Assigning contracts, if done in the correct way, i.e. you had the original intent to go through with the purchase, but as you did your due diligence, certain things sprang up that discouraged your interest, and then you had someone who is interested even though you’re not, assigning is a great and legal exit strategy.
Step 2: Explain Your Intent & Get the Contract Signed Coming up with an estimated resale price
Great read, Irving, TX (6) Gonçalo Moreira October 14, 2013 at 2:34 pm Irving, TX 75038 2M ago38:53 Full Screen
Tweet on Twitter Real estate wholesaling is really very simple. It means contracting to buy properties at a discount, and reselling them for a profit. Once you have both the Assignment Agreement and the funds required for your deposit, you'll need to deliver the following documentation to your Closing Agent (i.e. – Title Company or Closing Attorney):
Sean on Facebook… As a wholesaler, you must take the title to the home or sell your interest in the home. You cannot bring a buyer and seller together and take a commission or any other type of fee. This would be considered brokering a real estate deal and you must have a license to do this. It is against the law to practice real estate without a license. It is also illegal in most states for a real estate agent to pay a referral fee to someone who does not have a license. You can send a lead to a real estate agent who then lists and sells the house, but you cannot be paid a percentage of the sale on that lead. There are some possibilities for being paid on a per lead basis.
Joey Arellano on June 24, 2017 11:05 am Place yourself in the buyers shoes: If I know you’re a wholesaler why not give you my purchase criteria vs having you send me potential deals that do not fit what I’m looking for?
Kansas City, KS (15) He pays the bank about €2,450 per month. Less than 25% of that is interest.
Once you’ve got leads coming in, it’s time to sift through your options and narrow down which properties you’ll make offers on. (And which you’ll avoid like the plague.) It gets to a point that there just aren’t enough hours in the day. That’s why you need a real estate wholesaler system to help you prequalify properties that are worth pursuing. Believe it or not, not every property is worth your time. The last thing you want to do is waste time on a property that won’t help your bottom line when there are others with plenty of potential just around the proverbial corner.
Excl. postage Carl Dean: Wholesaler to Turnkey Provider of the Year to Multi-Family Investor35:46
This is a great guide for people needing to understand wholesaling and if it’s what they need to do, or people who are wanting to get started in wholesaling. Thanks so much for sharing!
5.0 out of 5 starsReal estate wholesaling bible @JAMES NEWPORT @BRANDON TURNER Submit Your Comment Share Facebook Twitter Pinterest