$5000 Assignment Fee!

Great job on the deal. I'm always reading your post and seeing your doing deals month after month, wow man your on a row. I would like to tell your thank you for keeping the DG family posted on your deals, for you post always motivate me to keep pushing forward until I get my ball rolling and start closing multiple deals.

Thanks, I hope the posts help you out. Just keep taking action, learn and never give up. You will get there. If you have not done so already, read ALL of Dean's books!!!

Michael

Right Before The Hoildays......WTG Michael.......Have a Very Merry Christmas to You and your Family..........

Regards,
Sharon

Congrats - you made it again.

I do have some question regarding assignment -- when reselling the contract to your buyer, do you divulge how much profit you're going to make when you offer the property for sale or after the buyer signs the contract. How does the negotiation process go. Do you tell the buyer the price including how much you're going to make or just the price. I would assume that the contract you have with the property owner will say how much you bought it for. And since your buyer will assume the contract, the price is stated in the contract.

Thanks, I would appreciate your help.

Dan

Merry Christmas to you and yours! We are hoping to close one more the 23rd and another the 30th. So maybe I will even get a Christmas present!

Thanks,
Michael

Thanks!

We practice full disclosure. My assignment contract shows how much I have the property under contract for plus my fee for the total purchase price to my buyer.
Say I have the property under contract for $100,000 and I want to make $5,000 I send the property out listed at $105,000. I don't discuss my fee until I have a willing buyer at $105,000. At that point they have determined $105,000 will work for them. It does not matter what my fee is! I then tell them the details and how we will close.
I then provide my buyer with a copy of the contract between myself and the seller along with the assignment contract. They will always need to see the contract that is being assigned to them. I then take the two contracts to the title company to arrange the closing.

Hope that helps,
Michael

I'm sure your family appreciates you, and all you do......

Regards,
Shaorn

Thanks Michael. Always wondered how to go about selling the assigned contract without disclosing how much you're going to make -- now I know. By the way, who determines what title company to use -- the seller, REI, or the buyer. The reason I ask is that I have a buyer who says he can't do a "Dry" close and from my research, California is one of the states that would allow a "Dry" close. If I was able to get a house on contract and sell it to this buyer (without assigning), how will I close this deal if he doesn't want a "Dry" close other that going to Insider's cash (which will eat into my profit). Can I just send it to a title company (that does a dry close) without telling him?

I'm a newbie (as you can tell) and we're on our way to the Edge event this weekend. Might see some of you guys out there.

Again thanks,

Dan

It depends on the deal as to who chooses the title company. If it is a REO the listing agent for the bank chooses. Most MLS listed sellers will have their agent set up the closing at the title company they prefer. When dealing directly with sellers you can choose the title company in most instances.

Offer in an LLC and sell him the LLC. OR have him pay your fee up front and then change the buying entity on the contract. Or have him fund the deal then quit claim it to him after closing. In order to do a true dry double close the buyer must be disclosed to that you are using his funds to fund the a to b closing.

Michael

I admire your positive energy which you have crushing these deals out there.

Thanks for sharing and all the best in your investing

Hi Michael

Thanks again for sharing your deals with us. It helps us all realize it truly is possible to be successful in this business.

I had a question for you regarding marketing for tenant/buyers for lease option properties. I was wondering what you have found to be your most effective technique in finding a tenant/buyer?

My thoughts were craigslist, bandit signs, sign in the yard...and I even thought the MLS but I didn't know if there was a way to do that without having to pay commissions. What have you found to be the best marketing techniques??

Craigs List works great for us. We advertise "Why Rent When You Can Own" in the for rent and for sale buy owner sections. We get flooded with responses. Just be sure to qualify your perspective tenant/buyers. We only put people in that will be able to exercise the option in the near future. One to two years.

Michael

Thank you for sharing your great deals! You keep us motivated!

You guys are doing wonderful things!

You are definitely working hard to make your good luck!

Karen

Thanks! Hope the posts help.

Michael

Sounds like you are doing quite well after making your move! Might be out in your neck of the woods in the spring,

Thanks,
Michael

Congratulations!!! You are a super star. I am still working toward my first deal after learning a couple of lessons,,,and aspire to crush it like you are. Your success is very inspirational. Thank you for sharing your deal with us.

Brightest Blessings,

Lisa

It was definitely a good move. Just put an update on my journal today. Been flying under the radar due to splitting with the partner last June, but did put some current things up.

I would be so excited to get with you guys! Please make sure to let me know!

Karen

Thanks! Keep at it, you will get there.

Michael

Michael!
Looks like you've been good, so you got your gift from Santa!!!
You are such an inspiration for everyone on this site! I have nothing but admiration for you!
Again, thank you for sharing your deals with us!
Val

Hope to see you mid spring if all goes well.

Michael

Merry Christmas to you and yours. Hey, you do pretty well yourself!! I hope what I post does help people and move them to take action.

MIchael

Reading of your deals helps me navigate through the process so thanks also for sharing. All the best to you and yours this holiday season!
warmest regards,
Lisa Richardson

You are welcome!

Michael