Assignments

I am curious to hear the responses,sorry I couldn't help tho

There are many posts covering this topic. If you go to the front page on this site top left corner you will see a search box. Type in assignments and hit the enter key. It is a post that has been talked about for quite sometime and I am sure you will find your answers there...Jan

#1 is up to you,but all papers are in forms and docs
#2 the way i understand it the earnest money is due the same time as the expiration of the contract,so if you close you'll use new buyers money.if you don't close contract is null and void and no money is due.hope this helps.keep moving forward,rob

I appreciate the responses.

HI, I AM JUST WONDERING. IHAVE FOUND SEVERAL PROPERTIES THAT AFTER I DID MY HOMEWORK I FOUND OUT THAT THEY ARE PAID FOR IN FULL, BUTHERE IS NO NUMBER TO GET IN TOUCH WITH THE OWNER. HOW DO I FIND OUT THIS INFORMATION IF I WANT TO SEE IF THE OWNERS ARE INTERESTED IN SELLING. THE PROPERTIES ARE NOT BEING KEPT UP AT ALL. THANKS FOR THE HELP TIMITHY

One great place to look is the Tax Assessors Webpage or City/County Office. Find out who the owner is and what address the tax assessor is sending the bills to. Once you have a name and address you can send a letter. If you prefer to call, try using the white pages online as you have the name and city/state. You may luck out and they would have a listed number.

Good luck!

Hey Angelius, here's a way to submit a contract without earnest money. Two words...promissary note! A promissary note is a great way to do this and I can send you a copy of the one I have if you like. Send me a PM and let me know.

Well, just an update. Had an investor from out of state call me last week. Got an idea of what he was looking for except for price range. Found a house for him and sent him pics, comps, price, etc and advsied him of what I think I can negotiate him down to. Did not give him the address as I wanted that leverage so that I could speak to teh seller if the investor was interested and get the deal locked up.

Well, then he sent me an email asking for the state I was in, (I had told him that in our phone conversation) and wanted all the information on the house to include the address. Well, I did email him that info and now do not expect to hear back from him as he now has all he needs to get the deal done w/o me.

I really want to go to the Academy but just do not have any money. I have to take my mortage out of my savings this month and getting desparate. I did howver scrounge up the 30.00 for my business cards. Still hopeful all will work out.

Welcome to the DG family, Congratulations
I'm a newbie also. On your buss. cards you
can get 250 free from VISTA PRINT just pay
S&H. I live in Lake Stevens, I'll PM you
my phone number.

George41

I already ordered business cards but will keep that in mind. Thank you.

One thing about REI is that you're going to make mistakes, Lots of It, but try not to make the same mistake twice. Learn from every mistake you make. When you find a property make sure you "lock it up" first by contract before you give any info to your investor/buyer. Also, you can draw up a clause in your contract, your attorney can help you with this, stating that the seller cannot sell or negotiate with another investor/buyer within the time frame that's in the clause of the contract. That could be anywhere from 14 - 30 days. You would have to let the seller be aware of this clause within the contract. The only time they can negotiate or sell the property to another investor/buyer is when the contract becomes null, that's usually after the 30 days. It's being a little aggressive but you have to protect your profits. Hope this helps. Good Luck.

D'Angelo

what is the best wat to find investors for ass contracs?

There are an endless number of ways to find end buyers...

1. Find other investors via REI Clubs
2. Look for "I Buy Guys" on the Internet
3. Check out the Classifieds and Craigs list for people looking for homes.
4. Run Ghost Ads that offer that number of beds and baths and price point.
5. Touch base with Realtors that say they work with Investors - see if their investors would be interested and give a portion of the assignment to the broker.
6. Look for other land lords in the area - see if this property meets any of their criteria.

There a millions of threads on here about building a buyers list and that is really key to getting deals done!
Best of Luck!

How much would it cost for a RE Attorney to draw up the contracts for you? Especially the part where they put the clause in the contract about the seller not negotiating with another investor/buyer?

I do not know how much that would be but the RE atty I contacted charges 245.00/hr and would be willing to look at the existing contracts to see if they are ok in my state.

In Deans book Profit from real estate right now,the book say's simply fill in the amount of earnest money you decide on that will be paid in 14 or 30 days therefore no earnest money is due up front,you will have a grace period of 14 to 30 days to pay.Find your Buyer and get a deposit to cover the earnest money.

whurndon
H&H PROPERTY SOLUTIONS LLC

Hopefully that guy is honest and will at least give you a birddogging fee if he ends up with the property. I'd follow up with him, ask him how's he doing, does he like the property and want to pursue it. Remain cordial and professional. If he gives any indication he wants it, ask him if he wants you to lock it up and assign it to him or if he just wants to pay you a birddogging fee.

If he says he doesn't want it, or he's just going to get it on his own and doesn't need your help, well then, fine. You have the same information he has. And you have the advantage of being in the same town as the owner. Go talk with him and see if you can get it assigned over to you, then once you have it locked up find a different buyer to assign it to.

Thank you for your comment. I think I may just let this go because something just did not seem right to me with him. I can't put my finger on it. He was very vauge and ambiguous in answering my questions when I spoke to him and after asking me the same question two times as to where I was I get the impression that he is either not serious or is not listening to me.

I am still having some issue with the legal forms and such in my state. I am trying desparately to save money up for the academy. After reading several posts and speaking with one of the advisors, it appears that doing things like assignments could be ill advised without that additional training. This is due to the fact that I do not have any real estate experience. I would feel confident taking what I have learned from the books and getting either my own home or buying one for a rental but I already have a home and really do not want to do rentals. The laws here are pretty strict on the duties of the landlord and I just do not have the money or time to fix things as they come up in addition to my own home expenses.

I have a signed contract on a property, can I assign it to my son for a fee?
The fee will be used to make some repairs on the property.
Thanks.

Well, after several failed attempts to implement the stratgies in the book on my own, I have come to the conclusion that I really cannot do this without the academy. There are just too many legal hurtles and pitfalls I have found to exist that I cannot afford to fall into. I even tried the "creative thinking" with the person on the academy for the tuition and failed at that too. They would not accept my offer on how I would be able to pay for the tuition but I don't know why. Suffice it to say, I am a little discouraged. My savings are nearly gone and I cannot borrow the money from anyone. Credit cards are not an option and I have been unable to find any addional work to help pay for it. Had a garage sale and got a whole 120.00 which we had to use for groceries and gas. So, my hopes are that my husband will be able to get back into the workforce and perhaps then I will be able to pay for the academy so that I get get started on this venture as well.

Angelius- Hang in there. It seems you have a strong desire and drive to accomplish what you intend to do. My best wishes go out for you.