wholesaleing /assigning contracts

Get the books and read....all your questions will be answered.

But then it's up to you to apply the techniques!

I have both books haven't read all the way through them yet.

If you have both profit right now and your town.read both of them completely maybe even twice.They both go into great detail on the subject.I dont think i could even fit it in this post,but dont let that discourage you its not that difficult but there are allot of points Dean makes in the book.Also you can search for assignments or wholesaling.Hope this helps.

Hey girl,
You'd better read those books twice and maybe three times until it sinks in. Reading Dean's books is where the knowledge is. Join a REI Club, network, start talking to people, maybe you are a visual instead of a reader that might help.

Peace and Blessings,

Thank you guys..i will start back reading this week...i joined my local reia group in October...i acutally found some great info from Carol's posthttp://www.realwholesaling.com/?tag=real-estate-wholesaleing ..im going to read this until i get it.

You find properties online/in person, put the property under contract and have your end buyer buy the property. End buyer could be your investment partner.

wow..thanks for the info.

Here is how I do it

First: find a house that has at least 30 to 50 percent equity in the property.

Second: Get a trusted agent who knows what you are doing with assignment deals.

Third: Have your buyer ready to go for you, send pictures and all the info to the investor buying the property.

Four: Have agent put in a bid with the words and/or Assignee on the line where you are signing your name as buyer then put in the words after your name "And/or Assignee"

Five: Have the agent put in your bid

Six: If your bid is accepted go to deans site and go to "documents and forms " Print out the contract for assigning deals and send that over to your investor to sign and you sign, once you have a signed accepted purchase agreement. Then you have to send your accepted signed purchase agreement plus the Assigning contract to the title agency.

Seven: Title agency sets the closing and they mail you out a check or hand you a check for your assignment fee and the investor takes the keys to the house.

IT is as simple as that!

jmsscarface thanks!

That's really good information i'm going to bookmark that...I have several questions though..i'm a "hand on person" so for me to really understand it i have to actually do it.
1- How do you determine how much you get for assinging the contract.

2-How do you determine who the title company is? I'm in NC does that apply in every state.

3- How do I determine the equlity in a property..I always get confused about that. example please.

4-So do you put a bid on the house b/f you find a buyer?

anyone who can help clear my mind, feel free to do so. Thanks.

1. Well agents usually make 6 percent on the deal, so if you are giving your investors deals, then you want to make it a win win situation for everyone so my rule of thumb is us 3 percent of the sale price. So the investor saves 3 percent by using you and not an agent. They make more money and you make money as well, so then thats a win win for everybody.

2.The agent you get close with should be able to give you a goo title company in your area, but if you are investing out of state you will have to use on of their title agencies in that state, but some states you are not allowed to use title agencyies you have to use lawyers. You have to research it or just ask an agent in the are you are looking to find out what the rule is in that state.

3. You look at the fair market value or the assested value of the home, and that tells you how much the house is worth.
So say the fair market value is 100,000 you get the house for 50,000 then that means you have 50,000 equity built into the property. So say you assign the contract to an investor at 3 percent on the sale price, then you would be charging the investor an assignment fee of 1500 to assign the deal instead of the investor paying 3,000 to an agent to get them a deal, so then that saves the investor 1500 dollars that they could use for say remodel or closing costs or something else.

So then has after they pay for the house and your fee along with closing costs around 3k they have 54,500 invested in the property and its worth 100,000 so then the investor has 45 percent equity in the property that they can borrow against to get cash for other deals, or they can resale the house and make around 45,500 on the deal for only paying 54500 out so the investor gets a return on their money of 83 percent on their investment, so they made around 83 percent profit on the house. Thats a killer deal and any investor would love to see numbers like that.

4. I would start bidding on properties after you find investors and know what they are looking for, because if you sit on the house, and lose it after 45 days you are out money and thats never good. You do not get earnest money back if your contract does not close so you haveto watch. But you can do it if you know what a certain investor likes and you know they will take it if you get the bid.

Jmsscarface,

You posted earlier that you said to find the property, get the agent, send information to the buyer, then lock it up if the buyer wants it. My question is if you give the information to the buyer before you lock it up how can you keep the buyer from going out and just buying the property behind your back and you are left with no money? I am just curious because I am in that exact spot now.

Richard
Bothell, WA

I would think to lock it up first then tell the buyer the specifics after.

Where can I go to get all the contracts I need for wholesaling/assigning?

why would you ask questions, If the first thing you admitted was that you haven,t read the books yet.

Randy

Thanks Guys this information was most helpful. I still haven't put into action yet. I guess i'll run some numbers today and see what happens.

Randy,

Are the first two books sufficient to do deals? Funny how some people overananlyze and never get started and other people start before even getting the books like Carol Stinson.

I took action right when I started reading the first book, too and it got me in my first home asap. I had no clue what I was doing, just needed to start somewhere.

However, reading the books over and over is a must. Plus, listening to the conference calls.

Dean had no books and no mentor or website, when he started. If you make a move, God makes a move.

This website and all of you ROCK!!!!

Anja

We ran across a home that the owner passed away in and are wondering what depreciation if any this has on the market value of the property. In California this must be disclosed for a 3 yr period is what my agent tells me. Has anyone dealt with a property of this nature? Was it difficult to dispose of or rent out?

Rick & Peggy

Hi
Some places i heard we have to show proof of funds to the seller..in assignment of deals do we need that ? Thanks..i m a newbie..still learning the process..thanks

Hello my name is Vanella I'm new to the real estate world. I Purchased dean's book about a month ago and was so impressed that I couldn't put the book down. after reading it (profit from real estate now)I started to research my own area for REO'S and FSOB'S and anything real estate related. In doing so i came across an ad in the local paper that caught my attention. just trying to see what it would be like to talk to someone over the phone about selling their house and find out the reason they were selling. the thing is i had no idea how this would go. well the conversation went well and in the end, I asked if I was unable to buy the house myself, would she allow me to bring her someone who would buy the house.and she said yes, so I'm asking anyone with tips on what my next step should be. i plan to met her and put the house under contract for 30-60 days in hopes of finding a buyer to assign it to and collect a finder's fee in the process. i just need to know if I'm on the right path or is there something i need to do different. also any tips on how to include your finders and collect would be very helpful thanks.

Hi I'm Candace I have all 3 Books & DVD's including the EDGE 10" DVD Set . I'm working on my first deal "Assignment" & I could help you with finding Deals , locking them up , finding funding , & how to sell the homes you lock up in Days .

just PM me any time

thanks candace I really appreciate your very swift response. I would really appreciate your help. and can't wait to start working with you please feel free to contact me anytime i'll be waiting to here from you. I'm available 24/7 and will be checking my messages daily

p.s. thanks for your time my mother always say 2 heads are better than 1.

Hi, I just wanted to say thank you. The answer you gave was very helpful to me. I now have more confidence on what to do. I do have a question for you. Are all contracts Assignable? such as Hud, Fannie Mae?

If anyone lives in either of these counties ( mid to upper Pinellas or lower Pasco)please get with me. I need to have a partner to find the deals and already has contacts. I have missed on 2 great deals as I could not find a buyer. If I had the money I invested in a marina years ago and it was stolen from all of we investors I could buy a lot of houses at these prices. But I am in deep debt now , had an accident, am a senor citizen now, so its hard to pull out of the hole. If I had someone to work with, together we could each start making a little until we both would be in a good spot to own homes. I could finally breath a sigh of relief. If the circumstances did not happen, right now I would be a millionaire.
I hope someone here is a good bird dog like me and we could team together.
Adelle

So, jmsscarface, do you split the equity with your investor taking 15 to 25 percent yourself? What has been working for you?

I wish to partner with one or more REI's on DG family here in the Bay Area. I have read earlier, two heads are a lot better than one.

Please PM me.

Thank you in advance,
bob