Could be my first deal, please help???!!!

Could be my first deal, please help???!!!

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!!!



congratulations on taking action. Every action is a learning experience so enjoy the journey without getting obsessed about the outcome. Dont ever get emotionally attached to a property-if the numbers make sense; and their is equity and you do your due diligence; keep going foward. IF not-walk away to the next one...
My only input is I have read that Bank Foreclosures are hard to assign because most banks wont allow "and/or assigns" written in the part where you sign. However-i have read some posts on here on how to "get around this possibly"/maybe someone could find the thread on that and repost. Since your realtor is familiar with investing and willing to help-thats great news for you. Keep us posted.


JER 29:11 Thoughts of Hope; thoughts of a blessed Future


.. Most banks would like to know who they are dealing with this is the reason they will not allow you to assign the property, but right now banks are being a little more reasonable about it because they have so many properties they need to get rid of, what i would do is write up a contract with the "and or assign" and see hat they say, as far as what type of contract you should use and the wording, i would sugest you contacted a Real Estate Lawyer and have him write one up for you.
yes it will cost you some money but not too much and besides you can save its wording and re-use it at another deal, reason i am sugesting this is because the laws changes from city to city, and its a good idea to be safe than sorry.

as far as your realtor sugesting the price per unit, don't let him set the price, you should calculate and make your own price, he is as clueless as you are about the final price the bank will take, and his job is to sell otherwise he will not get payed.

you are doing great just push forth, and don't get discouraged if the banks says no, there are millions of properties for sale right now so you can always move on to the next.

keep us posted on your venture.

Good Luck


"Obstacles are what you see when you take your eyes off your goal"
Dean Graziosi

Live, Love, Laugh!!!!!

I think I read somewhere on this site..

I think I read somewhere on this site about doing a "double close" on the same day but I don't remember where it was lol

Thanks for your support!

Thanks guys for your support and motivation. I'm in the process of getting the deal under contract and making it a win-win for everyone.

and or assignee option

Hi there,
It was suggested to me by someone in the DG organization to use "and or partner" and if questioned about their identity just say they are a silent partner who wishes to remain anonamous at this point. As has been stated earlier financial institutions are overloaded with foreclosures so they are anxious to liquidate liabilities.

Good Luck and may GOD Bless.



"Now to Him who is able to do exceedingly abundantly above all that we ask or think, according to the power that works in us." Ephesians 3:20 (NKJV).

Way to go ma'am

I think your vest bet would be to find a real estate attorney to assist with this transaction, they should be abl to make it alot smoother. I met with my attorney yesterday for the first time. Someon refered him. He does all sorts of transactions and was explaining to me about your sort of situation and he had ways of working with this this type of situation. Either way mama, it can be done so just keep pushing and have your end buyer in place. Make sure all parts of ya deal are well researched and make you protect yourself. So again seek a real estate attorney. Ok. Let us know how it goes....


I got my mind made up..... (buyers site)