OfflineI get more questions from people about how I assign contracts than anything else. I decided to start this thread to answer questions that some of you may have. First of all lets tackle the hard parts about assigning contracts.
Q. Real Estate Agents won't let me put "and/or assigns" on my contract.
A. True. Sometimes the agent that has the property listed informs the seller not to accept the contract with and/or assigns. The solution is to move to another deal, focus on for sale by owner properties, or use "and/or financial partner" instead of "and/or assigns" which will accomplish the same thing without letting on you may assign the contract.
Q. People tell me that assigning contracts is illegal?
A. Do not argue with them. Simply contact an attorney that handles assigning contracts and then tell anyone who tells you it is illegal to contact that attorney. That will stop them in their tracks.
Q. Which properties do I go after to try and assign?
A. Any property that you can buy half price. If you can negotiate a property for half off the actual true value then you will make money! What's that you ask? You don't think buying a property at half price is possible? Really? How many offers have you put out there? If you have put out 100 offers and every single one of them have turned you down then put out 200. Or just quit and keep working the job you hate everyday. Don't argue-just get it done. I buy properties AT WILL for 50% off ASKING price.
Q. I don't have anyone to sell the property to after I get it locked up for 50% off?
A. Put up 25 bandit signs that say "House for Sale! Owner Desperate! Half Price! 555-5555". The house will sell in approximately 8 seconds! Yes really. Or have active CASH buyers ready to buy waiting for you. Thats what I do. I'm not going into how to get cash buyers because there is enough info already available on this site on how to do that.
Q. I don't have a proof of funds letter and the real estate agent says I have to have one before I put in offers?
A. If you don't have a proof of funds letter then go after for sale by owner properties. They aren't going to ask for a proof of funds letter. Tell them it is a cash offer.
Q. I live in an area where you can't buy properties at half price?
A. Bull.
Q. In my area all of the foreclosures get multiple offers the day the properties get listed, therefore creating too much competition to get a good deal?
A. Don't go after foreclosures when assigning contracts.
Q. In my area no one has enough equity to be able to buy a property at half price?
A. Bull.
I think that pretty much covers all of the hard questions about assigning contracts. As you can see I don't have any limiting beliefs on buying properties at half price. Just get it done. If you can assign a property that you locked up for a price that was only 20 percent less than true value then even better. Just remember that the cheaper you buy the property the easier it is to assign. The stronger the buyers list you have the easier it will be to assign properties. Don't be afraid. Don't be scared. Just get it done!
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
Straight forward and to the point. Nothing else needs to be said. Thanks for your contributions Matt.
"You were born as an Answer to a Problem"
now use this information to make money!
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
Thanks for that great post. I agree with you 110% on getting out there and making your own mistakes. I am learning with my own mistakes right now. I didn't research the market correctly in one area, and now I am having a hard time getting rid of a property to an end buyer. But, I will march on just because I need the money so bad that failure is not an option.
Destrie
Destrie
Failure Is Not An Option
You happen to live in a great area to invest in. The Waterloo, Iowa Falls, and Cedar Rapids area are being watched very closely right now by many investors. Use that to your advantage. Remember you want something at half price!
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
Thanks alot, I have been getting a few calls for wholesale properties from investors. I secured a house in riceville which i don't think was a slick move.
Destrie
Destrie
Failure Is Not An Option
ok this has answered many questions i had , thank you so much for posting this...you rock!
Sheesh, HARSH! But, like you said, you learned how to ride a bike, bleeding hands, knees and all.
I don't agree with your dad's harsh lesson, but...it worked for YOU, and your Dad took the time to TEACH you (as many Dad's DON'T), as painful as it was. OK, OK, I get it, it WON'T be EASY, but it will be WORTH it, is what you're saying! THANK YOU for your blunt, honest words of encouragement! Good for you to overcome and set an example for the rest of us chickens...well, for THIS chicken anyway. Good bike story...I think...just get out and DO IT is what you're saying. Thanks Matt, your stories hit HOME! 
Making it happen!
Sincerely, Sheri
Sunrise Solutions, LLC
I've been going from my computer to my desk; from reading some more to looking for properties. I've found great deals and I've even called a few owners; but until now I was just basically sitting around waiting for a owner to tell me he had a free property that I didn't have to work for. This post definitely gave me the push to leave the house and just do it. Thanks allot!
Well I feel like I have been planning and planning and planning and well I am ready to just go for it thanks to this post!!! I will read the books one more time and I am going to start with putting out offers. I know I would not be even as far as I am with out this sight and I cant wait till I am putting up the story of my success Thanks to all of you!!!
If you guys think the bike riding story was brutal I won't even mention the real punishment I received. That was nothing. Even the old school Marine drill sergents that you see on TV were nothing and I mean NOTHING compared to the descipline I endured as a young child thru my early teens. Don't feel bad-I don't have any regrets-everything has turned out great
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!