Hi DG Family,
I recently got started (seriously) with rei, literally about a week ago. I just finished reading “Profit from Real Estate Right Now", and I’m a little stuck. I was about to enroll in the Success Academy (this was before I finished the book), but decided to wait and try it on my own. I started to research and find good deals, but as we all know…. a deal is not a deal at all unless you have a buyer. So, I ran a ghost ad on a property that actually seemed as a good deal. (Multi-Unit 9bd/3ba…great neighborhood..etc.) which was listed on the MLS for $133,500) I began to receive buyers that are interested in the property. So, I called the broker to inquire more information about this property, in which he said it’s a foreclosure and the bank will probably accept $20,000-$30,000 each unit. FMV for the property is between $190,000-$220 ,000. I’m going to examine the property in a couple of days, do a cost evaluation, and try to get it locked up on paper. I guess I would like to know if I can lock up this property as an assignment deal (although it’s a foreclosure) and what contracts do I use?
I informed the broker that I’m a new investor and interested in doing assignment deals (for now). He’s willing to work with me and help me get started (thank God he only work with investors), but before I meet with him, I want to have everything together so that I would not look like I totally do not know what I am doing. Please Help!!!