Newbie in KY Needs Help Learning Assignment of Contract

[Karma Amarande]

Hi, everyone!

I've been a member here for a while, but lack of confidence has kept me from jumping into real estate investing. I dont have ANY :oops: money to put into investing at the moment, so I'm interested in learning about doing assignment of contract deals.

I've been reading different articles about it, but I'm still a bit confused. I could really use someone to just explain what kind of contract I need, what it needs to say, who I need to talk to, how to find sellers, how to find investors to buy the contracts, where to go, etc....I'm completely clueless. :cry:

[Jon Holdman]

Karma, Have a look at the wholesaling articles. And spend some time reading in the wholesaling forum.

The basic process is that you have to find a property the seller is willing to sell and get them to sign a "purchase and sale" agreement. Your state board of realtors contract is a good starting point. Be sure it allows assignment. And you have to find a buyer who's willing to buy the property for a slightly higher price. You make a contract with this buyer to assign your purchase and sale agreement for an assignment fee. Then, take the two agreements to a title company and they open escrow. The end buyer has to bring enough cash to pay for the original agreement with the seller, your assignment fee, and any costs. The seller gets their money, less any of their costs, you get your fee, and the buyer gets a deed.