OfflineI already listened to the recording about the I.E.E and I still have questions. I want to do the I.E.E process because I read about there are limitations with assigning contracts. i really dont know!! That info could be wrong! I also HEARD that this process doesn't involve "ASSIGNING" anything, so I don't need that in the contract. I being upfront. I'm trying to kick off my REI career, and I DO NOT WANT TO BUY A HOUSE OR GET STUCK WITH ONE! I KNOW I WANT TO SELL IT TO ANOTHER INVESTOR. But I think the I.E.E process would be an easier process and make sure you GET PAID! IM REALLY CONFUSED!! If I can get help with the following questions, that would be lovely, thanks in advance! As you can see I'm a newbie to the DG Fam.
1. I do need more insight on this method?
2. In the I.E.E contract...Do I still need the "buy and/or assign" after my name?
3. Do I need to inform the end buyer that I got the home from the owner "discounted"? Or just "act" as the original seller and just tell them my price(discounted price+my profit)?
4. If we agree, what process is better to close for this method(I.E.E)
A. Double closing
B. Ask endbuyer to pay me upfrnt
C. Wait to the closing(gather everyone up)
5. I should have an invoice to get paid, right? If so who signs it(original seller/end buyer?
Last question
6. Should I ask for a finder's fee still, even though I have already included my(profit) in the selling price?
IEE is very different than Assigning. When you are doing an IEE, first you find a property where the sellers is motivated to sell (of course). You want to look for a property that is fairly nice shape. I would suggest going after expired listings. You will meet with the home owner and ask them to give you 14 days to try and sell their home. You will have a contract with them saying they will pay 3,000 (?) if you get it sold in that amount of time and this is added on the price of the property. Then you run an ad in the paper for buyers that have less than perfect credit. You also contact a lender that will deal in C & D credit (FHA). You show the property a couple time, open house. Have anyone interested to write an offer and present them to the lender.Whoever can get credit gets the house.
You are bringing the seller, the buyer, and the lender all together. Hope this helps.
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