Can anyone tell me what contracts I need to purchase a property and then flip it?
Just an earnest money contract and an assignment letter agreement. You can get contracts from the real estate commission and an assignment letter is just one paragraph. Other sources for the contracts include local Realtors and title companies
Could someone please post on of these contracts or a link to one with the assignment clause stated. I am having a hard time finding one. Also I need one that will work for the state of Texas. Thanks.
This is the TREC contract web site.
I hereby assign the sales contract between _______ seller and myself as buyer dated _____ regarding the property located at ______ in _______. Texas to _______ (assignor) for the total assignment fee of $5,000,000 payable $2,500,000 upon signing of this agreement and $2,500,000 at closing. Assignor hereby agrees to perform all the duties under the contract and to hold assignee harmless.
You can add some more details if you wish but it is about that simple of an agreement.
Thanks for the info tedjr.
Thanks for the info tedjr. I have another question though. Is flipping/wholesaling property hard work? I have a small investor list already compiled. Is this the beginning stage? Now do I need to just find a home and try to flip it to someone else?
It is not near as hard as digging ditches or doing a shingle roof here in Texas at 100 degrees. It is hard to find a deal and then find someone to buy it for more and get it all done quick enough to satisfy the seller and pay them. It would be a lot easier if you could buy the property for cash and not even worry about the time restraints. It ain’t hard but it ain’t easy.