For everyone out there that has a property locked up and is looking for a buyer

for the comment. Invisible friend. Your right , I will not continue with this until I have signed contracts. The seller lives about 150 miles from me, I think I'm going to take a drive this weekend...

Chris,

What about faxing it or scanning the offer and sending it as a PDF?

Vincent

is very old school. I will have to see him personally.He doesn't have access to fax etc.What's PDF ?

They are meaningless!! If its not in writing, it is not real! Get them under written contract asap!

As far as the rentals and no purchase money, have you thought about trying a sandwich lease/purchase or are they bank owned?

Good luck,
Michael Mangham
MD home Acquisitions LLc

Chris,

If he wants to do it in person, I guess it's a moot point, but PDF is the format that you use for Adobe Acrobat documents and such. it's easy to email and print out that way.

Vincent

for the info on Adobe Acrobat documents.I will check this out.Also will get the property under contract..

chrissteers......a MUST! Did I say MUST? If you don't want to be cut out of the DEAL get the contract signed as in "in writing." Verbal Contracts are "make-pretends"! Got it?

Wishing you TONS of Financial & Time FREEDOM!

Keep on keepin'-on!

SirJohn

Verbal contracts don't hold any equity, and they don't always stand up in court.Did you tell the seller you are an investor? Have them sign the purchase agreement for 22,000, that way you are locked up- lock it up with as little as 1$, anything over that they may want write into the contract as additioal earnest money to be paid by______ date, and put after that if additional earnest money is not received by said date this contract becomes null and void. You can put the date 30 days later or more depending on how many days you need. Mine is 45 days after the initial contract date. If your buyer has a loan (not cash) then you fill out an investor's disclosure statement and have them sign that.That shows your intentions as an investor. You may or may not decide to keep the property for yourself. Then when you have gotten your buyer, you have the seller sign the discharge of agreement to purchase statement. This disclosure also serves as an invoice. It clearly states how much you intend to make. In a more traditional assignment you won't be ripping up the contract but simply having it assigned to the other buyer. Basically your name is removed and that buyers is replaced with yours. If you were upfront with your seller and told the seller you may sell the equity to another buyer, then they are already going to expect this anyway. The most important thing is to have your purchase agreement signed before disclosing any information of the property, like it's whereabouts. That protects your equity. You can find this information on pages 151-159, including the process for cash buyers, which would be an assignment. Does your seller already know you plan to sell to another buyer?

the investor's disclosure in with 13,000. In Dean's book he says it's important to get the investor's disclosure statement and purchase agreement signed. That's why you should be transparent. That's why you always look for a motivated seller. They are desparate to sell.

what part of california? When I submit my offers for properties on the mls, I always use pdf. I heard back from one offer I put in. The bank said they won't counter on the offer I submitted but if I put in a higher offer they will. I said to the agent did they happen to say how much higher, and she replied back the bank just told me just submit your best offer and we will go from there. So now I will make my best offer. She also told me the house was worth 2.4 million when the builder had the property and I told her I know the property has been for sale since 2008.

if your buyer is all cash, I can tell you the assignment way as well. When dealing with an reo you will be better off doing back to back closing because the bank isn't going to let you get a steal on a property if they know someone else will pay more. That's why your proof of funds always have to state the purchase price. not your selling price.

thanks for the comment.I GOT IT' My end buyer will be back in 2 weeks.I'll have my contracts signed by then..

for 35000. I'm taking notes from this page. I think an assignment or a double closing may need to be done in my area.( Woodlake Ca) Central Ca. I had no idea I could get 13000 profit on this deal.I was upfront with my seller that I was going to sell to another investor. but I thought I would be getting a couple thousand dollars. I don't want my seller to think he made a mistake selling me the property for 22000.Its mid fmv is 90,700.I want to make sure I get my contracts signed.I'm getting the property at this price because the sister squatted on the property about a year ago, and she has to be evicted or bought off. So I have work cut out for me ,hopefully I'll put this together right so I will get the 13000 profit to me . Keep me posted on your deals.Hope you get them all..

i think the iee way works in all states without a problem, because everyone has all agreed on everything, but the cash "assignment" so many people seem to have problems with I think that's why the book says to use an rei attorney.
Now as for my properties, I haven't found a partner to keep them myself, but I go to one house tomarrow so I can get that on contract. I am thinking of getting a pml so I can keep it and rent it, but I have to have 10% down so I will have a renter, I think actually a tenant buyer, so I can get my down from their down! My sister said she could get the loan if she can qualify for it.
Property #2 I am trying to talk the seller into lease option, he asked if 800 a month was ok, which it is since i am gonna rent it out room by room anyway, so I can get 1600 or 2000 a month for it. Now
property#3 is supposed to be a short sale for 54k or 59k so I may pass that one to a friend. You have to hold those for 30 days before you can flip em.
property#4 is a 4plex I really want so I am going to ask the seller if he would like to lease option it to me. If not I'll try talking him into a good deal.

all of you keep posting.I am learning slow but sure..Thanks again.

as you are learning, that's all that matters

Hi,
Is anyone out there familiar with assignments in Georgia? Is assignment and a finding fee the same? I heard it was illegal in Georgia. I am just starting out and need some direction on what to do. Please help.

you will probably need to call a real estate atty in your area, That would be best..

because you are selling the piece of paper that says you have the right to buy. If it's through a title company you would use the iee method and if it's a cash investor you would use the assignment method, or you can do a back to back close, where you close with each on the same day, then everything gets recorded at the end of the day, and you receive your money. You can do those with transactional funding as well but it costs approx 2k

may be best or from what I'm learning using transactional funding.It sounds like your goin full blast on your properties.Maybe you could post an ad on DG and get a partner on the deals you need help with.

It's funny because my friend says he wants to put away enough money to pay his house payments for a year, and I am offering him to do just that but he isn't seeing it!

is what you get for finding properties for investors, but from what I have read and heard, finder's fees are illegal