assigning the deals

Can you give a little more detail on what you guys agreed on? Are you looking for deals for him for a fee? If so then how will you get paid? I am asking so we can help YOU not get burned and make sure you are protected.

I called him up and asked if he is an invester and he said yes I ask if I fund him deals would he be willing to pay an assaingment fee he said sore I asked him how much he pays he said he don't know he never don it before. So I tolled him if I find a good deal can I call him back and he said yes so Anita please let me know your toughts. And thanks I really need to make money now because I am in a situation I hate to be in I need a get out of it ASAP. Plus I contakted an ed that said theu overing a free Forclosure workshope and I called them as well it is held in Realstate office today so I'm planing on going gether some info and meet with some Realtors. That should be fun I'm a shy person but working on it geting beter at it too. Thanks again. Lilie

it should help

http://www.deangraziosi.com/node/3783

i did exactly what you are doing, so your on the right track!, BUT you can't just get one contact and stop calling, you need to call multiple investors, you need a BUYING TEAM, of @ 6-10 contacts or more, cause you can't just depend on one person and expect him to take all you RE-ASSIGNS, remember the reason for getting all these contacts is, so that when one investor says "no", you go to the next, SULLY.

I am trying to do what your doing with assigning contracts. I am having trouble finding an investor. I looked in the paper and could not find any "We Buy Houses" ads or anything thing else that had to do with an investor seeking houses. I emailed some sites like, http://www.willbuytoday.com/ , I am still waiting for them to contact me, to see if they work on assigning contracts, in addition to just buying houses from homeowners. Where else can I find investors that are willing to do deals with assigning contracts. Also should I find a seller first, or an investor that will work with assigning. I think it is smarter to find the investor first. Also are you telling the homeowner that you plan on assigning the home over to another buyer ? I pretty much know how the rest of the wholesaling process works. Please help, anyone.

I was wondering if there is an example letter somewhere that we can send to an owner of a house, when enquiring about a property and no phone number is available. Is there an example letter to let an owner know you are interested in their property?

if you can't find any contacts(investors) in the paper, don't get stuck on that, so what,keep looking for properties(pre-foreclosures,foreclosures,REO), then once you LOCK UP a property, MARKET your deal like crazy, and just make sure you have some OUTS in the contract(clauses), YOUR HERO, SULLY.

Way to go Lilie,
do like Sully says and call lots of them, so you're building your database of investors to call. Anita will help you with all the jargin, she's savey about all that stuff and much more...
Bossman,
have you tried craigslist and backpage.com? I see we buy houses ads all the time, not just the paper, also try the yellowpages or dexonline. Are there little papers like the shopper, dandy dime, pennysaver, ones like that? Lots of them put ads in there because it's cheaper than the newspaper.
clintintish01,
Here is an example of a postcard I use:
-------------------------------------------------------------------
Hello,

My name is _______. My husband and I were in your neighborhood looking for a house to buy. We noticed that your house on ____________________________________________________________
Was vacant and we would like to buy your house.

Please call us at: xxx –xxxx or email us: webuyhouses24_7@**** for an immediate cash offer.

Thanks,
Elena

P. S. If I don’t hear from you I will assume you aren’t interested in selling your house.
-----------------------------------------------------
Of course, you fill in the blanks and viola, it's short and simple! I would send a series of three every couple of weeks.
Hope this helps everyone,
Elena ;D

I did contact a couple of other people from the paper there was a free workshop on Forclosure so I contacted them too. so I'm going to the workshop to locate more investors and learn something. You don;t just look for buy homes look for the REI groops there is a lot that are free or you pay $ 10-15 to be on and there you can meet a lot of investors as for the rest I did not got that far yet but I belive you don't have to tell them what you doing or you can do the dobble closing.

Thanks SULLY and ELena

We are family, yaee now, I got superstars with me.... Sing it now!
Elena ;D

Call realtors for one also once you start looking at houses you would be suprised to see how many of them are actually owned by investors. Also you need to check your area for investor workshops,seminars,investor groups.Go to the county court house when they are having auctions and tax sell offs. All great places to start.

If you have a few dollors run what is called a blind ad!

It should go like this

Handy Man Special 3/2 rancher!
Cheap! Cash deal
your number!

Have your note pad and pen ready!

the first people that call they are probuably going to be the ones that are serious and looking for properties.
Do you have a 3/2 rancher ,no but thats not the point. this is building your buyers list. Got it!

when they call tell them you already sold it but you get these deals all the time.

Ask them what type of homes are they looking for and what is there cash flow.

Now you start building your buyers and investors.

If you cant find any investors then you find them.. You can do it just go and do it.

And as far as having a buyer in place that is ideal but if you dont make sure you have a good escape clause in your purchase contract and you need to get as long as you can for closing. Shoot for the stars at 120 days!

Keep up the effort.

One more thing I hope you are locking up these properties in escroe!

Well hello everyone I went today to that free workshop what do you think I got out of it I meet a Realtor actuly there was quiet a few of them but these one was from my area so I took her card and going to have a talk with her but the best part was there where like 10 real estate investors just the tipe we need and ther is an auction tomorrow I will go to I'm sure I can make some contact. Bossman hope I give you some idias where to look. Lilie

Elijah,
great post, I've used ads similar to that to build my database, before my previous laptop was stolen, now I've gotta do it all over again. But onward and upward, full speed ahead! Besides, no use crying over spilled milk.
Lilie,
Good work, get cards from everyone you meet! Remember to also bring plenty of your own business cards so you can give them to everyone you meet too. Let us know how the auction goes!

cAN YOU GIVE US AN EXAMPLE OF A PURCHASE CONTRACT withe escape clauses in it we san use for assigning a deal. Thanks

Thats an excellent question. I would like to see that also.

Hey guys,

Welcome to the DG family. You wanna definitely check out the Forms/Docs section to the left under Student Resources and feel free to download the appropriate documents you need.

However i do believe there is a post somewhere in the forums made by one of our Senior Members. I will look around for it and let you guys know.

Take Care and God Bless

David

Hey guys,

Back again here... With a little search i think i found a good topic source for you guys.....

Assigning a Deal
http://www.deangraziosi.com/node/42

Hope that helps......

Good Luck,

thank you so much for responding. I really appreciate your help. I did read all the responses to the post you suggested. I actually read that same post before. That particular discussion was totally AWESOME!

However, I wanted to see a completed sample Purchase Contract that I can actually look at with my eyes that I could see where the exit clauses are placed on the actual Purchase Contract. I do know that the exit clauses need to be there but the actual wording and the place where each clause should go on the Purchase Contract is what I want to see with my own eyes. Everyone on that discussion was dead on with the names of the exit clauses and what needs to be in the Purchase Contract but I want to see a completed sample copy of a Purchase Contract with the exit clauses put in the contract by a wholesaler.

I did check the Forms and Docs under Student Resources on the left margin and I looked through the Purchase Agreement that is there but I did not see the exit clauses in the agreement that everyone's talking about. I would like to see a sample of a completed Purchase Agreement with those clauses in place in addition to the and/or assign by the buyers name. I know everyone is saying and/or assign goes next to your name, and I don't want to be redundant about the and/or assign issue, but this is SOOOOOOOO VERY IMPORTANT! Do you sign (in your hand writing) and type the and/or assign next to your name as in this example:

Your signature, and/or assign (this entire line is in your hand writing on the blank line)
Your name, and/or assign (this entire line is typed under the handwritten line)

Now, getting the answers to those questions would get me more FIRED UP than I am right now! WOOOOOOOOOOOOOOO! LOL

Hey, when I do my first wholesale deal, I'll post a completed sample copy to the forum for all the other newbie's and investors who want to do wholesaling but who are also struggling with these same issues. I AM FIRED UP! YEEAH!!!

LOL. Your enthusiasm is just awesome!! Glad you're here.
David, thank you for finding that great link. I think Anita or Elena gave a link for someone to see a completed contract. I will look for that, fmm608. In the meantime, yes, you literally (in your handwriting) sign (i/e) "fmm608 and/or assigns" in every place your realtor would have you sign on a purchase agreement.

I'll be back to add that other link if I find it.

Best wishes with your REI.

Rina

Thank you soooooooooo very much Rina. I'm glad you're here too.

You know, I also wondered about the and/or assign for every place on the contract that the real estate agent would ask me to sign, but I didn't want to ask. But you have answered that question too. You totally ROCK!!! Its the small things like these that are extremely important to newbies, especially someone like me who has not done their first deal yet. To the experienced REI, this is a no brainer. I'm not there yet, but I'm ON MY WAY!!! YEEAH!!!

I will keep checking back for the link you mentioned that was sent by Anita or Elena.

Thanks again, fmm608

I have come back from my long journey through the forums (Whew! lol) and I cannot find a completed assignment contract that I thought existed.
If anyone else finds it, please let me know.

Look under forms & docs for "Assignment of Contract" for one to fill out.

Happy reading, everybody. We're all here to learn from each other!!!!

Rina

I have also been looking for completed purchase and the reassingment contracts. It would help so much to actually see one so we know what infor to put where and where the escape clauses go etc...

1. When the seller signs the assigning contract; do I sign it too? Or do I leave it blank, so that I can assign it to an investor?
2. Will the seller need to sign 2 copies of the contracts? One copy for the “assignor” and one copy for the “assignee”? Or will one contract be suffient?
3. Do I need to get the contract notarized?
4. What “back out” clause should I use to add in the contract? Just in case I can’t find a buyer for the property.
5. How long should my purchase time be 1 month, 3 months or 6 months?
6. Should I be upfront with the seller and tell he or she that I’m just a middle man that can find them a buyer to purchase their property in a certain time frame?
7. How do I obtain a spread sheet on the property?
8. Should I charge the investor a finder’s fee? Or should I just automatically add the extra amount on top of the seller price? (not too much so that the investor can have a nice spread)

hey La Questions, lol, here's your answer to #1: YES, you would sign the contract with the seller and you will sign the contract in the buyer field with "and/or assigns", right after signing your name, SULLY.

P.S. sorry, i don't have that much time to answer all of those questions, if i get some time later, i'll try to answer more, SULLY.

Welcome to the DG family we are so happy to have you here. I will try to continue where Sully left off and answer your questions.
2. The seller signs only 1 contract, the purchase agreement.
3. The contract does NOT need to be notarized but if you want you can.
4. The escape clauses should be in Dean's contract check them both out to see.
5. Put for as much time as you think you'll need to find an assignee. It's all negotiable.
6. Yes, honesty is the best policy.
7. Look in other forums there is a couple in here from previous topics.
8. An assignment is based on you locking up the deal at a good price with a good margin from the market value so you can negotiate a good deal to your end buyer as well.
I hope this answers all your questions. Good luck and God bless!

Assignment of Contracts will always work well if you have a buyers pool in place first. That way, once the contract has been accepted, you can go that evening and call everyone on your list (first come, first serve). For the most part, the sellers are motivated and want to get out of the property asap.
Whenever you negotiate for an Assignment strategy, remember you are not only negotiating for yourself, buy the end buyer as well.

If I locked up a good deal, could I have a realtor try to sell the house at market value? That way I could take the difference and the realtor would take the commission?