Needing Help With ------

if you're coming up against roadblocks in your state, go where there are less

That should give you a big warning. Go where you can pick the fruit from low hanging branches. Las Vegas might be a good place to start...Jan

I agree, I was going to say it's time to move.If you do buy in Vegas and you do it wright you market it to the tourist on weekly rates and make big cash. There is no season there,tourist come 365 days a year, and what ever you charge will be a fraction of the hotel cost.I seen the big houses going for peanuts. And when families go for vacation they have to get 2 or 3 rooms. My wife and I went three years ago for her birthday,her brother and sister and their spouses came up from Ca. her best friend and spouse from OH. We stayed 5 days it cost us a fortune. I could have bought a house here.

While moving is a great idea to fix the problem, as is buying in other locations, a more cost efficient method may be to "lock up" the property in an LLC. Then, instead of assigning the contract, you can just sell the ownership interest in the LLC. Accomplishes the same end result but does not violate any realty laws. Costs a little more money but beats spending time in court.

Bill's suggestion makes loads of sense...saves you the hefty attorney fees and solves the fraud issue at the same time.

BTW; being that you are from Oregon, I couldn't resist this...Go AUBURN and WAR EAGLE!!! Can't wait for the big game. Should be a great one!

I have heard of states like that . I was wondering if someone knows of a list of state that require one to be a licensed agent or broker only for RE transactions and where to obtain that list ?

This is interesting. I have a sister who lives in Oregon in North Bend. She put me in touch with a FSBO and also a house in foreclosure with a Realtor.
The house with the Realtor already had an offer, but she was still willing to work with me as an investor. We did talk a bit about investing, but did not mention the assignment offers. But why couldn't a double closing be done. She also knew that I looked for properties for other investors and gave me her website. Now I am going to call her tomorrow and ask more questions.
The FSBO is a woman who is in debt for more than the house is worth. So did not continue with her. As she was kind of talking in circles about it, so had too many red flags with her.
My sister said one of the towns near by was starting a new company and bringing in about 300 jobs if all plans go through.
So I will do some checking too, but any more info, I would like to know about.
Thanks
Sandi

I will be contacting the Realtor I have spoken with a few months back.
Was it just assignments you were told they couldn't do. My Realtor did know that I wanted to also bird dog.
Do you have one atty you work with? I really was interested in working with my sister in Oregon but just feel a bit more cautious. Is there anything I could ask the agent when I talk with her again that I may be missing to avoid legal problems? I asked my sis to get me a name of a RE atty that I could ask questions to.
Any advice as I ask these people more questions.
I am glad you brought this up, as I didn't think of these problems.
Sandi

Look at this post/comment as it is of the same type:

http://www.deangraziosi.com/real-estate-forums/contracts-and-offers/6825...

Hi ! Sandi / Aaron . I can not speak for Oregon . But if your people could provide you with a list of states that are being that way would be a big help to ALL of us . Don't put yourself in the "hot seat" trying to get it though ! This is not the first time I've run across this question/problem . Unofficial advice for now is to keep your Realtor thinking you are the direct buyer . Yes , watch your step until you know . None of the laws are going to stop you from OWNING a property or more than one . You are considered a normal buyer/homeowner that way . That , the attorney I HAD did make that perfectly clear , while she was escorting me to the door for dwelling on flipping/immediately reassigning , saying that is potentially legal trouble and she wanted no part of it . Bill is correct about using the LLC method as you are liquidating assets and some others have given plans of double and triple paperwork like in Texas which was brought up in another forum . LOTS more paperwork , cost and time . A lot too depends on the "licensed" people you are working with , some will make it look right , some won't and say goodbye or worse .

I suggest having pepper spray handy when working oregon. Real Estate agents hate anyone messing with them. I know of a company that works with low income folks to place in housing. A real estate agent nearly attacked him for selling houses for so cheap. It's a crazy world out there. I would suggest a high priced powerful attorney. Worth it.

This sure made me "alert" over working in Oregon, not sure if I want to try it.
Glad this all came up and I did not get a chance to ask the agent I had been in contact with.
Are there other states that do this, as I have family in Seattle, Wa., should I stay out of that area?
I want to move west eventually and looked at land in Laramie,Wy, but my brother and sister keep wanting me to move out by them and do the investing. Need to know more before that happens.
Thanks everyone that added to this, and brought it to our attention. And reminding me to know more about being an investor in other areas.
Sandi
(liked your comment about pepper spray!)

For an attorney to run about the prospect of quick flips is quite amazing and scary!

Now, I am no lawyer, so I am no authority, but I do know that assignment of contract came from British law (and for Louisiana, falls under French law, but assignment is still legal) and has been around since the beginning of our country and was, at one time at least, legal in all 50 states. The whole premise behind assigning a contract is if you are not able to complete your contract, you can assign it to someone else who is able to. It is not only for RE; any type of contract can be assigned in states that still recognize the old English law as valid. Have you tried talking to an attorney that is NOT a RE attorney; one who specializes in contract law maybe?

Thanks for letting us know of the craziness that is in OR. And I thought CA was bad!

That is truly hilarious Made my day, thanks

I thought that I should get involved in this one because I also live in Oregon and have been told by Agents some of the same things. To this point all that I have done is fix and flip or fix and Rent. We are currently growing our business to hopefully figure out how to make many of Dean's creative techniques work in this State/Region of the US. I do want to also advise that I am new to these techniques, but know from going to some of the local REI meetings that people are doing Assignments, Options, Lease Options, etc. in the Portland area. In my opinion we just need to figure out the details required by State Law when doing these types of deals. An example that I have heard is that we can do double close deals, they just have to happen over a few days (Thurs-Mon) and they have to be full disclosure to all parties.

So, here is my theory on figuring out how to deal with the Oregon legalities. First of all if you are local, there is a group that meets in Portland once a month to discuss legal issues and foreclosures as part of the North West REIA group. I will be attending this meeting at the end of the month. These people are a very cool and open group and people are assigning deals daily on their blog.

Secondly, I feel that the best way to ensure we remain within the State Laws is through networking and getting together to have issues reviewed by Oregon Lawyers. I know that financially working together to become educated on this is going to be much more reasonable than if we each pay for it separately. I will have all contracts approved by a lawyer if done in this State.

So, add your input to this Post and lets start learning from each other and together. The deals are here and so are the investors. We just have to figure out how to deal with the system.

Also, please, whatever you do don't let a RE Agent push you around, it sounds to be a common theory in the Willamette Valley and probably the rest of the U.S. There are great agents out there that fully understand investors and need the business.

If you are in Oregon Post it up.

My name is Arthur and i live in vegas, on your original post it was hard to tell exactly what you are looking for. If you need help finding deals in NV let me know.