Can i do assignment of contracts in California???

Yes, you can do assignment of contract. Check out the REI clubs on this site to find someone near you or go to reiclub.com Good luck!

KimmyJ

thank you soooo much!! i was kind of scared of it being illegal in CA. that was what i wanted to do to start my REI career..(: Thank you once again!

What part of Central California are you in. I'm in Pismo Beach and we're starting an REI Club here next month.

I wanted to know if anyone could tell me EXACTLY what forms I need to complete an assignment deal. Also I want to do bird dogging. Do I go and look at the property for the investor as well as give them the comps and analysis? How do I get my finder's fee? I need help as I am new to all of this!

Randy,
San Jose, CA

I live in porterville ca... its a town within an hour of bakersfield CA. When is your REI club starting?? pismo beach is about 3 1/2 hours from my town but i would love to go and meet new people!

Yes I know where Porterville is. A Realtor I work with has an active investor in Bakersfield. I'm hoping to meet with them soon as well to pick up some pointers. But the Central Valley has huge potential and I would love to invest out there. I'll send you an e-flyer once we figure out where we are going to hold our meeting. Conference rooms are in short supply around here unless you want to pay a lot of money for one.

I'm just starting out and was wondering if there are any REI clubs in Northern CA. I live in Rocklin, CA.

Google rei clubs this is how I found them.

OK!(: just let me know the date of the club meeting. hopefully you guys can come here to tulare county and maybe we can meet up somewhere?

Anita is holding a rei meeting this 14th I'm planing on going hope to see some of you!

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Host: SoCal Real Estate Investors
Type: Meetings - Club/Group Meeting
Network: Global
Date: Friday, August 14, 2009
Time: 6:30pm - 9:00pm
Location: Antelope Valley Country Club
Street: 39800 Country Club Drive
City/Town: Palmdale, CA
Phone: 6616745009
Email: anitarny@

aww!!! i work on the 14th!): i wish i could go do you guys have these often?? if so let me know when so i can tell my employer ahead of time.

Yea me too, I work also but I would like very much to go.
Maybe I can rearrange my hours that day.

Hey djmario! i just was wondering if you have any new info on the pismo beach REI club meeting? And if possible you think i can meet up with the investor who lives in Bakersfield?

Just joined. Very interested in learning more information. My area has a lot of investment opportunities.

Thanks

Hey Randy... My name is Bruno and I'm in San Jose too! ( :
Maybe we can get together and figure this out? I'm new too - have no idea what the hell I'm doing but it should be fun!

Hi, everyone. I am in Pismo too, and would love to know when the club is up in running...by the way, any good deals on the central coast out there?

When you are doing Assignment of Contract you will need a purchase agreement. That is a document that is between you and the seller. You will also need to have an addendum to the contract, and that is the Assignment of Contract form. It is generally a one page document that will be added to the contract once you have conveyed your interest to the end buyer. This form should also show how much you are charging for the assignment.

As for bird dogging, you will get any information that the investor wants in the package. It could be area information, sold information, specific information on the home and any damages ect. Your pay could be a percent of the purchase price, percentage of the profit or a flat fee whatever you and your investor agree to.

I hope that this information helps!

My wife and I are just getting started and we are looking at assigning contracts as a way to get rolling. Does anyone know what specifically is required as far as the contract is concerned so that we can legally assign it? So far we have seen three possible ways.

1) Writing "and/or assigns" in the signature line after our name on the buyer line

2) Including language in the contract (either requiring a signature/initials or not) stating it is assignable

3) Including a seperate Assignment of Contract document as an addendum to the contract that is also signed by both parties

We live in southern Caifornia and we have found a real estate agent who sent us a blank purchase agreement, however the standard form does not contain any such language. Will any of the 3 methods work? Is one better than another?

All 3 of those methods will work for California. However, if you're working on wholesaling REO's you will most likely find that you will not be able to use it. Each time I have tried to use it, I get a counter offer or offer accepted with and/or assigns deleted from the contract. You have to be smarter than the bank and use other methods like simultaneous closings, adding an end buyer to the deed, land trust method or other verbiage.

KimmyJ
Press on...

Thanks for the info KimmyJ! We'll take the info about REO's under advisement as well. We're currently scouring the area for pre-forclosures. We are in San Diego, and it seems like there are plenty of them to be found, but it also seems like there is too much information to sort through sometimes. We have found an agent who is willing to work with us and submit offers even though they are very low. We are hoping to build on this relationship so that it will alleviate some of the time required for searching out properties. In the meantime we'll keep learning the market and working toward making that first deal happen!

-Valentino & Bonnie