clause, simply let them know that either you or one of your buyers will be purchasing the property. In most cases the seller doesn't care who buys their home as long as it is still the agreed upon price and time frame. If they seller does question the clause, let them know that you can get the property purchased, but if they have another buyer in addition to you or they want to wait to see if they can sell the home for more, then you really don't have a highly motivated seller in the first place.

Good Luck!

__________________

If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125


Found a Realtor

I'm in the Las Vegas area.I discussed my intentions w/a realtor who is also a Broker and salesperson.He claims to be very motivated not afraid of hard work.I have made my intentions very clear on starting out w/doing assigments,also told him I'd like to do the 25:1 formula that Matt Larson uses.This was his reply<<>>>>>.So I'm thinking going w/hard money lenders instead,but wondering how difficult it would be to quickly refiance to get them payed back.Also if doing assigments,does the realtor present that in the offer from the start?Any comment would be welcomed....thanks

__________________

I really enjoy reading all ...Very nice and helpful people.I wish and hope much success for everyone..