OfflineI get more questions from people about how I assign contracts than anything else. I decided to start this thread to answer questions that some of you may have. First of all lets tackle the hard parts about assigning contracts.
Q. Real Estate Agents won't let me put "and/or assigns" on my contract.
A. True. Sometimes the agent that has the property listed informs the seller not to accept the contract with and/or assigns. The solution is to move to another deal, focus on for sale by owner properties, or use "and/or financial partner" instead of "and/or assigns" which will accomplish the same thing without letting on you may assign the contract.
Q. People tell me that assigning contracts is illegal?
A. Do not argue with them. Simply contact an attorney that handles assigning contracts and then tell anyone who tells you it is illegal to contact that attorney. That will stop them in their tracks.
Q. Which properties do I go after to try and assign?
A. Any property that you can buy half price. If you can negotiate a property for half off the actual true value then you will make money! What's that you ask? You don't think buying a property at half price is possible? Really? How many offers have you put out there? If you have put out 100 offers and every single one of them have turned you down then put out 200. Or just quit and keep working the job you hate everyday. Don't argue-just get it done. I buy properties AT WILL for 50% off ASKING price.
Q. I don't have anyone to sell the property to after I get it locked up for 50% off?
A. Put up 25 bandit signs that say "House for Sale! Owner Desperate! Half Price! 555-5555". The house will sell in approximately 8 seconds! Yes really. Or have active CASH buyers ready to buy waiting for you. Thats what I do. I'm not going into how to get cash buyers because there is enough info already available on this site on how to do that.
Q. I don't have a proof of funds letter and the real estate agent says I have to have one before I put in offers?
A. If you don't have a proof of funds letter then go after for sale by owner properties. They aren't going to ask for a proof of funds letter. Tell them it is a cash offer.
Q. I live in an area where you can't buy properties at half price?
A. Bull.
Q. In my area all of the foreclosures get multiple offers the day the properties get listed, therefore creating too much competition to get a good deal?
A. Don't go after foreclosures when assigning contracts.
Q. In my area no one has enough equity to be able to buy a property at half price?
A. Bull.
I think that pretty much covers all of the hard questions about assigning contracts. As you can see I don't have any limiting beliefs on buying properties at half price. Just get it done. If you can assign a property that you locked up for a price that was only 20 percent less than true value then even better. Just remember that the cheaper you buy the property the easier it is to assign. The stronger the buyers list you have the easier it will be to assign properties. Don't be afraid. Don't be scared. Just get it done!
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
Matt, Thanks, I have been looking for another way to word "assignments"
Andrew S
Gotta respect that tough love! Great thread, thanks Matt.
mr. matt larson
thanks matt