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Author Topic: any new york wholesalers willing to share story? will banks allow assignments?  (Read 4902 times)

Offline mikethehawk

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im just becoming familiar with the whole concept. by reading, i thought i had grasped the basics, but now hear that banks will no longer allow assignments. javascript:replaceText('%20:banghead',%20document.forms.postmodify.message);

how does one go about assignments with no credit?

thanks a ton!
« Last Edit: June 18, 2008, 11:49:11 am by mikethehawk »

Offline PradaP

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hey how are you doing i am 20 years old and i have been studying wholesaling for like 3 months. I know about everything but i just over analyzed the whloe thing so it stopped me from making money. listen you dont need credit or lil to no money to assign a contract, assignments are a no risk kind of deals. but when your trying to assign a bank contract they dont allow you to do that but there is one way to do that.

If you have a LLC and when you wright up there contract you dont but your name, on the contract under buyer you put your LLC instead. make a long story short you are assigning your LLC and not your name so a bank will let you do that. so my advice have a couple LLC in your pocket when you have a great deal the bank has but wont let you assign it.

If im not 100% on point someone please correct but im sure its right though.

Good luck and go out there and make money  :beer

Offline mikethehawk

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"assignments are a no risk kind of deals. but when your trying to assign a bank contract they dont allow you to do that but there is one way to do that."

im not sure i understand what a bank contract is in this context that makes them not allow that?


"if you have a LLC and when you wright up there contract you dont but your name, on the contract under buyer you put your LLC instead."

they allow it under an LLC?  i thought LLCs are used by people to protect personal assets from creditors, so im confused why banks allow it under LLC. im missing something.

btw, thanks a ton for you response




Offline PradaP

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ok, here go i was being kind of lazy but i type everything so you can understand how to assign a bank contract. yes they do accept the LLC.

One of the easiest ways to get around the nonassignable contracts is to use Limited Liability Corporations (LLC's). To use an LLC on a nonassignable contract all you need to do is fill in the purchase agreement in the usual fashion. But, instead of using the typical "and/or assignees" clause, you simply fill in the name of your corporation.

Then instead of assigning the contract to another investor for profit, you will sell the other investor your LLC. Because the contract is filled out in the name of the LLC you will essentially be assigning the contract when you sell the LLC.

There you go now i know im 100% correct now.
Good Luck


 




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