I am about to quit before I get started

I think that's why Dean and Matt Larson recommended doing Contract Assigning with For Sale By Owner's. Matt Larson says that it isn't IMPOSSIBLE to assign a Bank-Owned home, he just said that it's a bit difficult. With that said, it can still be done. Your friend is really in no position to give you legal advice since he's not an attorney. It's still worth trying. Plus, Dean gave you a great way of finding FSBO homes.

Don't give up. You can do one or two deals and make more money in those 2 deals, than what you would on your job in a year.

I agreed with Platinum and just dont let that mortgage broker scare you. You just have to find the right people to be part of your team and things will fall into place sooner or later. Good luck !!

Warm regard,

Paul T. La Moy

You can do this. I also think it is much eaiser assigning a FSBO, but it all can be done. Don't let your friend shatter your dreams or discourage you. Get out there and start looking for a property you want to assign. YOU CAN DO IT!

Jeremy

One more thing.
Eliminate the word "can't" from your vocabulary.

Ok here is my issue. If the realtors, the title companies,mortgage brokers and the lawyers are not understanding any of these strategies, how am I going to get anything going? I was so optimistic about doing this but there are so many things left out in the book. I've made movements to get started but wow this isn't easy by no means. I mean who is actually paying us when we do the IEE contracts especially when title companies haven't heard of this?

Again, like Matt Larson said...title companies are gonna tell you that it's illegal because they're in no position to handle the legal work. Believe it or not, contract assigning is nothing new. From my understanding, it's a lot easier to assign it to a person that has their own money, rather than to someone who needs a loan. I spoke to a guy a couple of weeks ago who had someone assign a contract to him, and he paid the guy $15,000. So trust me, it's possible.

yeah but the IEE contracts are the most common since most people don't have cash. I mean hell I have a buyer right now who is approved but I don't know what steps to do right now because it sounds like title companies aren't into this. So what am i to do? Should I call around and speak to real estate attorneys and find out who is willing to help me. Since Florida is handled by title companies who should I try to do my deal through? Or should I call the title companies and ask them?

You need to call around to title companies and ask who deals with assignments and assignment fees. Then when you find the one that does deal with them ask them what contracts you need to use and how you need to go about it. They should help you out!

I have posted several times in an attempt to build a Buyer's list as I am finding properties all over the place! I do not want to enter contracts , strictly doing assigns right now, without having Buyers lined up. All I am getting from craigslist is a pile of spammers. The local investor groups are poo-pooing these strategies, although I used to work in the title biz and saw TONS of assignments done and they made young people very wealthy! Do I need to go throught a mortgage broker instead to find legit Buyers?

Get yourself a Real estate attorney to handle your closings for you! They bank can't take your profit from you! whether you're doing a IEE or assignment of contract. They and you agreed upon a price for instance $100K in the contract. So they can't go back and say hey yeah we're entitled to that $10k (you're profit) too. If that were the case; regular sellers everywhere, around the U.S., would be doing the same thing asking for their equity back from buyers. Buyers wouldn't bother buying real estate because they wouldn't have anything to invest in that would build their investments. Do you understand what I'm saying. So don't listen too your Mortgage Broker friend; what he is saying doesn't make any sense!

I've probably done my first contract wrong and I've already put $1,000 into the deal. I've got a $75,000 contract on a doublewide with one acre of land. I was hoping to live in the doublewide and sell off or rent mobile homes on the remaining 2 lots in the acre. The problem is: my investor, who is a rich friend, backed out at the last minute and I can't go conventional or they would require it all go under one legal description which would prevent me from developing the remaining two lots. I don't want to walk away without kicking and screaming. Like Dean says, you've got to network. You've got to get out there and find people like Investors, Title Companies, Real Estate Attorneys and Realtors that will share your vision and be a part of your team. Even if this falls through for me and I lose my investment, I'm not giving up even though I don't have any more funds. Keep the faith !

Great-Day,
This is free of charge.
(1) Cash is King
(2) And team will go along WAY
If anybody gets an Pre-Approved buyer...That is still Equity,If you cannot handle it,Then shop it around.
But then again...Read steps one and two of this reply!

My sister is a morgage broker and she is also licensed to sell investments. She loves me and she believes she is protecting me when she tells me this won't work. She only sees things in black in white (she is the banks agent). We are realestate investors our job is to see what others can't and close the deal.

Call or use link from this site for a local realestate investment club. On their website I bet they will have investor friendly businessess; Attorneys, contractors, and title companies.

If this friend has such an influence on you maybe this should be a subject you two don't talk about.

Good luck!

I have given up before. I failed, the techniques did not fail, I have found my biggest obstacle is getting ANY offer accepted before the WHALES are all over it. There are established investors contacted by realtors and brokers before we, the beginners get a chance to see a listing. Thats where the techniques of subject to, and rent to own, carried finance come into the game. I will tell you I have not closed a deal but I talk everyday to anyone willing to discuss real estate. It could be tomarrow, next month or next year but I will cross paths with the people that collectively bring a deal together. That is what it is about. 1 person can not make a deal, we have to to dance to the music played by banks, title companies, and yes, Uncle Sam. I am tired of dancing but I will keep going, I will be part of the distribution of wealth on the recieving of it. Keep trying and dont let the profit of closing a deal be the only thing of value in real estate investing.

finding a preapproved buying is the best thing you could have done. now you want as much info on what he wants, where he wants it, and how much he is approved for. does he want a condo,villa,or SFH ?? 3/2, 4/2, 2/1 ?? now contact agents and ask them to send you listings in that area in that price range. once you find some prospects, start viewing and negotiating. trying to get the price down so you can add your fee to the price. For REO`s, you will either add their name a couple of days later, or double close. and there are posts on here with names of companies that do doubles, and titles companies too. I understand your fustration, but I live in palm bch county, and I know there are title companies that do assigns. There are so many wholesalers assigning now that it is hard for us lil guys.

we just started 3 weeks ago i have a great team in place only thing missing is a mortgage company willing to work with us.
i have been on the phone the last two days calling local community banks as dean suggested. 3 of the 10 banks talked about assignment, but im looking to hold and rent. we have enough to buy 3 properties with 20% down then well have to wait for more down payment money. that will take 4-6 months so i have been asking them if i can get the properties for 40 to 50% of the market value will you finance for 70& 14 said no i asked will you refinance for 70% if i fix them up still no. so on the 15th call i got more creative and said if i buy 3 properties though your bank with 20% down in 4 to 6 months show you im renting them with positive cash flow would you then consider giving me 70% of the true or appraised value and he said that could be a possible
to me that is good progress. you have to start some where and you have to take action and we are.doing the same old thing will get the same results and we dont wont that right? i know we dont!!!!!!!!!!
just dont ever give up. bob and sandy never will, we will be successful
like dean says excuse or challenge and we will always find the way to win both best of luck bob & sandy (topaz solutions inc.)

th

Your broker friend's intention is likely to help, but he doesn't know what he is talking about. When it comes to all things investment it seems like everyone has an opinion and often it isn't a qualified one. If he doesn't understand it, why do you think his opinion has any merit? Dig into the book and the forum and by the end of the week it will be perfectly clear how you make money, where and why.

Thinking a mortgage broker should know real estate investing is akin to thinking a chiropractor should know open heart surgery. In fact, the overwhelming majority of realtors don't understand REI either... Hence, people who take the time find the angle/edge can take advantage of an opportunity that exists - yet doesn't have a big flashing sign saying "money to made here!"

I encourage you to take a couple days to read the book and explore the forums, search when you have questions, it is all here. There is a lot to absorb, but the core formula to it all is very simple, it works, and people are doing it.

Hi DG, thanks for all you do for us. I have learned alot since I've been on here. Check out my post on Caribbean Cruise and see what you think about that someday soon. Hope to meet you and the others.

Brian

i would think that the bank does not have any right telling you what you can sell your contract for in any deal with regard to what your broker told you. Those are legally binding contracts, get an attorney to help you with it. If the bank does not allow assignments, try for a FSBO where there is substantial amount of equity and the seller is very motivated for one reason or another. As always, network with other real estate investing professionals, and know the law of your state before entering into any transaction. You can do it. I haven't done my first deal yet, I'm still learning the laws of my state and all the buying strategies and the contracts. But I know that preparation is key which narrows down my risk. Good luck and keep pushing. Don't quit.

DON'T QUIT !!!!

Like Dean said, go through his book again, go over the resources on this site and the blogs. There will be setbacks but keep your eyes on the prize! Good Luck!

We are new to this also and have not closed on a deal yet. Like you we run into real estate agents not understanding assignments. Yesterday when my husband went to get our occupational license he was told that assignments are illegal in FL. She gave us a number in Tallahasse to call and they said this is perfectly legal. Before we started we discussed this with our real estate attorney and found that assignments are popular in FL. He is very familiar with assignments so he's another guiding hand on our team. So we're going to use him for closings. It takes time, patience and the ability to explain in the right way so people understand what we are doing.

Don't let people who don't understand stop you from accomplishing your goals and pursuing your dream. They don't know any better just like the recording
company official who told Elvis that he won't amount to anything.

Eric, We are on the Treasure Coast of FL - where are you?

No... you need to hit Craigslist with the right ads. You need to hit Kiiji and Backpage, FSBO sites...

In so many areas CL is saturated with bunk posts, spammers and reposts it is difficult as a buyer to use it as effectively as they could. CL is valuable, no doubt, but some areas it is just too much in no structural format. Put yourself in the buyers shoes. If you wanted to find a great deal, what do you do?

Yes, people go to MLS sites (homes.com), but take that out of the equation. Search google for what they would search for. Get your listings on those sites.

Think about buying Adwords that are limited to a 25 mile radius of your target zipcode. You can get them CHEAP if you pick the right words and have a good ad and site to target them to.

Best of all, advertise in the real world... flyers, bandit signs, paper cars, network/word of mouth. It sounds like hard work compared to clicking a mouse, but it can pay off. Sometimes you have to have a ground game to really push the envelope.

When you get a good deal, you can afford to give a cut. Tell realtors about your deal. Pitch it, since most want a buyer to get them their 3%, tell them about how it is quick sale for a pesky buyer who is lowballing everything they find. The realtor can send you their buyers who are looking for your type of deal buy can't find it on the listed houses.

Use your imagination... there are countless ways to get buyers, and when you have a great deal, it is just a matter of getting it in front of their eyes (or ears).

See how much disinformation is out there? People tend to dump on what they don't understand. But also notice you came here, and you are getting answers instead of people telling you "no" because they don't have the answer or they are simply skeptical.

You mentioned something like Florida is ran by title companies? Is it a law or something property has to transact through them, like they have the right to invalidate or keep a buyer and seller from doing a real estate deal? That sounds strange... look it doesn't matter if a random title person says they don't understand what you are saying, or a random realtor or broker. Not to mention, since you said yourself you don't understand it fully you might not be in a position to explain it properly, and authoritatively so they just dismiss it.

Next time you talk to different industry people, tell them you've done it 100 times before and they'll change their tune I'm sure. When you come in unsure and without confidence it is quite easy for them to talk authoritatively on a subject they have no clue about and shoot holes in your ideas.

I too lost hope on craigslist, but I kept posting and I received two serious leads wihtin the first month. You are right there were a lot of spams, but to catch the big fish you keep casting. Build your team first with those who can contribute to your cause. Advertise both Buyers and Sellers, I have had better success putting a property under contract first than advertising Owner Finance to find a buyer, there are many more of those than sellers. Most end buyers want to see your properties. After you sell keep the post to draw potential buyers and then locate properties to fill their needs.

I have had great success with Craigs list but every area is different. If that is not working take out an ad in one of the Penny papers in your area.

My advice to you is to go back to Dean's book, reread it, do everything step by step. Like they say, 'knowledge is power' Everybody is going through the same thing you are. People are saying 'this can't be done, that can't be done' when the truth is they just DON'T KNOW! Imagine how great you would feel if you were armed with the CORRECT information and knowledge and could tell these people that THEY ARE MISTAKEN, and THIS IS LEGAL and it CAN BE DONE...and then better yet, you go out and DO some deals and make some money! I love it when people tell me I can't do it, and I'm wasting my time & money...it just fuels my fire and it's going to make my success that much more rewarding!

The first thing you need to do is become a problem solver. REI isn't an easy business, it's constantly changing, the rules are always changing and if you don't find ways around them you will never make it. Second is you have to start believing you can do it, if you're going to quit every time you have an obstacle in your way, you won't make it. Third keep learning, knowledge is POWER! You don't need banks, lawyers or agents to do a deal, how do I know? Because I did an assignment without ANY of those and I made $25K. I used a title company, my own contracts (similar to Dean's) addendums and that was it. I didn't need credit, money OR any one of those professionals you mentioned to get it done. Did I make mistakes? You bet! So if I can do it anyone can!
Talk to other investors in Florida that are doing it, not people who have no clue. I know of several investors in Tampa that do this all the time, so it can be done, maybe just not how you're trying to do it. Ask them what title companies they use, etc. Use your competition to gain the knowledge you need so you can get to the next level.

God bless,