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

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Category:

Education

Tags:

• Assinging Contracts
• wholesaling
• how to wholesale houses
• Michael Jake
• localmentor
• flipping houses

[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"

[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.

[imyourlinkdotcom]

This is a good watch

[showem88]

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

[Ibuysellinvest]

GREAT JOB