Posted by EdMorson on January 02, 2005 at 22:46:55:
(no one wants to sign a contract,…its an agreement) get it?
Bill,
Is there a difference between a Contract and an agreement? What is the difference?
Flipping properties 1st timer - Posted by Marissa
Posted by Marissa on January 02, 2005 at 21:01:11:
Hello everyone. I just had a quick question for anyone that can answer this quickly. I am new to REI, and have looked over almost everything on this site, but I was wondering if anyone can break down the process of finding wholesale properties and assigning them to a buyer? For example, would I need legal advice being this is my first deal, or would I need to be affiliated with a title company before the deal, or at least just know where I am going to close?
Any help, would be appreciated from any of you veterans out there. Thanks in advance.
Re: Flipping properties 1st timer - Posted by Bill in Vegas
Posted by Bill in Vegas on January 02, 2005 at 22:29:54:
Oh yes, your best way to learn until you get a flipping course, is search archives at this and other sites, then type in wholesaling or birdogging.
ps I always reccomend starting as a birdog first.
Bill Guerra
Re: Flipping properties 1st timer - Posted by Bill Guerra
Posted by Bill Guerra on January 02, 2005 at 22:27:55:
Hi,
Marrissa, wholesaling is fairly simple but takes some education. It goes like this you find the house, say a vacant abandon one, figure out repair and holding costs, figure out your profit and the rehabbers profit who you will wholesale it too, then as the seller to tell you his or her price, if they match or is in your favor great!
Sign the agreement with the seller (no one wants to sign a contract,…its an agreement) get it? Thats a course in and of itself. Soooo, call your buyer up you have already prescreened adn who can perform, meet them at the title company they bring a 2k non refundable cashiers check to the table, you bring the assignment adn contract they both go into title at the same time (I always fax my contract to MY title company once seller signs to get the ball rolling), then you stay on top of title untill it closes. Done, the title company wires in your funds or cuts you a check for the 1-20k or whatever your assignment fee is. Stephan Cooks book “wholesaling for quick cash” taught me most all of what I know, and I have done 65 wholesale deals the past 20 months. My hightest assignment to date was 32k, if I can do it…you can do it, get the book!
Look forward to hearing your success stories,
bill in vegas
Re: Flipping properties 1st timer - Posted by john
Posted by john on January 02, 2005 at 21:13:42:
Read some more it appears you do not understand what you are doing yet. Example if you assign your contract to buyer you do not close the Buyer and seller do. Usually the buyers lender choses the closing agent.
Re: Flipping properties 1st timer - Posted by Bob
Posted by Bob on January 04, 2005 at 04:14:07:
Hi Bill,
Why do you use a title company, not an escrow company. Do you get the sales agrements notorized…Thanks BOB