Assignment Contracts for Wholesalers in Michigan.

[Michael Heal]

Hi all! Everyone here is such a great help. Does anyone have any assignment contract resources that I might be able to use for a starting point for my own? I have found a few, but I can't get any clarification on exactly what is required for these contracts in Michigan. Seeing a contract that is in use will help me to feel confident upon moving forward. It is understood that any contract should (and will be) looked over by a Lawyer as to avoid any legal ramifications.

Thank you.

[Joe Villeneuve]

@Michael Heal I'm in Michigan too.  We're very lucky here as real estate investors for many reasons.  First, we have a number of markets that have low cost (not garbage areas), low tax, and high rent....can you say easy cash flow?

That means it is pretty easy to have houses set up to wholesale to other investors as rentals. When we do this, in Michigan, we just make all of our offers in the name of an LLC. This way, instead of having to deal with double closings, "assignments", etc..., we just sell the LLC (this is our wholesale) with the purchase agreement still to be executed. Then the new owner of the LLC executes the PA.

This is the second "lucky" thing for REI in Michigan...our LLC's only cost $50 to setup...with EIN number. We have at least 10 "on the shelf", ready to go at a moments notice to make offers.

Joe Villeneuve
REcapSystem
A2REIC