Assignment Fees vs. Double Closings - How to Flip or Wholesale Houses - Assignment of Contracts

[PsionNinja]

I like the idea of contract assignment to do a deal. But I want to protect my interest by having a "agreement for future assignment" contract but I can't find any online. I've heard of assignment agreements that have the deposit, closing date, and clauses for both parties to perform their end of the agreement. That is what I need.

Can you point me in the right direction?

[TeachMeFlipping]

@PsionNinja I actually use two purchase and sales agreements, i promote a price and not an assignment fee even though that's how i will get paid.... If you promote a price then the buyer will negotiate the price and not your fee, which means they won't know what you're making until closing in most cases

[rahshawn7]

Very well put my brother! keep up the good deeds. This is a very important point that doesn't need to be overlooked.

[TeachMeFlipping]

@rahshawn7 thanks

[tusrez]

thanks i didnt know that..

[dznutts50]

I assigned a contract a couple yrs ago and both the seller and buyer were in the same room when the settlement took place. That was a little uncomfortable. because I thought the seller and buyer would be seperated. The buyer were okay with it because they knew it was an assignment, but the seller was not sure what was going on and looking at me strange.

[dznutts50]

I told the seller in the beginning my intentions were to buy, but if I could sell it I would. The seller felt he could have listed with a agent instead of me making a fee of $3000. When you go to settlement are all parties in the same room at the same time? Please elaborate and thanks in advance.

[RRap218]

This video was informative thanks alot Ty.

[TeachMeFlipping]

@RRap218 Hope it helps

[LoveTheGame24]

Video content is great. My only suggestion is to ask that you not chew gum when presenting, because you can see it and it impacts your speaking rhythm.

[TeachMeFlipping]

lol, i will definitely not chew gum in the future.... as you can see i'm just a regular "ole meat head"

[joepbeats]

Thanks Tryone. I know that alot of title companies will try to act snobby about assigns and tell you that it's illegal. What do you think about all that?

[TeachMeFlipping]

Keep it simple and let your buyer's folks handle everything when you start out. It's easier to explain what needs to be done once a deal is in place and you can reference someone that they have done biz with. From there, you will build a relationship with them for future deals.

[lilyfrmla2]

I called my local title company and asked them for a REO Listings in my area. She flat out told me to get that info. frm my realtor they dont provide that info. My question to you Tyrone is should I call her back and ask her if they perform double closing/or Assignment of Contract?

[TeachMeFlipping]

yes you can but if they have never done either be prepared for a ridiculous answer, as i explained in this video the title company had never done an assignment until i came along

[jrnyc111]

mr taylor how do you generate your hud1? do you present one two your sellers lender and then another one to your buyers? please explain.

[TeachMeFlipping]

the title company or attorney produces the hud1 for the closing, the only time 2 hud1's are needed is with a double closing

[Xabbo718]

Five stars for the flipman