Hello all!
I’m new at this RE Investing thing and I need to know what an assignment fee is, how it works, how I set it up, and how I make money with it.
I was told that I could make anywhere from $5,000-$20,000 with this assignment fee and it can take as short as two or three days.
Thanks for reading me post. I look forward to working with some of you.
Now, let’s go get this money!
8)
Seasons Greetings,
i will try to answer your questions. Okay you find a house, make a contract with a seller, in your contract it says your name then and/or assignees, you should by this time have found a list of investors to sell the contract too. Okay so you find a rehabber who wants to buy the house, you meet at the title company he shows up with a 1-2 non refundable check at the same time his check slides across the table to YOUR escrow officer, he signs the assingment shee of paper, THEN you assign it, thus you have control of the deal to the end. Now you both have signed it, the officer has the check and the assignement, your done…when it closes ESCROW gives you your check.
assignment sheet is a simple sheet of paper like this: john assoinor you, assinges to buyer rehabber him the contract dated on 1-1-05 on property 124 wholesale street for the sum of 20,000. rehabber should now find out how much you are making until you hand it over to escrow, if he cares how much you make flush him, find one who is greatful to have 20-30k handed up to him on a silver plater via contract!!! at least at first be this firm, as you estabilsh relationships this will change.
so goal is to buy the property cheap say 50k, mark it up as much as you can say 10k or ever (some deals are 500 others of mine have been 32k) now you tell rehabber the price is 60k.
hope that helps.
Thanks, Bill!
I didn’t thin that anyone cared!!! 
I think I can do this now! I’m excited about the money I’ll be making. I think the only other question I would have is how long do the whole process take? I’ve heard of guys who say it takes 2-3 weeks, and other guys who say they close in a little as two days.
By the way, do you care how much money I’d make on a deal???
I know I can do it if I can find the right people and the right property!
Now, let’s go get this money!!!
8)
Good for you!
how long it takes depends on two things one, how soon seller needs to sell; two, how long it takes your buyer to get his money there. I deal with guys who can bring the money in and close in 3 days, this rarely happens or needs to happen but when I work with men long enought I know they can perform or not, quickly, and it really helps alot to have ones that can close quickly. I called 150 investors and eventually it worked out I have a few that can close that quick, and now cuase I have hard money i can too. plus after doing a ton of deals I am educated on how it should go, and now I know what I am doing, this takes time and givving alot of money away to rehabbers (selling cheap) to get my education. but once you have it you are second to none!
yes some do care how much you are making off the deal, keep your distance from them, find the ones who DONT anit there business, they too would make as much as they could off the deal. See you are gold if you bring me a house and I can do say a light rehab and pocket 20-30k great!!! so what if you make 50k or whatever, steve cooks says aslong as the rehabber is content with his potential take then thats all that matters. plus rehabbers should not know what you make off the deal untill you are sitting at the escrow officers seat, assinging it.
if he asks what you bought it for simply ignore him, that is a no no for them to ask and they know it. at least on the first several deals afterwards you make friends and go from there.