| Wouldn't it be nice if you could become a
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| | appraiser, the termite inspector and to a
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| wealthy real estate investor just by
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| | couple of different rehabbers to get bids
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| filling out some paperwork? Well, you
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| | on the work.
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| can! One of my favorite ways to make
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| | They agree.
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| money in real estate is to get a property
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| | I also ask them to sign an assignment
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| under contract and then find another
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| | document which simply states that they
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| buyer before the closing date in the
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| | acknowledge that another person may step
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| contract.
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| | into my shoes and buy the property.
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| In order to do this you have to be able
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| | They agree to that, too, and sign the
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| to fill out a real estate purchase
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| | document.
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| contract (i.e., the paperwork) correctly.
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| | As I leave, I put a For Sale By Owner
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| You won't need a large down payment or
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| | sign in their front yard with my phone
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| good credit to make this work, but you do
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| | number on it.
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| need to be a stickler for details when
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| | Within the hour I get phone calls from
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| you make your offers (i.e., fill out your
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| | other real estate investors who know the
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| real estate contract). Have a real estate
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| | house is on the sheriff's sale list. They
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| attorney review your contract before you
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| | want to view the property and make an
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| get the seller's signature.
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| | offer.
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| Now that there are a lot of foreclosures
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| | The following day I show the house - in
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| on the market, I often get calls from
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| | its deplorable condition - to a couple of
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| families about to lose their home. They
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| | investors who specialize in rehabbing
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| want to sell quickly, but their house
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| | property and putting it back on the
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| needs repairs. In a situation like this,
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| | market.
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| I get the house under contract and then
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| | The nice thing about working with other
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| assign it (that is, sign it over) to
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| | investors and rehabbers is that you don't
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| another investor who is going to do buy
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| | have to clean house first.
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| the property, do the rehab and put the
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| | You don't have to bake cookies for an
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| house back on the market.
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| | open house.You don't have to mow the
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| Let me show you how it works.
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| | lawn. You don't even have to clean the
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| Imagine you're sitting at a kitchen table
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| | bathrooms.
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| in the home of a couple you've just met.
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| | See, investors and rehabbers aren't
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| Their kids are in the backyard playing
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| | looking for a house to live in.
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| with the dog.
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| | They're looking for structural problems.
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| They offer you a glass of iced tea while
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| | They're calculating the cost of paint and
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| you look through their mortgage documents
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| | carpet. Water heater doesn't work? No
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| and verify the amount they owe on their
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| | problem.
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| house.
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| | The only "bad" thing about dealing with
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| "How soon will you be able to move?" you
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| | other investors who want in on your deal
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| ask them.
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| | is that some of them overstate (make that
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| The man and woman look at each other.
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| | "lie about") their ability to close
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| They look at the piles of stuff in the
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| | quickly.
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| living room - everything from stacks of
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| | The guy who can guarantee he can close
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| unopened mail, to dirty laundry, to half
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| | the deal before the date of the sheriff's
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| a dozen used pizza boxes.
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| | sale is your guy.
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| No one has cleaned in months. The odor of
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| | You sign over your rights in the contract
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| sweaty shoes stings your nose and the
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| | to the other investor in the assignment
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| carpet is fuzzy and gray from dust balls.
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| | contract. He becomes the buyer named in
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| Don't even get me started about the
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| | the contract - and you drop out of the
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| bathrooms.
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| | picture.
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| For anyone who works with people facing
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| | Your assignment fee may be $1,000 -
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| foreclosure, this is a common scene.
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| | $3,000, depending on what it's worth to
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| I see it all the time.
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| | the other guy.
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| Something happened here. One of them had
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| | Everything is negotiable, including your
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| a medical emergency and they didn't have
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| | fee and when you get paid.
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| insurance. Or she lost her job. Or he
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| | If you've never assigned a contract to a
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| bought a boat and then had to buy a truck
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| | particular investor before, be sure to
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| to haul it to the lake. They got behind
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| | get your assignment fee (cashier's check
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| financially and before they knew what
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| | or money order) upfront when you assign
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| happened they couldn't make the mortgage
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| | the contract.
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| payments.
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| | However, if you've had a good experience
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| For a couple or three months they really
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| | working with a certain investor before,
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| thought they'd get caught up. But it
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| | you may agree to wait to collect your fee
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| never happened.
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| | until the closing date. It's up to you.
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| So they gave up.
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| | Now that you know how simple it is to
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| Now we're sitting at their kitchen table.
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| | "buy" real estate with no cash and "sell"
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| The sheriff's sale date is just a couple
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| | it before you own it, not having money,
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| of weeks away.
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| | or good credit, or access to financing
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| I'm here to buy their house, save their
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| | can never keep you out of the real estate
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| credit and help them get on with their
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| | investing game again. You can become a
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| lives.
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| | wealthy real estate investor just by
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| But before we sign a contract, I explain
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| | filling out paperwork.
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| that I need to show their house to the
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|
