:help When locking up a contract ( to Re-Assign later) on a junker, Can I use a prommisary note, instead of hard cash for a earnest money deposit? Also, how can I Re-Assign a Contract to purchase contract with a seller who needs a quick down payment?
Technically yes you can use a promissory note, but it will depend on whether the seller will let you. Not sure what you mean by “quick down payment”. If you mean quick sale, then it’s a matter of finding a buyer that can close quickly (usually one with access to cash).
Thank You… How do you flip a property (Re-Assign), already listed in the M.L.S.? Will it be hard to find buyers with a Real estate agent commision attached? :help
I’ve never tried to flip a property in the MLS. I guess it can be done, but with an agent involved it will make it more difficult and how are you going to find a buyer who thinks they are getting a good deal on something they could have found in the MLS themselves?
A seller that needs a quick down payment doesn’t sound “right” to me. Sounds like they need it to spend. What if the deal doesn’t go through and the seller doesn’t have the money? Proceed cautiously on that (unless it is a small amount that you are willing to lose). It’s best to have a neutral third-party hold the deposit.
The “key” to getting a “deal” on the MLS is making a lot of offers. Many standard contracts have non-assignability clauses. When I make offers on MLS listed properties I strike through and initial that paragraph.
Chris
Theres one thing I think your not seeing clearly, just because you get a property under contract and have “and/or assigns” in it is fine but your exit is having another investor ready to buy (with the money)focus on the numbers before the contract.