Dave has been active in real estate full time since 2002 and has combined his passion for internet marketing and SEO with real estate investing to create a highly successful and profitable real estate investing business.
Real Estate Agent Licensing Requirements Say you buy a house with a large section for $1M, demolish it and put 6 smaller houses on which you earn $200k after costs each. You’ve just made $200k in a few months work. Or more modestly… buy a house with a large section, subdivide so you can build on the section, tidy up the original house and resell it, build on the section and sell that house too.
How Banks Really Work Guide SHARE Volume & Scale By the time I got to this point with one of my properties, it had become clear that if I could do it all over again, I wouldn’t have sunk my own money into this property. It would have been far better for me to simply assign the Purchase Agreement (if I even could) rather than buying it outright. As you can imagine, if there’s ever something wrong with a property – it’s better for this problem to be in the Seller’s lap than mine.
Should you build a buyers list first or after getting a deal? With simultaneous and double closings, you don’t use the assignment of contract form as you are not assigning your contract (the agreement you signed to purchase the house from the homeowner seller). Instead, you sign another purchase agreement with your end-buyer with you as the seller. You don’t own the house but do have a vested interest in it and so can sign to sell the house as the new seller (of course, if your closing with the original seller doesn’t happen, you won’t be able to close the second transaction because you will not own the house).
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At this stage, the homeowner/borrower still has numerous options. Gain access to pre-foreclosures and reach out to them in professional and appropriate manner through direct mail, phone calls, or even knocking on the door. While every homeowner’s story and situation is different, you’ll find many are in a position where they want to or have to sell.
TIP: Buy properties near each other; it’ll make management easier. Real Estate Investing Resources Steve Davis 7M ago45:58
May 11, 2018 6 Awesome article and thank you for taking the time to write and share this valuable information. I was left with one clarifying question: You mentioned knowing the profit your end buyer ideally wants to make. Is it safe to assume as you are finding cash buyers for your list you are simply asking each one what their desired profit is on every deal or minimum expected profit before they would consider it worth their time? In my head I assumed more profit the better so I never thought before reading this article that a number was needed. I hope I’m not complicating a simple thing. If there is a link already established that expounds on veting buyers for your list and questions that should be asked please share. Thanks Brandon and the readers of my post.
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It was about this time that I started exploring the idea of assigning contracts (i.e. – wholesaling, arbitrage, etc.). Rather than signing a purchase agreement and buying each property outright, there was an ingenious way of signing a purchase agreement and then selling that contract to another investor so that THEY could buy it outright – with me just acting as a middle man in the deal.
I am blessed to be surrounded by a lot of ethical real estate investors who taught me that these are the right things to do. Be honest upfront and keep the contract period short.
October 4, 2016 Join our fan page! “‘Broker’ means a person who, for another, and for a compensation or valuable consideration directly or indirectly paid or promised, expressly or impliedly, or with an intent to collect or receive a compensation or valuable consideration therefore, appraises, auctions, sells, exchanges, buys, rents, or offers, attempts or agrees to appraise, auction, or negotiate the sale, exchange, purchase, or rental of business enterprises or business opportunities or any real property or any interest in or concerning the same.” (source)
The buyer agrees to the assignment fee and you have a one page form called an assignment of contract form (use an attorney to draw up this form) which states that you are giving up all rights to purchase this property and that you are assigning this property and all rights to this property in exchange for an assignment fee of $5,000.
For more specific information on finding preforeclosure properties in your area email me at email@example.com
If you cannot afford to invest in real estate on your own, crowdfunding is the best way to make money for you. In a nutshell, this real estate strategy capitalizes on investing in common property with other shareholders. You, among many other partners will come together to finance a business venture i.e. buy real estate. The good thing about it is you pay so little, but ultimately you are not the sole shareholder of this investment strategy. Most importantly, crowdfunding investment strategy is the epitome of risk diversification and one of the best ways to make money right now.
Flipping Junkie 45:58 Facebook groups can tell you about local real estate events. Search for real estate groups in your area and get involved!
kim solari on December 7, 2015 8:32 pm 8787 Branch Ave #245 S M T W T F S Open House Welcome Signs brandon whitsy on November 8, 2017 12:01 pm
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Financing contingency: Outlines the financial terms or if paying by cash. Pete Garcia on October 9, 2015 11:17 am Realtor.com Veterans Home Buying Guide
What about seller is no urgency but called to sell about market price. What to say to seller that time. You know I give advertising saying “I buy houses” Should I say to seller no thanks I’m only interesting if you want to sell desperately. I’m curious about how manage other than urgency seller. In the meanwhile thanks for article.
I will show you how i make $800 a day from Youtube and Blogger for free! j Thank you so much. I can see that will be so helpful.
Your approximate profit is really pretty good, as it will be around23,000+/- after your closing and other costs on your purchase and after the transaction lender takes their fees.
Fixing and Flipping Inner Circle 2+ y ago2+ y ago Podcast To find buyers, start building a list. Ask other investors, rehabbers, or landlords if they are looking for properties. If they are, put their names in your database. You can also run classified ads and find potential buyers through the newspaper. Real estate agents also know rehabbers, as do people at your local real estate association. Then, when you get a wholesale deal under contract, you can send out an email or a flyer. Send the email to your list of potential buyers. Take the flyer to your real estate association and pass it out. Tell them it’s first come, first serve. This will create a sense of urgency.
A few days after my dad gave me the check, he knew I was scared and doing everything I could to find a job and fast. He had been investing in Real Estate on the side for several years, and told me he thought I may be good at it. Seeing as how I had no job prospects, I decided to listen to some of his CD’s and read a couple of his books. The one thing I remember from everything I heard and read was how easy the instructors made Real Estate investing out to be. Work 10 hours a week and make six figures a year! This was the promise they made, and I jumped in head first.
Anyone know where I can find a Commercial purchase contract please? I’ve searched everywhere
FortuneBuilders on Facebook Housing Trends Read Now: Beginner Real Estate Investor Guide: How to Get Money for Investment Property I suggest finding properties that dont need big deposits. Unless, you can afford it, its a a big risk to a beginning investor.
It’s also worth noting that some states (like Ohio, for instance) have laws and statutes that essentially make it illegal to market a property you don’t own in your name. It’s considered to be the “brokering of real estate” – and if you don’t have a real estate license in that state, you could get fined and/or charged with a misdemeanor for working outside of this box.
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