How to Attract Investors to Assign to Your Deals

I think the best way to find out if they are illegal in any state, is to talk to an attorney that deals with real estate, and knows real estate well...And atleast heard of the assignment contract...not all attorneys that deal with real estate know about the assignment contract...The first attorney I talked with never heard of it and, well just a pain in the butt and was gunna charge a ton of money...

The next attorney I talked with deals with just real estate, been doing it for a while, and helped me out like it was second nature basically...Not that he sees a lot of it, but he knew about it, and didn't play games...

So just gotta find somebody that knows about things, and doesn't try to come off like they know when they don't...

Hope this helps

This information was very helpful. Could you please tell me how you found your real estate attorney? I would like to talk to one about assignment contracts and also talk to one about incorporating a business. Could you also tell me what a fee would be for talking with someone about this?

Ill PM you with the info that you asked for

corkin.com its very user friendly and in my opinion just as good if not better than craigslist, enjoy!

I don't think that assignments are outright illegal in any state. I found this blurb at: http://www.houseflippingonline.com/contract-assignments.html

"You will want to note that the standard real estate purchase and sale agreement used by real estate agents in some states may include a non assignability clause.

If this is the case in your state or your local area, you should have an investor-experienced real estate attorney draft up a real estate purchase and sale contract that meets all the regulations and legal requirements in your area and is also assignable.Assignability is obviously the most important requirement for the process to take place."

I can not find any information on a standard contract in MD, so I have to assume there is not one. everyone I talked to knows about them so far but has not done them that often if at all so I have to assume that, in MD at least, there is not this standard clause.

I also deduce that even if this clause does exist in your state's standard document, that it can be removed. but as it says you should make sure that you get it verified by a RE attorney or multiple agents and I would check with title companies as well.

Hope this helps,
-Damon

Real Estate Goddess's training teaches you how to wholesale without ever owning the house or whatever. You are then going to *generally* assign it to your buyer.

I am trying to figure out how to do this without access to a local REI club, as there doesn't seem to be one listed here and without a home phone where people can call me. I had two computers serially crash this year which took away my surfing/learning at home and my phone. I also lost my pt-time job. I don't have a dentist, lawyer, insurance agent or other sales office. I am also not comfortable just chatting up any stranger. I need a lead in or a valid reason to bring up such things. The gates may be opening up for you, but people around me are a bunch of negative nancies.

Hi Madison

I'm new, too & have triedthe Craig's List ad (San Diego county) with no success. SoI've started responding to "I Buy Houses" ads in local/online papers & just found 1 investor to work with. If you're in an area that's saturated with investors, like mine is, you'll have better luck using local papers than you will on Craig's List.

Good Luck!

Jan

Hello all, I've been working on my buyers list and I believe its just about complete to be able to start working some deals. I was wondering if someone could share the details on how to work a real estate attorney into my team. Any thoughts or suggestions would help. Thanks in advance

You need to interview 2 or 3 attorneys and see what will fit in your team. You should also find out how much their fees are as well. Good luck !

Warm regards,

Paul T. La Moy

Thanks Paul I'll start working that Monday morning and hope everything works out well.

Hi Jeff,
You might want to ask your real estate agent for referals. They are most familiar with who closes what and how accrate. A mortgage broker, an inspector. Anyone associated with real estate sales. They usually in my state refer in threes. Much success to you.............Lubertha

You are so welcome and you have a great day and good luck !
Let us know and also use Lubertha suggestions too. She is also a great resource we have.

Warm regards,

Paul T. La Moy

Well, I know the wholesalers (investors) here own the properties out right. @Elena now the seller can entirely bypass the middle man (wholesalers/distributors) to sell directly to the customers at wholesale prices themselves, if they really wanted too. @Al: Are they (NAR teaming up with Lenders) making the argument that Buyer is getting pay a referral or an actual commission? Agent gets paid a commission base on whether they sell or provide a service. We the investors have the Right to assign a contract if we want to get out of it but we're still held liable if the assignee fails to follow through on their obligation. How are you getting the approval of the assignment from the lenders?

Here's for all you guys struggling to build a buyers list.

1. Go to a local real estate club

2. Go to a public auction

3. Ask a renter for the properties he's interested in

4. Look for the "I buy houses" ads in the newspaper

5. Go to craigslist, backpage or any other websites that have ads

6. Look for the "we buy houses" street signs and give them a call

7. Call every hard money lender you know. Ask them who currently has money and is looking for properties. Incentivize them by telling them you will direct the hard money loan back their way. They may not want to release the information but they can find out what they are looking for on your behalf.

8. Marketing by passing out business cards in places like grocery stores, birthing centers of hospitals, and wedding shops. Wherever people are going through life changes. Or marketing by placing an ad like this in your local newspaper:

INVESTORS WANTED!
I sell homes at 40% off todays already low prices! Call me if you're ready to make money!
xxx-xxxx

_______________________________________________________

Here's a few things you would want to know from the buyers to build a quality buyers list:

• Email address
• Company Name
• First and Last Name
• Company Address
• Preferred Phone
• Fax Number
• Type of property they are interested in: Single Family, Multi-Family, Commercial
• Approximately how much capital are they working with?
• Are they interested in loaning money on mortgages?
• What level of Rehab are they comfortable with?
• How many transactions have they completed in their career?
• How often do they buy property?
• What's their price range and profit margin they expect?
• How much equity they're looking for?

I knew most of these, but you list them so concisely that I just had to print it out!

Could you elaborate a little on number 7? I'm not sure I fully understand what we're asking for... investors, HML? Who will be directed back to them, the investor that you got from them, a buyer?

Thanks a lot!
-Damon

Did you supply your home number on craigslist? If not, what number did you use? I'm not too keen on supplying my home/cell number on Craigslist.. The area is saturated and I get enough useless advertisements in emails from just posting ghost adds on CL that I figure I'll get the same via phone.

Thanks,
-Damon

As far as craigslist was concerned I just put my e-mail that I have made for my investment company. That way when people reply to you with all the spam e-mails you are not getting it in your main e-mail address. With doing that I have gotten some goods investors with me but I also get people sending me links to advertise on some other site which is still good for exposure.

Wreckless:
great tie-up of ways to find Buyers. Thanks!

Great motto!!

This topic has been very informative!

It's the 4th of July 09, where is my future headed ? Just want to thank you for your response to a member not sure how to draw buyers. You posted in Oct 4, 08 I am really curious How things are going for you at this time since then. Please let us know ! HELPMEWIN

I am checking in and see how are you making out with your deals and getting all your stuff together. Just hang in there ! Happy 4th ! Did you interview with more real estate lawyers ?

Warm regards,

Paul T. La Moy

Hello everybody,
When i think of assigning to a invester i know they will probably need great discounts,I am thinking private buyers would not need as much discount! The "trick" is cash to lock up the deal you have found(That is my understanding). In the private sector i am sure there are cash buyers,Take that idea out of the soup and what about if they're...Pre Approved! Would that be enough to hold your deal in place,Meaning a cash buyer...Could steal your deal with the seller?
My point is: Private buyers would accept lower discount in retro giving the REI more wiggle room in making a deal!

Wow I'm am confused... What kind of exit clause is every one using? My exit clause allows me too not have to pay earnest money Only if I get to closing and when I get their the buyer pays for it along with closing fees and attorny fees. You put it all in the price when you resell it to the end buyer. And you never "own the house" You just have it on contract for 30 days or so....

I think this is right, please anyone with actual experience correct me if I'm wrong.

Can someone post up an actual contract w/the exit clauses that they use when typing up a property?

Can anybody please tell me in detail the step by step HOW to put an AD in Craiglist. It would be greatly appreciated.

1. Go to www.craigslist.com
2. Select U.S. city (e.g. Detroit) where you live.
3. On the left side navigation menu there is Post to Classifieds, My Account & Help, FAQ, Abuse, Legal. Select My Account.
4. You will be taken to My Account login page, since you don't already have a preexisting account, you're going to click on Click here to sign up.
5. Create your account using you preferred email where you want any response to your ads to be forwarded to. You will also create a password.
6. Now to post an Ad, select which category e.g. (real estate services)you want to post under. You will be ask for verification code to be sent to your cell phone via text msg or call to verify your account before you're allowed to create your ad to posted.
7. Enter the verification code.
8. After that you will be allowed to create your post in the text boxes similar to how you create your comments for posting here on DG. You can either select have your personal information displayed or anonymously.
9. Preview &/or edit any misspelling before you click post. Click post if you're satisfied with how your Ad looks.
10. You will get a confirmation email to you delivery email address stating that your Ad will be posted in 15 minutes.
11. Lastly, you can go back into your craigslist account to either extend your preexisting Ads, delete old ads or post new Ads, and track which Ads are about to expire.

HTH

I am just at the beginning of all this. The information on this post has been so helpful. Now to take action! Watch out world here we come!

Thanks everybody! I don't know if you realize how much you have helped me today, and I'm sure many others.

Thanks Again,

Janet