OfflineHi,
I'm writing this because I need to know my next move.
Me and my wife are new to this RE Investing. We got an RE Agent and have looked at a couple of houses to get a feel for this whole thing. At first I've been kinda worried about jumping into getting houses and not having buyers to give them to.
Listened to Greg Murphy about putting up Bandit signs. Put them up a few days ago and I put 3 Bed, 2 bath Owner Desperate signs out on corners and I'm now getting 5 to 15 calls a day. I havent run accross any investors yet, it's been individuals looking for homes.
Now I have no worries about if there are buyers out there but now i don't have the properties to get to these people.
I wanted to get into wholeselling for now so i can build capital and confidence. Can I wholesale to individuals with asignee contracts and if so i need help on how to get properties fast enough to fill these
orders?
Also what is good way I can screen these people, because I got some that sound like they would be good for a Lease Option. I know I will have to get creative on some of that because I will have to own these properties until option is bought. I would like to buy and hold but I think I might need more confidence before i holding on to properties.
If anyone has any advise on this i would highly appreciate it.
Thank You,
HatRick
Positively,
everything works out.
Ricky T. Hatley
I would like to address the lease option question. To make money on lease options without owning the property you can do a lease option with a sandwich lease option. This is where you lease the property from the seller and sub lease it to the end buyer. You need to negociate the up front option amount, monthly lease amount, and end purchase price with the seller. Then you charge more money up front then what you put down, a higher monthly lease amount, and a higher end price then what you are paying. When doing this you make money up front, every month, and at at the end when your end buyer closes on the property.
It would be difficult to do assignments with out cash buyers because if a buyer is getting a loan to buy the property, a bank will not finance an assignment fee.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
screen renters is the name its $20 a screening
if you google screen renters a bounch will pop up lol
Once they get their financing ready to go, tell them all it's going to take is (for example) $3,000 as you are assigning them the property. Once you get the funds from them in a cashier's check, rip up the contract between you and the seller, and make introduction of your buyer to the seller, and make a new contract between the buyer and seller. Or, I've heard you can use transaction funding for this.
It would be difficult to do assignments with out cash buyers because if a buyer is getting a loan to buy the property, a bank will not finance an assignment fee.
Check out the link below for the buyer forms you need:
http://www.deangraziosi.com/yourtown/forms