Contract assignments

Trying something new, been bird dogging for a while

but just recently getting in to wholesaling wonder if anyone else

in south florida area has been doing contract assignments and how has it

been working for you?

Okay, from personal experience NEVER GIVE OUT THE ADDRESS OF THE PROPERTY I also live in the southern part of Florida and I can say that I have known quite a few investors in this area who will think nothing of approaching the seller and offering them a little more than you did for the property. You also have to be careful in that some investors will place your contract on their newsletters. This may seem like a good deal BUT the seller may be bombarded with people knocking on their door asking questions. Frankly that may make you look untrustworthy to the seller. This is a great market to work in if you find a good deal.

I found a property about 200k under market value in S. Miami/Coral Gables which we were willing to assign to someone else for 30k. The property was still under market value for 170k for the investor. That investor chose to try and assign it to someone else and 4 people down the line the final number ended up being 60k under market value for the final buyer. STill sounds okay yet with so many people knocking on the sellers door and asking questions and driving by taking pictures …the seller was not happy with us. It was a hassle and created a ton of headaches.

The moral of this is that S. Florida is a a great market for making money but you need to be aware of who you are doing business with. Make sure to not give out the Full address of the property, if anything give out the general area info as well as specs of the house but not the physical address.

could this issue be solved by recording an option to buy at the courthouse while your trying to find a buyer? this way if another investor does try to buy it for more money it has a “cloudy” title. They have to go through you to take the record off?

I just ran into that same problem in St Pete and Atlanta. It is really discouraging and heartbreaking. What do you do now to avoid it so the investor can do due diligence.
Where are the honest investors?

angeline