OfflineI recently purchased Dean's Real Estate Millionaire book, and I am pumped and ready to get started. Like most I am looking into reassignments to get me going, My question is, will I be needing any other contracts other than the purchase agreement and the reassignment contract in the forms and docs section?
Thanks
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I dont think so, no.
Welcome to the DG family, we're glad to have you here. Mark is right, no other contracts are needed, unless you make a modification of some sort, then you'd need an addendum, but if not, the purchase and assignment contract are all you need to do business.
Best of luck to you, keep us posted on your endeavors!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
Which contracts are they? The "Agreement to Purchase" and "Assignment of Contract" documents?
There is SO MUCH...it's all overwhelming!!!
Those are the correct forms. you will write up the purcahse agreement when you get the property under contract and then when you find a buyer, you will write up the assignment contract.
it is overwhelming when first starting out, but the more you know, the better shape you will be in when you start to get your business rolling.
cheers
N
Nick Walters
Walters Property Investment Group, LLC
Greetings Everyone
I too just received my book a few days ago, I am reading, and writing notes. I am no longer allowing fear to paralyze me from this endeavor. I am extremely in the unknowing, but am very willing to learn. I have already contacted a couple of investors that said they will do a finder's fee, as long as i do my homework(numbers, and info search on the property and according to their spec. I just learned that my step father is an real estate agent, so hopefully he can assist me. I just subscribed to a foreclosure service and have did some info jotting, however, (hope these are not stupid questions) but here they are..I would like to know when the property has an auction date, is it still in pre/foreclosure? Do I still deal with the owner of the property or who? I have written down quite a few addresses should I now send them the my flyer info? The info is overwhelming, and Im just extremely nervous. Can anyone share with me their suggestions, and experience.
Thanks,
Nzingah
I called the number listed for a home for sale but the number was no longer active. So i called the city that the house was located and they told me a government website that would have the correct listing. i was on a 20 min brake from work and did not have a pen wit me, it was only three letter i believe like, hub.gov,tub.gov, tried many different ways but none seem to work.Does anyone know the correct site? If so thank you.... will double check Dean's book.
as far as I understand, when an auction date has been announced, the property has been foreclosed on and is not in the pre state any longer. after the auction, if it has not been bought yet, it becomes a Real Estate Owned (REO) property, meaning that it is bank owned.
Nick Walters
Walters Property Investment Group, LLC
The site you're asking about is HUD. Click on this link: www.hud.gov. Then find your state and click on it to find the house you're looking for, if it's on there.
Good Luck!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
I found a property at an incredible price that I want to put an offer on. The seller is motivated as he has moved to another country. He indicated that the property is currently rented and the lease expires in October 2009. When writing up the Purchase Agreement, what dates would I use since the property is currently rented and obviously will not be available for 8 months. The typical 30-90 day out clause doesn't work in this scenario. Please advise....
Are you saying that since the prop is rented that the seller will only sell at the end of the lease period?? What are your intentions with this property? If you are assigning (seems that is your intention), it would be a plus to have it already rented so your end buyer will already have a renter, which s/b a big selling point (I would think).
If the seller is MOTIVATED, ask him if he would be interested in selling the house to you TODAY and take over the lease (why would he care, he is looking to sell). And then if he says yes, ask the renters if they want to continue to lease beyond 10/09. You can then do a lease with an option to buy with them if you decide to keep the property (or your end buyer can do the same).
The key is getting the seller to sell to you now. Then you can use the 30 to 90 day clause.
This is at least how I see it. I'm pretty new to this stuff, so anyone elses comments are welcome.
Neil