When an Assignment falls through, what next?

Congratulations on taking action and being an active part of the DG website community. We have not yet assigned any deals but we are in the process of putting our game plan together which includes building a buyer's list.

Our plan includes the following steps:

1. Build a buyer's list that is always a list that you will be updating and adding to. Buyers tastes may change and the appetitie for deals may change in local areas or what they want to pay, so always stay current with your buyers aspirations of what they want and what they want to pay.

2. Find the types of deals that will appeal to your buyers. Make sure there is enough of a profit margin to get you paid plus appeal to your buyer. the larger potential profit the better. Your buyers may get a great deal and always want more deals if you find them a great deal!

3. Lock up the potential deals and make sure you have some exit contingences in your contract to purchase if the deal or assignment does not work out.

4. Repeat steps 1, 2 and 3 (as often as possible)

I hope this helps. Good luck with Real Estate Investing and assigning deals. Believe and Achieve! - Joe

you got to get that Buyers list compile first before you go out locking up deals under contract that way you're not scrambling to find buyers to fit with the property.

Can you send me a copy of the actual contract that you present to the seller's with the exit clauses included?

As Joe said, get a buyer's list so you won't have to go searching for buyers, have them already, then start locking up deals and assigning, you must have exit clauses to protect yourself, don't put up any earnest money either, if you have to then try to make it $10 or something, don't put yourself in a position to lose money of something goes wrong. Keep on trying!

Jeremy

HI Mel,
Congratulations...at least you tried. Next time this is what I would recommend. Look for a buyer first. Apply the interview process we learned in the books. Asked him something to find out if he/she really interested to buy a house,capacity to pay, the type of house and after this ask him to have him/her pre-approved first. After that you're 50% done. Look for motivated buyers and I know they are a lot out there. Lock it up and always apply what we learned in the books doing assignment or flipping with no money of course. When the seller approves it there you go..its a sure money because you already have a ready buyer in the first place...right...this is just a summary of an strategy in doing assignment or flipping....dom

Hi Mel,
It's better to be a person who will attempt than not! The most successful people try. Under Deans suggestion. It would have a greater outcome if you put in place your buyers list first. But I would advise if there is a killer deal in site then by all means don't lose out on the opportunity to take advantage of it. Stay motivated as you are. On this road there are many learning curves. Many more successes........Lubertha

Like everyone else said, make sure you have a buyer's list before you get the contract. But congratulations on taking the leap!

Congratulations on taking action! You can't beat yourself up for trying. Do you know how many people analyze forever and never even take the steps that you did?? Like Lubertha said, "It's better to be a person who will attempt than not! The most successful people try".

I think everyone hit it right on the head about having buyers lined up. Also, you didn't say what the numbers were like in your deals, or how you marketed them. But if you can find some buyers and lock up some great deals, with your winning spirit and those combinations, you are headed toward huge success! So you go, girl, and think of the 2 that got away as training. You grow from every experience. Great job!!

Rina

I've been told that you need to make sure that your buyers are "qualified" buyers. So how do you make sure that your buyer is good for the money especially if they claim they are a cash buyer?

Working on my first deal...trying to cover all the basis.

Hey Mel,
Call around to all of the realestate agents and brokers that you can find in the book and ask them, if you can come up with a property at a 60-90% below fmv deal, would they be able to help you turn this property. Keep in mind that you do not want to tie yourself down to only one agent. Leave yourself an out incase one of the other agents, or even you yourself runs into the perfect buyer later....Hope it helps, good luck.

erh

Never stop trying, for there is no greater thing to fear, but fear itself. Remember what has been said before. no one can stop you, but you, without your permission

ask them to show you a proof of funds letter. Make them put their money where their mouth is!