If I assign where would be the best place to find these investors or end buyers?
If I assign, the buyer deposits my assignment fee but does the buyer also have to have the deposit to purchase it ? or Do they pay the whole principal owed? Sorry I’m a newbie. Jacque1
Go to your local REI meetings. I just went to my first one last week and have been kicking myself for not going sooner. Good info, and people were interested in the subject matter.
It was literally the hottest room I’ve ever had to sit in for an extended period of time, but it almost didnt bother me because I was interested. If it was a work meeting I probably would have faked a seizure… it WAS that hot.
Phatman5, thank you. I will be attending one this month. I have been post poning it
because I’m just so busy reading, reading, reading, and other personal errands.
I can’t wait for my first meeting. Jacque1
your best bet is to find your buyers before you put any homes under contract, then you have some idea of what types of homes you should be looking for, plus you won’t be left scrambling to find buyers after the home is under contract.
Typical assignments when involving financing you will want to get a deposit equal or greater than the amount you stand to lose if your buyer backs out of the deal. Your fee will most often be paid at closing depending on how large the fee is and how much money your buyer has.
Good luck
I agree, the local REIA is a great place to find information, contacts, and resources.
I thought I would answer this question here though since many others probably have a similar question.
You want to market to buyers through various media, based on your budget and time available in your schedule. If you have the time, you should use look around where people advertise that they are buying properties cash. Bandit signs in your local market, and online for people outside the market. The REIA group is also a great place to find other investors who are looking for deals.
Simple conversation: “If I were able to find you a property for under 65% of the market value, would you be interested?”
They also have their business cards usually lying around.
Hard money lenders also tend to have buyers for these types of deals. Befriend them.
Great job so far!