OfflineI ordered Dean's book about a yr ago and finished reading it that same week but didn't do anything with the knowledge that I earned. Fast forward to April of 2011, I read Be A Real Estate Millionaire and not only that, but actually take notes on the whole book this time and I feel just about confident to start making deals. Now my only problem is I've decided that I'm gonna start off by assignment clauses until I build my money up before I started buying houses but I don't know how I can offer lease contracts and lock up properties with no money down (because I literally have not one dollar to spend). And will these people take me seriously? How can I persuade someone to sign a lease contract with no money down and at the same time assign the property to someone else so that I can get the ball rollin? Lastly, what happens if you don't sell the property on the first month or 2 and you don't have money to pay the rent/lease? Then what? Please your help would be greatly appreciated thanks, Jeffrey
Need Some Help Please
Posted on: Sun, 05/22/2011 - 20:32
I don't think anyone will take your post seriously with that title... with that said, I recommend that you read some of the threads that have been posted with tons of information regarding assignment of contract... in the box on the top left of this page where it says search/enter, type in 'assignment of contract', and hit enter. That should get you started with the informaton you're asking for...
Wishing you success,
Valerie
Valerie
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Look up assignments in the search box. I know you are new, we just like to keep a professional atmosphere on here because after all this is a business you are getting into. Business people only do business with professionals so we have to act like professionals until we become professionals.
Take your time, look around the site, read all three books over and over and over again. Then if you still have little questions you can always come back here and ask any one of us. We will be glad to help you once you prove you can help yourself.
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Valerie I know all about the assignment clause, I've actually focused on that part in particular quite a bit since that's how I want to get started but the main point I was trying to get across is don't you have to lock the property down first before you can assign an assignment clause? Or is what your trying to say is you can assign a property that is not locked down kinda like in a three way deal?
and include an assignment clause. Otherwise you are birddogging. Have your buyers list before putting properties under contract and be sure to have an escape clause in case you have to get out. Like "subject to satisfactory property inspection"
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Jeffrey,
see? you're already getting some responses!
yes, you need to get a property under contract before you can assign it, but if you don't have your buyers ready, who are you going to assign it to?? Also, you want to know what your buyers are looking for so that you know what type of properties to look for...
Try to find properties that are for sale by owners, with equity in them; you want to find 'motivated' sellers, so that you can negotiate the price to a point where you can make your assignment fee, and still pass on a deal to your end buyer.
Wishing you success,
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Thanks a lot though valerie, your help is greatly appreciated.
One comment you made sounded like a question from a lot of students who haven't made any contacts yet. "How will I persuade someone...." Many times if you make the contacts with the sellers, you will be surprised a how many times they give you suggestions on how to do the deal, possibly with no money out of pocket. However, you need to approach them as if you are a cash buyer. Obviously this works much better if you have investors lined up with some cash. Then you can approach the sellers with confidence knowing you can actually close the deal with your buyers.
Therefore.... get the buyers lined up, and you won't have to do any "persuading". The sellers are already persuaded enough to sell the house.