Investing in RI

Investing in RI

Hi guys,

I'm just getting started and love seeing all the motivational testimonials from everyone and all their successes, but I couldn't help noticing none are from students in RI. I know we're a small state, but is anyone out there using Dean's techniques in RI??




Welcome to the DG family. Actually there is at least one (1) active investor using Dean's techniques in the little Rhody state; he posts on here with some regularity and he just had a post since the beginning of the month talking about his latest deal. I will search for it and then shoot you a PM if I can come across his name again (which escapes me atm).

Good luck (and no, my cottage on Narragansett Bay is not For Sale!!).


P.S. I think his name is Louie__ (something); I just cannot think of nor find his post....but I know I read it as I am keenly interested owning a beach cottage in the Little Rhody...... Eye-wink


ITS CHRIS BRINDAMOUR - barrington, r i


How One Family is Redirecting their Financial Future With Self Directe... here is the link to deans video site

Assignment of Real Estate Purchase Contract

Good day to all,

I'm a brand new member of the "DG family". I just received my 30 Days to Real Estate Cash book a few days ago & read it last night, when I got in from work at midnight. Then I decided that I'd wholesale properties through assignment of contract.

This morning, per Graziosi's instruction (book), I contacted an investment real estate agent, basically to determine the agent's "mindset". In so doing, I asked in what areas cash investors are investing or making their monies (to determine "hot" areas/zip codes). I let the agent know what I'm looking for.....single family homes, in those "hot" areas, meeting the listing criteria of "as-is, vacant & having had a price reduction", 3 Br/2 Ba(preferably) and that I'd like to buy, fix up & flip (sell) the house. I had intentionally NOT mentioned my exit strategy (assignment of contract to an investor) to the agent, whereby I was blind-sighted with a request for "proof of funds" (since she had earlier asked if the purchase would be financed or a cash deal.....and, of course, I'd told her that it would be a cash deal).

So, of course I can't provide "proof of funds", since I'm just trying to fill my investor's & buyer's "buckets" at this point..... then create a great match. I also realize that I can simply "move on to another agent"....but, having been SO ill prepared for that request, you can image my hesitation in doing so without council/advise.......fearing the same issue may arise.

So, at this point, I have two questions for anyone who'd be so kind as to accurately answer:

Question #1. Is it "safe" (or advisable) for me to divulge my exit
strategy (assignment of contract to a cash investor) to
a prospective real estate agent, who's actually eager to
assist me with listings that meet my buying criteria? Or
would I be, in ANY way, shooting myself in the foot? I
realize that my EXIT strategy should be of NO consequence
to the agent, but "proof of funds" for a cash deal seemed
to precipitate the subject.

Question # 2. I'm new to the Texas area, more specifically Houston.
I realize that assignments of contract are fine in most
states. However, to anyone who either lives in Houston
and knows from experience or simply has knowledge of......
are "assignments of contract" for real estate purchases
allowable in Houston,TX?

Thanking you in advance for your kindness & generousity of time.......any feedback is much appreciated.

New to Houston


Welcome to the DG family. I am just curious, why did you post your question here in a RI forum thread??

I will try to answer your questions for you here, only because this is where you posted them:

#1) I would not encourage you to divulge your exit strategy to the RE Agent. Quite frankly, it is none of their business. Regarding Proof of Funds, advise them that your money partner will provide the necessary Proof of Funds on an as needed basis (i.e. when you have a property under contract). Let the RE Agt know that you are not in the habit of faxing your bank statement around to unknown parties which isn't safe anyway, considering all of the identity theft occurring.

#2) Yes, RE Contracts ARE ABSOLUTELY assignable in Texas, unless specified otherwise in the contract.

Lauren, I would suggest you look up the RICH Club in Houston ( as they have many Hard Money Lenders as Business Members and it is a great place to network with other like minded people. There is also the MAPP Club and the Wealth Club Houston) for REI networking. The first group meets inside the loop just off of Washington; the Mapp Club is on the NW side of Houston on 1960; and the Wealth Club Houston meets on the Westside near Beltway 8 & Harwin.

Any of the local Houston Hard Money Lenders will give you a Proof of Funds letter on a per property basis (another reason why you cannot give the RE Agt a blanket proof of funds). They all ask for it, it is how they weed us RE Investors out!

Good luck.

If it is to be, it is up to me! -unk

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