September 12, 2017 at 8:06 pm I normally really like Brett’s articles. I found myself becoming annoyed while reading this one. He appears to be promoting buying and reselling as the method of choice when closing. However not everyone can afford to buy and resell. So assigning or double closing means I’m not striving to build a legitimate business and reputation? And then I’m a “wannabe-savvy” wholesaler that “forgets that success takes a lot of hard work”? Really? I guess I should just “slither” back into a dark ally, where I normally do business, because I can’t afford to buy and resell a house? Assignment of contracts is illegal?! So I’m a criminal too?? You should have a real estate team set up to assist your business so first you’ll want to contact your realtor who is a vital member of your team. Your realtor will be able to analyze the sales comps in the area to see what prices similar houses in good condition sold for. They’ll be able to tell you the comparable price per square foot of similar houses as well as the low and high comps. When you go to make an offer to the seller you will want to use the lowest comp in the neighborhood. Ideas to Attract Clients Online What To Say When You Talk To Yourself Travis says: June 2016 (4) PRODUCTS 64.) Real Estate Marketer – A real estate marketer works with investors to find leads. From online PPC marketing to bandit signs and more, a marketer can be a valuable part of an investment team. My Favorite Blogs & Podcasts Short-term for me is a 2, 3, 4, or 5-year holding strategy. I’m not trying to hold a home for 30 years. Why? Because if I buy a home, I’m gonna start accumulating some repairs, refurb repairs after 5, 6, or 7 years; so I like to hold it short-term. Check out all courses Marcus Maloney on August 24, 2016 1:29 pm Thank you. The most important real estate wholesale contract is the assignment contract because it states the assignment of ownership rights of the property to someone else without actually passing the ownership of the property from the seller to the wholesaler. When working on a wholesale contract, it is important that all the essential parts of an assignment contract are present.  The seller and the buyer can also add their own stipulations and terms to the contract, but these are the most necessary components to ensure completeness of the details of the contract. Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required. Excellent article Brett! I wish this type of advice was around 10 years ago when I tried assigning contracts..You’re correct, many people are doing it illegally, it’s not easy and it’s not a viable way to have steady cash flow.. How To Find Equity – Uncover Hidden Real Estate Deals Thelma Green on October 30, 2017 7:05 am For this article and all the references. I am a newbie trying to lay a foundation of knowledge in wholesaling and this gives me a lot of material for it. For obvious reasons, it’s absolutely imperative that you collect all of the information on the seller if you intend to be a great wholesale real estate investor. In doing so, you will make facilitating future interactions a little easier, which can’t be underestimated. Remember, those in financial distress won’t always be easy to talk to — or even willing — so the more lines of communication you have, the better. Be sure to collect the following: Giddeup! Properties Justin hernandez on October 5, 2017 11:27 am The Real Estate Wholesaling Bible: The Fastest, Easiest Way to Get Started in Real Estate Investing Kindle Edition 33:08 high degree of enhancement such as development, raw land, distressed sellers, operational problems, high vacancy etc. Back to the Drawing Board… matthew rostosky on November 26, 2017 3:17 pm A) with equity, MAO = $110,000 – $20,000 – $30,000 – 15,000 – $5,000. How To Get People To Like You – Oracle, Warrior, Healer, Visionary Personality Types Alexa Mason is a freelance writer and wanna be internet entrepreneur. She is also a newly single mom to two beautiful little girls. She chronicles her journey as a single mom trying to make it big at www.singlemomsincome.com. Cash Buyer Ninja Back 9 Ted C. | December 24, 2017 at 10:18 pm MST Financial Samurai 2:03 In a lot of cases, the process worked perfectly. Using this strategy, I was able to buy a lot of properties and sell them relatively quickly for a pretty substantial profit. By going through these motions, I was able to squeeze a lot of free equity out of each property. In the best case scenario, I could move through the entire process in just a few weeks. If you are not a wholesaler, there is no need for you to deduct the wholesale profit. In MAO, the landlords and rehabbers do the property analysis with an intention to purchase distressed properties at 70% of the actual value, which means 30% for a house if it is in a perfect condition. This discount gives a rehabber a margin of fixing and flipping and gives the rental property investor has a chance to get a positive cash flow. 3. Contract for Option says you need to complete the lease to get the option. Mobile & Manufactured Homes Focused Buying short sales is hard work. But you can outsource some of that drudgery by hiring the right real estate brokers who specialize in this field. It’s well worth the effort to find great people for your team before you take the field. Invest in Rental Real Estate The age old question remains if the licensed Realtor benefits limit or benefit someone wanting to solely be an investor. Volume Search by typing & pressing enter Check out the video listed above and let me know your thoughts. January 5, 2018 12:58 pm One Comment Dave Brown John Marion explains how assignment of contract works YouTube video I just attended a 3 day real estate seminar over the weekend & learned about whole saling for the first time. It blew my mind. I am now looking for a mentor/coach. If you or anyone you know can help me please let me know. I am very dedicated to learning this business & will to put in the work. Thanks. Share This Great question Bob. Did you ever an answer on this? Houston Chronicle Archives Step 3: Finding a Buyer YouTube Channel ms koko on April 8, 2014 at 8:07 pm z Trending I read some of your articles including the one about newbies. However, I am still stuck. I don`t really know where to start from. Do I just get the all the papers and begin looking for a property? You are talking a lot about taking actions and getting necessary experience, but how to feel this edge where I can say I am ready to start? It is still unclear to me. Maybe you could refer me to some more material such as articles. Thank you. Disclosure Category: Guest Post, Real Estate Investing Very Well Put Dan Latasha Jenkins on September 16, 2016 1:54 am Tips I now consider the individual that brought me that assigned contract one of my best investments…and worth every penny of the wholesale mark up. by Cody Sperber Tutorial: Exploring Real Estate Investments May 6, 2018 88 About Attorney Brian Pendergraft Testinside 162 views Tracking market inventory (number of houses officially listed for sale) This is how Jim determined that $40,000 was the right price to pay. Celine Crotty May 22, 2015 Chel Woong Kim, Head of Investment Strategy (2009-present) Hey Matt! Yes, I have done this kind of thing in-house before, but honestly, it’s a big logistical challenge (even for a simple deal, with cash, where everyone was in the same county). It requires a bit of “trust” on everyone’s part, which isn’t necessarily the best way to run a real estate closing, and it’s a lot more stress than I like to deal with – so even though it’s possible, I don’t typically recommend this. John Souerbry, works at Real Estate Can I become a property manager or a residential manager without a degree, although Im working on getting one in the future, I already collect rent for a few units, deal with leases and property issues, I have been asked by several property owners now if I could do it for them and I do want to pursue this and make more money. My boyfriend is a contractor and he completes all the job duties and I am the money and paper work. I just want to move ahead. any ideas?? Yes this is all new to me. Clayton grew up in such a family and it took him a long time to lose that fear. He’s come a long way. He plans to eventually own 300 properties and a goal for 2016 is to buy two a month! 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