Can someone please work me through the entire process of getting a property under contract, and assigning the property to a cash buyer, how to do it and the proper forms to use, I am stuck please help. :help
Hey RodneyC, I admire you for having the gonads to ask for help. I was too shy or embarrassed and I didn’t have this forum to go to, I figured it all out the hard way of course.
I read several books on wholesaling Real Estate, but I learned the most because it was so simple and easy to understand by a book called “Real Estate on Steroids” by Jackie Lange
It even has the purchase contract and Assignment contract included in the book. I have used these contracts for all my deals and have never had a problem with them.
The book is available on Amazon books for a paltry fee, I don’t remember what is it, less than 15 buks I think.
If you need any help just email me, I believe u can get me email off of my profile.
I’m still a beginner, but excited to say I’m getting close to my 40th deal.
I could go on and on about the obstacles you will face and how you need to stay focused with the right mindset, but, I wont do any of that, haha.
Why don’t you go on about the obstacles? This requires a significant investment of time. I don’t think it’s the “get rich quick” scheme that some try to make it out to be.
Perhaps you could help people by telling us what to expect.
Haha Obstacles, I could write a book on them. Imagine having a killer deal wrapped up, you got it on contract, your buyer starts escrow, you are so happy because you havnt had a deal in months and your eating beans and cornbread, the power is about to be cut, all your bills are due.
You call up seller and tell her, good news, house is sold. Sellers says, I decided not to sell. You gasp and choke, But we have a legal and binding contract.
This has happened several times, these old ladies are there just to screw up your life.
Sure you can file an memorandum at county records and sue, it wud probably take years. And cost more than your assignment fee to sue. And what kind of reputation wud I get for suing little old ladies?
You will get hundreds of calls from homeowners that want to sell for full or over full price even though the house was built in 1952 and never upgraded, needs a roof, has old crank out windows and the house is hideous with no curb appeal. But they got fruit trees.
You found a great fixer, got it sold and you start escrow only to find out it has $30,000 in code enforcement fines and another $18,000 in old liens.
I could go on and on the obstacles you will face.
Welcome to hell. But when the deals do come together it makes it all worthwhile, pays better than a regular job.
The harder it is the more I luv it. And sometimes deals will fall in your lap.
Let’s make some money…
I can see the potential in it, but I think I will stick to real estate investing.
If I found a house that would make a good flip, I might rehab it myself. The only advantage that wholesaling has is that you can get in with no money, possibly.
I just started a painting and pressure washing company. There is not enough time in the day for all of this.
I’ll keep my eyes open, but it’s not often that I drive around ghettos just for fun.
Try using some creative thinking. I recruit bird dogs to drive these areas, I’d rather be home watching Judge Judy and taking phone calls from motivated sellers. I also mail post cards to these areas.
The first few years I was trying to do everything myself and I made much less money, I like Ron Legrand’s analogy, “The less I do the more I make” In 2015 I’m almost embarrassed to say I didn’t work more than 6 hrs a week and made a ton of money.
I used to do Construction, Real Estate pays much better, if you wud have spent that money on marketing rather than that airless sprayer and pressure washer & truck, you wud have most likely made a much better return while sitting on your rear.
Now you get to deal with customer complaints and unreliable help and gas and maintenance and you actually have to work your ass off for grocery & rent money.
I don’t mean to be harsh, But I’ve been there.
I wish somebody had slapped me upside the face and showed me a better way 30 years ago.
The process for an assignment of contract is this;
You simply write the purchase contract on the form provided by your local MLS, and on the “Who is the purchaser” line on page 1, you put John Doe, and or assigns.
At that point your find the “buyer” or “end purchaser” who presumably is going to pay you an amount above what you have it on contract for. You open escrow either with another contract with the “end purchaser” at the new sale price OR simply go to your favorite Title Person/ Attorney depending on the state you live in and ask them to draw up escrow instructions for that “end purchaser” for the new purchase price and close the deal. The “end purchaser” comes in with the cash to close the deal and you get a check for the difference between the price you wrote the contract for originally and the price the “end purchaser” is purchasing it at!