Im a mortgage broker looking to expand into wholesaling houses. I only know what i read on this page… but i still havent got the full understanding. Can any1 help and explain the full process of assigning a contract to a investor
If there is a search function on this board - give that a try - you will find tons of posts and tons of info. Just be careful to follow up that found info with solid, legitimate info. Do a search on google and you’ll find all kinds of info. Also check out the bookstore, have a cup of coffee or chai, read a bit and learn… maybe buy the book, maybe put it back. There are tons of excellent books out there to read that aren’t as expensive as many of the courses offered. Or, purchase a course! HTH
<<If there is a search function on this board - give that a try…>>
IF there’s a search function…???
I invite all of the newer folks to open their eyes and look around the site some…get familiar with what the site has. It will cut down on tons of your questions and will help you find stuff on your own.
BTW - the search icon is in the top banner…it is a globe with a magnifying glass…and, miraculously, is labled “search” (what a great name for the search icon!)…
Wholesaling is very simple.
Find some people who want to buy fixer uppers or rentals. Just talk to everyone you know and you’ll find buyers. Do this first. Tell them what areas you’d recommend and get a feel for the kind of deals you can bring to the table.
Get a contract to buy a property meeting your buyers criteria with as little money down as possible.
Show the house to your buyers and tell them a price higher than your purchase price, $5K or so.
If they want to buy it, you just pull out an Assignment of Contact, have them sign it and fax both the contract to buy and the Assignment to the closing attorney. Go to closing and get your check.
Another way is to have a contract to buy and another contract to sell. Send both contracts to the closing attorney and tell him what you’re doing. Some attorney’s require an assignment, some don’t. I like this method better since the amount of the assignment is not so obvious to the buyer. Even though your profit will show up on the HUD, the buyer won’t know how much money you’re making until closing. If it’s a good deal, it shouldn’t really matter how much you’re making anyway.
Hope this helps.
Keith - LOL LOL … I was trying to be gentle with this person by not saying - hey you… use your head and use the search function !! LOL – I was trying to gently guide him to it.
I know there is a search function. LOL
I’m “terminally German”…we do stuff differently!
Yes, I know - my Aunt and BILaw have “thier” ways as well. LOL ;D