First Assignment-DG Assignor to DG Assignee!

can anyone tell me how to upload a picture? I want to put a picture of the house up!

D told me how before. It's in my journal. I'll copy the instructions for you here. Also, I got the video on now! Check it out.

Got it - I would have NEVER figured that out!
http://www.deangraziosi.com/ufiles/wisconsinhouse.jpg

You go girl. . .I easily remember how discouraged you were a few weeks ago. .now look at you. . .contaigious, huh?.. I read in Dean's new book that the joy of sharing and telling what you've done is equal to that of having actually done it. it is the true. . . .stilling looking crosstown and finding killer deals.

I just posted the assignment contract in your journal. Do yout think we should just move the whole thing to this thread??

Rina

Great idea - everything is moved now

You remember correctly my friend how down is was not too long ago. But that just proves to myself even more to never ever give up - its only with continuing to believe in your dreams and take action that anything can happen!

I'm as excited as YOU are!!!! And yes, I think we've got everything covered as far as who's doing what and the numbers and all that. I'll let you fill those in if you want. I just wanted to say that, as we speak, Laura is pursuing some awesome stuff in NJ, too, So I'm thankful that she is jumping in long-distance at the same time! This will be a learning experience for both of us, for sure! So far, the REI victories in this have been: Locking up a great deal (of course), GETTING a contract accepted in this area with the and/or assignees, FINDING an RE attorney and a title company willing to do this even though they haven't before (nobody here had done it before and my regular title company said it COULDN'T be done), and HAVING such an awesome DG sister to share the experience with!

Should we post the actual purchase agreement (24 pages long. LOTS of counters and twists!)and copy of the assignment contract?

Rina

Rina - I think if the site will upload that much info it will be an amazing learning tool for all - the work you have put into locking up this house is incredible under the circumstances of frozen pipes, etc.!

I'll post it in a little while. gotta find some white-out for the sellers info.

Well, I am still trying to figure out how to get the purchase agreement in here without having to scan each of the 24 pages over again, but here is the assignment contract my RE attorney drew up for the deal between us, Laura. (I sent him the one from the DG site and he just tweaked it for us. I've whited out all the specific info except my name) We'll see what your attorney says today.

http://www.deangraziosi.com/ufiles/assignment%20contract%20with%20white-...

Rina

P.S. Thanks everyone for the encouragement. You'll be watching us make our moves (hopefully without any glitches!) in real-time now. So bear with us.

What a learning experience this is! First, we had the and/or assigns drawn up in my LLC name, which is registered here in NJ. It was brought to my attention that it will probably have to be registered in Wisconsin. So I have my accountant/advisor checking into that. Also, my NJ real estate attorney told me he cant represent me for a deal out of state, and even if he could - he had never done an assignment before and actually seemed a bit puzzled by it! So, I contacted Rina's attorneys office, and spoke with one of the associates. She called me back today, and is happy to represent me as long as we both sign a conflict waiver release, which she is drawing up and will fax to us. So I now have a Wisconsin attorney She is also checking into the LLC question. With both being in the same office the sharing of documents and communication should go very smoothly. I am anxiously awaiting the day (maybe tomorrow) that Rina can get back in the house and see how the work has progressed! The completion of the contract is hinging on the satisfactory repair of the damage caused by a broken pipe while Rina was in negotiation and the house had not yet been winterized. I will have 7 days for inspection once the work is complete. (Rina-we havent covered that-do you have a good inspector I can call?) Amazingly - for those of you who didnt read about it in Rinas journal, the repairs are being completed and paid for by the sellers insurance company. So I am essentially purchasing a home with most of the rehab done! With Rinas help I have a list of every contact I need to be ready to close - homeowners insurance company, attorney, & management company. Once the assignment form is complete - I will be able to work directly with Rinas real estate agent to complete the deal. This is all just so exciting! But I must admit that while the pictures are great, its torture not to physically be able to be there!
Guess that enough update for today....

Inspector. Yep, i have one of the best in the area ready to go. Actually he was scheduled to do the inspection just a short time before we were supposed to close in February. A few days before, the listing agent went to the house and found that the pilot had gone out on the gas boiler, and the temps had been below zero. Therefore the pipes upstairs had frozen and burst. Water was gushing through the house and did that tremendous amount of damage. The whole downstairs has been gutted and is being re-done. And the whole heating system upstairs is being replaced. Also the upstairs bathroom. I even got a call one day asking if I wanted the hardwood floors re-finished or new carpet downstairs. I figured you can always add carpet, so I said refinish the original hardwood. (Hope that worked out for what you would have said Laura. )
So we're kind of in limbo.
This is very exciting learning all the new stuff together! We're working with a new RE attorney (not new to RE law, but new to me) and title company that I had found just prior to connecting with Laura on this deal. I had asked him a whole bunch of questions about what they were willing to do and how it would work. Little did he know he'd get to practice it within two weeks of my inquiry. LOL. They have been awesome so far. It's a good thing Gail, my (our) agent had already been with me through working with my other out-of-town investor. She about had a cow when I first did that. Thought it was a scam! Well, at least she's there to go to bat for me and Laura, knowing that I'm crazy enough to try anything and determined enough to make it work. Laura, you are the same way, so watch out world! haha!

This is SOOOO fun!

Rina

P.S. Wish you were here too, sis. But I will be your fly on the wall. With my little flip-cam. lol

Definitely a good post ladies.I am happy Laura's spirits have been lifted. I too remember her feeling disappointed and frustrated period. Rina is a gem as I said in another post.Glad you two got together to make something happen.Moving forward is key. You ladies represent that and action. Keep postin to keep us updated. I am just as excited as if it were my project. So need my daily dose. Bye ladies.....
Kingjuss,

Todays Progress:
1.I emailed my attorney (since I call too much haha) to inquire(nudge her along) as to the status of her sending me a fax with an engagement letter (which I already expected to have), and then her review of the purchase agreement and assignment form. I stressed that once these are done and signed the contract is then mine and I can move forward with alot more ease in dealing with all aspects of inpsection, insurance, closing, etc.
2. My accountant informed me I can sign under my NJ LLC name, as it is just a few papers that need to be filed in Wisconsin to register it there - no big deal.
3. Received more info from Rina (and hopefully, for your sake Rina, the final pieces ) with names of management companies, inspectors and the title company. So once #1 above is complete -Rina is a free woman - and I then have the freedom of speaking directly to all these people to take care of business!
So my hope is that by the end of this week the assignment portion will be complete!! I also hope that some day I can do the same for someone else that Rina is doing for me!
To be continued......

Hello all:
I live in NY, have been investing in PA. I would like to start researching other areas where I can invest. My whole philosophy on investments in PA was driving there for 2 hours every time there is a problem. However, I have a family now and 2 small kids (2 and 1, yes my wife and I didn't waste any time ) And would like to get any inside info you might have on any other market where I can invest and flip or rent without actually hauling my butt over there.

Think that's possible?

Yuri
NEW YORK

I think you might be better off putting your post in a different area. If you look on the left of the screen there is an REI Club/Groups section. If you make contact with people in areas you may be interested that would be my best suggestion. Either that - or just start a whole new thread in the forums area. I feel your question will be lost here.
Curious though - where in Pa are your investments. I looked around the stroudsburg area for awhile, but being unfamiliar with it decided I wasnt comfortable enough to invest there.

Thank you for the reply. As you can tell I am a newbie Still trying to get a hang of this site. I have invested n Stroudsburg. I would love to stay in the same area and have a lot of connections there, there are alot of great areas there to invest. If you need more info, let me know, I will be happy to help.

Yuri

Do you use a mangement company? That is what I plan on doing with my investment in Wisconsin. I am just investigating what they cost and what you get for your money right now as a matter of fact! Sure wont be popping out there from Jersey Thanks for your generosity of sharing Pa info. I would love to make contact with your Pa. connection - do you have a good realtor to find your properties? The markets pretty tough here on the Jersey shore - that is why I'm looking elsewhere myself.

In the words of one of my favorite musicians:
"The waaaaaaiting is the hardest part"!
Waiting to hear from attorney
Waiting to hear from management companies
Waiting to hear from insurance company
Waiting to hear about progress on rehab
Waiting to hear replies on several current offers here in Jersey........
and of course continuing the ever constant search for awesome deals!

I have been going from Brooklyn to Poconos almost every weekend lately. I renovated them all myself and rented them out and managed them myself. So to answer your question about management companies -- I wouldn't know. I have a good team that repairs the properties (I found over the years that it is better to hire someone rather then do it yourself. Sure it costs a little more but you save on the time side). I changed many realtors over the years and none of them proved to be worth any recommendations.
I always looked and researched it myself. I have a good mortgage broker there and a title company. It helps that you do not need a lawyer to close the deal in PA like you do in NY and NJ.
If you have any other questions, let me know. You can always PM me if you'd like. Now that I am getting a hang of this site, I can use the lingo

Yuri

All of those things next to your name "deal maker", "medals and such, what do they mean?

Hi ladies!

Congratulations to you both...very exciting! Rina, I cannot open the link above for the assignment for some reason. It says that the file is not valid. What am I doing wrong? I am looking forward to seeing the contract too.

Niki

It was working before. I'll check on that. The assignment contract is basically the same thing that Dean has on the site, though. My attorney actually used the copy I sent him of Dean's to draw up the one between me and Laura.

And thank you Niki and Kingjuss for the kind words and the encouragement. I'll be hoping that this goes very smooothly for all involved. It's nerve-racking when things take forever. I'm sure that is amplified when doing things long-distance. Hang in there, Laura!

Rina

I have a question for you ladies.

I have made contact with several people from this site who offered me to partner up to invest in the properties in their areas.
My question is how did you ladies do it? What kind of contract? What is the deal between you two? Profit sharing, finder's fee, etc...?
Thanks

Laura and I are doing this as an assignment of a deal I had locked up. I have assigned the deal to her, making her the buyer in the original agreement between me and the seller. Once we have the "assigment" contract signed by both of us and handed off to the title company, I am basically out of the picture. I will just get my fee at closing. Of course, I'll be a little more involved if Laura wants me to because she is so far away. (This is WI and she is in NJ). The people that I have done deals with on the site are people that I have gotten to "know" over many months and have total trust in (be it naive or not.). There are many other DG family that I feel this same way about and would love to do future deals with.

Laura, if you want to, we could post the numbers in this deal. Let me know what you think. (I did have an image of the assignment contract put in earlier in the thread, but now it is not working).

Hope that helps with your question, Yuri. btw, welcome to the DG family. It's nice to have you join us.

Rina

So basically, you are purchasing the property and "selling" it to Laura, right?

Thanks for the welcome. I have so much to learn!!!

Actually not selling the property, just the contract. This is one of the things I've been trying all year to experience: an "assignment of contract". I get it under contract with the seller using Lorina Krisak &/or assignees. And now when Laura and I have a separate "assignment" contract saying that I am "selling" her the rights to the purchase agreement, she just takes over and her name will be in all the closing paperwork instead of mine. I don't know if I'm explaining it well, but it is one of the techniques that Dean teaches (and that I've never heard of 'til last year).

Have you read about it yet in the books?

Rina

Still waiting for my copy

You'll love it! And you'll totally understand what I'm talking about after you read it.
Read up on it in these forums too. There's so much great info in here.

Rina