OfflineDeal: Assignment
Locked on contract for 45 days at 49,00.00 includes my
assignment fee of 4k
Broker's Priced Opinion on sold comps is 75,000.00
This central downtown area has mixed comps because of historical homes and multifamily units and newer aged buildings. Her recommendation was to lock it at 50,000.00
Negotiated with seller for 45K Cash and added my assignment fee of 4k
Duplex= 1498 sqft Both units have 2 bdrooms 1 bath with extra storage room in back. Needs 4,700 roof
5,000.00 Cosmetics.
RENTS= 1 Unit 365.00/ 2nd Unit 450.00
Seller pays 100 Water Bill/ Tennants pay Utilities
Income 715.00 End buyer's payment to bank 345.00
Passive income= 370.00
Buyer's List: First buyer likes the area but is buying one at tax foreclosure on the street over SFR.
Second buyer, is looking into buying apts. but he says keep sending me everything you lock up. No response from the other 12 buyers on my list.
What went wrong? I didnt keep in constant contact with my buyers and keeping the ball rolling on finding them even though I thought I already had my buyer's list, and thinking I'm done...No it never ends... Mine has gone 3 overhauls since this deal adding and subtracting. The same with finding "the one" realtor, I've gone through at least 6 since I started last June!
I finally found my buyer, but he's not the norm, he is a retired teacher and has some conventional financing trying to go through to buy my deal and plenty of time to Buy and Hold this duplex and turn it later for at least a 16k profit! I hope it goes through, because I cant stand his buddy realtor who knocks my strategies every chance he gets....But if I can take his blah blah blah a bit longer I'll have my 4k for putting buyer and seller together, deal is pending at title 
YEEEES!
"Cut not the wings of your dreams,
for they are the heartbeat and the freedom of your soul." ~ Flavia
Kathy Wholesales TX
KM WholeSale Properties LLC
469-587-9967
1888-591-1096
Will the buyer's lender go for an assignment ?
The buyer is applying for a Heloc on his primary residence The loan will (Home Equity Line of Credit) will be secured by his house not the duplex.
"Cut not the wings of your dreams,
for they are the heartbeat and the freedom of your soul." ~ Flavia
Kathy Wholesales TX
KM WholeSale Properties LLC
469-587-9967
1888-591-1096
Hi, Kat!
Are you interviewing the agents like Matt Larson suggests in "30 Days to Real Estate CA$H?" (pg. 30)
There are so many RE agents out there, but not all are willing to work with investors...(try the newer ones).
Think of it this way: YOU are 'hiring' them to work for YOU, to partner with you, to be a member of your team.
So you've got to find the agents that will work with your toward YOUR real estate investing goals.
You've got to cherry pick the willing.
I have found a handful of REALLY good buyer's agents this way. I spent a whole day interviewing! And I'm always looking...because my target areas change. Some don't ever return my calls, so they're off my list. (Next! LOL) –-The ones that are a good fit for me, I keep. You'll know when you find them. There will be a connection. They are willing to work for/with you. They will act fast and accommodate your targets. Sometimes, it's a personality difference, sometimes it's just because they are unfamiliar working with investors. They have been trained for the families buying ONE home, not ONE investor interested in buying LOTS of properties. For some, I think it's just counterintuitive for them. Don't give up!
Okay, do the same for your buyer's list...interview them. Ask them about what they are seeking and also inquire about their funding (without insulting them). Keep it professional. You have to find out about their financing availability. CA$H buyer? ...pre-qualified for loans? ...inheritance money? etc. Kinda pre-qualify them yourself, feel them out, and take note. Keep your buyer's bucket full...they are important for wholesaling deals! Then seek and find. Not all buyers are looking for the same things. The deal may not have been a fit 'fur' (katspeak, LOL) them...
Also, are you running bandit signs for buyers? Seek "CA$H" buyers if you don't want loan hassles or buyers dragging their feet...Hope this helps! And maybe post your properties here on the DG website. Join an REI club, lots of buyers there!
Okay, hope this helps! Hang in there!
PS. I made up tear sheets for each contact like the ones for sellers (see forms on here). This way everything's organized for me.
Happy Prospering! ~Kat, Liberty Residential Investment Acquisitions
• "To every thing there is a season, & a time to every purpose..." ~Ecclesiastes 3:1-8
• "Inaction breeds doubt and fear. Action breeds confidence and courage. If you want to conquer fear, do not sit home and think about it. Go out and get busy!" ~Dale Carnegie
• "Begin, be bold, and venture to be wise." ~Horace
• "Never, never, never give up." ~Winston Churchill
• "Whatever you do, or dream you can, begin it. Boldness has genius and power and magic in it." ~Johann Wolfgang von Goethe