Assinging Contracts - How to Wholesale - Real Estate Investing Training Video

[Ednyce81]

now what happens if you cant find a buyer ?

[localmentor]

@Ednyce81 see michaeljake d o t c o m for a video on how to build a buyers list, but any contingency in your contract will allow you out of the deal - like "inspection" or "subject to partner approval"

[imyourlinkdotcom]

This is a good watch

[showem88]

Great channel! I just had to stop and leave a comment

[Ibuysellinvest]

GREAT JOB 

[HJosephD]

As the owner as per the "get the deed",why is it necessary to assign the contract to another purchaser?

[localmentor]

@HJosephD - this video is about assigning wholesale deals. If you want to "assign" a contract to buy subject to the existing financing ("get the deed") you could do an assignment like any other, HOWEVER, I feel you should disclose that you are letting someone else step in and be VERY CLEAR about it.  DISCLOSE! I would also have a contract that very specifically removes you of liability should your buyer default for any reason.

Consider doing a "wrap" transaction - to protect everyone

[ske07]

Hi Michael,

Great material here. I am actually based in the UK and am just starting up in the property wholesaling business over here.

Just a quick question; Upon signing the Buying and Selling agreement with the seller how long do you have to assign the contract to one of your investors? and if worst comes to worst and you cannot assign the contract what would happen (bearing in mind buying the house myself would not be an option), is there some type of get out clause etc etc?

Thanks

[localmentor]

@ske07 - I usually try to close the whole deal in 7-14 days - with REO's it takes the selling lender about 3 weeks to close. best exit clause is an inspection clause without a date - means you can get out up to the last minute. Go thru my vid on the 8 steps to wholesaling. Buyers First! if you know your buyers criteria going into the deal you'll already have signed up a deal your buyer wants.

[RLJ93727]

Great real estate investing advice #UN#

[treada1583]

GREATjob micheal,good info,trent

[RichJinPA]

Hi Michael. Great Video. When the buyer and you sign the Assignment Document does it have to be Notarized? Also, Is it a MUST that the seller also signs this? If so does the seller ever get upset seeing how much you will make? Look forward to hearing from you. Thank you

[localmentor]

@RichJinPA - I don't notarize my assignment form. My form does not need to be signed by the seller since my purchase and sale agreement is assignable. I did have one title agent ask for a signed (by seller) assignment form - I got her to agree to have a separate form without the assignment fee.

The seller never really sees my fee, they really only care about the deal closing and them getting what they were promised.

[RichJinPA]

@localmentor Thank you Michael. That's a great help.  I'm trying to initially get into the business by assigning my contracts until I can accumulate some money (unemployed right now). This way if I try other techniques (Sub2, L/O..) I have something for those "just in case" moments. Thank you, again.

[sen1twin]

Hey Michael, how are you? When assigning your contract to the buyer, do you also give them a copy of the purchase contract between you and the seller?

[localmentor]

@sen1twin - yes, the buyer is "buying" that contract

[walisantana]

Hi Mike is Walis Santana again,is about the question for the contract,that I need,I'm steel confused,because the closing company give me a contract for Purchase a home,and I'm not sure if a can use that contract,I have one that is simple is just one page that I got it from someone on the Internet and it said and or assig,other question that I have is do I need any kind of license to make business cards?Thanks Mike for your help I apreciate

[peachtree05]

after you have the seller signs the contract do you submit the contract to the title company? and then when you have your buyer sign the contract do you submit that contract to the title company too? and do YOU pull title to look for any encumbrnces, or do you let the buyer do that?

[localmentor]

"Hi, My name is Michael..." I'm not only a wholesaler, but thinking others would be turned off by that fact is a self limiting comment. Never heard that before in real life. Many that find out I wholesale deals are eager to get on my list.

"whatever you are, be a good one" (think that's from Lincoln)

[space10]

As a wholesaler how do you introduce yourself to other investors? I've heard of certain investors being turned off by the notion of wholesaling because they feel that they can find these deals themselves. Do you flat out state that you are a wholesaler or do you use some other term?