OfflineDoes anyone know if you must have an attorney to do an assignment deal in NY? I just got hooked up with a realtor who says he's done many assignment deals here in NY (on Long Island) but he said you have to have an attorney do it for you. Is this true? From all that I've learned on this site, reading other people's forums and even other web sites about REI I've never heard this before. I'm wondering if it's because all he's ever done are listed properties since he's a realtor? Could that be? Maybe he's just unaware of what investors do when they don't use a realtor like with FSBO's and preforeclosures.
I'm a little confused now, so any feedback would be greatly appreciated. I thought all I would have to do is put in an offer, sign a purchase agreement with "and or assigns" and pass it to the end buyer. Maybe he's refering to the closing of the sale? Of course there has to be legal council for that, but not mine, right? Because I'm not the end buyer.
Thank you to all who respond to this. I hope to do a deal soon and would be so much more comfortable understanding what I need to do before I have to do it.
Life is full of choices, and these choices become your reality... YOU are in control of your future! YOU decide the direction your life will take. YOU have to make things happen, no one will do it for you!
When opportunity knocks, will you answer?
I don't know the answer to your question because I don't live in NY. However, if I did, the first thing I would do is contact all the local real estate investment clubs I could find and ask that question. Find people at REI club meetings that are ACTUALLY DOING DEALS and ask how they do it. I would also find a KNOWN REI attorney that works and DOES deals with investors and ask him. This way you will meet people in your area that are actually involved in the same business as you.(network, make REAL connections) instead of getting a simple answer off a website. This will take effort on your part but the payoff will be great!
GOOD LUCK!
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
I have attended REI club meetings but only met people who are just starting, or are rehabbers, or landlords. I haven't yet met someone doing assignments. Also ,I missed the last meeting this week b/c I couldn't aford to pay to go right now so I figured I'd just ask here.
Life is full of choices, and these choices become your reality... YOU are in control of your future! YOU decide the direction your life will take. YOU have to make things happen, no one will do it for you!
When opportunity knocks, will you answer?
I understand, this is a pretty specific post, so I know many of you can't answer my questions. I just figured I'd ask. We can kill this one now. I'll make some phone calls instead.
Life is full of choices, and these choices become your reality... YOU are in control of your future! YOU decide the direction your life will take. YOU have to make things happen, no one will do it for you!
When opportunity knocks, will you answer?