assignment question???

Question

After reading through a lot of posts and asking questions I have a much better understanding of the wholesale process. I just am curious about the assignment process. What benefit or why would someone selling a house want me as a wholesaler to form a contract JUST for the purpose of having a buyer take it over. I understand the benefit I will receive, and the rehabber who gets the property, but why would the seller want to cooperate?? They want to sell the house as fast as possible so why would they want a newbie trying to wholesale their property? Thanks for any insight

Mikey Cas · Answer

That makes sense. Thanks a lot for your advice

Richard Warren · Answer

Most good deals are long gone before they would ever hit the mls and you’re not going to find them online.  By the time they are on foreclosure and pre-foreclosure list they are probably not great either.  You find them by getting out and looking for them, talking to people, looking for abandoned houses etc.  It isn’t easy, if it was everyone would be making a zillion dollars.  I suggest that you educate yourself by reading through the posts on this forum.  There is no magic formula.

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Richard Warren · Answer

Yes you need a list of buyers.  You also need to understand that rehabbers are approached with many deals and generally can’t handle them all.  One problem that I run into is that I’m told about a great deal but when I look into it there is no way that I’m going to make money.  So before you approach an investor with a deal be sure that it really is a DEAL.  If you keep approaching investors with garbage they will not listen to you after awhile.

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Richard Warren · Answer

You answered your own question.  They want to sell as fast as possible.  Most people do not want to sell you their house this way.  Circumstances have caused them to become desperate and they may see you as their only option.

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Mikey Cas · Answer

very true, thank you. As I go on my journey to look for deals, what do you suggest? Going online and mls? Or going through a company that lists foreclosures and preforeclosure?

Mikey Cas · Answer

ok i get it . Thanks. So before i get into this, I have to establish a list of potential buyers that are interested in rehabs. THAN i look for the properties.