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Well then....

Enough said! Thanks for being so forthright and honest.

qclemons,

First off...congratulations on this opportunity that came upon you.

Since you stated that you just recently started learning about RE investing in January, I would like to know how you negotiated this deal and the steps you took in getting to the point of possibly putting a property under contract? If you don't mind sharing...I would like to hear about the deal....you can disclose as much or as little as you like.

Thanks

When investing, is it easier or best to go through a Realtor or the Motivated Seller themself? What are the pros and cons of using a Realtor?

Let's say for example that as an investor you are focusing on assigning contracts....

Great!

Makes perfect sense to me!!

Thank you everyone for your responses to my question. I greatly appreciate it!

Wow, I almost feel like the bad guy...actually bad girl for using a Purchase Agreement with a weasel clause. I actually never looked at this as an unethical thing to do being that it was included in a very well-known and respectable course that I purchased. Actually, the course recommends it for beginning investors. NOTE: I am a newbie to this and a "weasel clause" was something that was taught to me through the course I took.

I will however start locating some hard money lenders and take it from there.

Thanks again!

Thank you for responding.....

Well, to answer your first question, no, I don't have cash...that's the beauty of the double escrow strategy and assigning a contract, because you don't need it. I would never get into something until all of my ducks are in a row...meaning that I have already established a solid network of investors waiting for my deals (which I have), and having a custom Purchase Agreement with enough contingencies to cover me whether I cannot find an invester to assign my contract to (this is the worse case scenerio)...if it were completely impossible for me to assign my contract, my agreement allows for me to walk away from the deal without any risk to me (although this is not fair to the seller).

However, I think you got a little confused by my intial post because you asked me how would I get the cash at closing. My answer is that I don't need cash at closing because I am not the one closing on the deal...I'm simply assigning my contract, and my assignee puts up the cash at closing...hope you understand.

Thanks again for your reply

Hello everyone,

I have a question....

When assigning a contract to another investor, how do you determine the assignment fee?

Also, there was a post on here from a seasoned investor stating that she uses a Non-Compete & Non-Disclosure form before she gives away too much detail (i.e. address of property; seller name; seller phone number)...where can I find this form?

Thanks a bunch!

Good morning to all,

I am a new investor. I have been studying real estate investing for about a month, and feel very optimistic about my future in this business. I also am very excited because I am actually understanding the concepts and strategies.

Like most newbie investors, I have decided to start out my career assigning contracts. I have recently made my first few phone calls to realtors inquiring information about a couple properties. Although, a question has arose through these initial conversations.

I have had both realtors ask me if I have been pre-approved for a mortgage? how do I handle this question if I know that my investment strategy is to get a home under contract and then assign it to another investor? of course I wouldn't tell the realtor that this is what I am planning; however, I must still be honest about being an investor....this is obvious by my "all cash at closing" offer. But if I have not been pre-approved for a mortgage, and I'm offering all cash at closing, how does the realtor trust me in knowing that I will actually come through with the cash at closing? the realtors also asked me how I would be able to come up with the cash at closing.....how do you respond to that?

I hope that my question is not too confusing...hell, I'm confused just trying to type it the way my mind is analyzing it. So, if I've confused you, I apologize.

Anyway, I think this is a great forum for investors to connect, and I so look forward to your responses to this.

Thanks a bunch!