All Forum Posts by: Kyle Norman

Thanks Jim! 

I recently spoke with some Real Estate agents in my area, however they seemed very reluctant to help me and were fairly adamant that it is very difficult to wholesale and flip homes. Despite this, I am still motivated and want to learn all I can. I was wondering if you would be willing to clarify a few more points for me.

1) If I want to back out of an assignment contract I assume the verbiage of said contract would need to state my ability to back out?

2) Is there any monetary penalty for backing-out of an assignment contract?

3) What is a typical assignment contract duration? 30 days? 45 days? 

I hope my questions aren't too troublesome. I just want to understand these deals as best I can because I don't want to lose money on my first attempt. Thanks again for your help!

-Kyle

Hello Everyone!

I am a recent college graduate struggling to make ends meat. Recently I have been looking into investing in real estate. Wholesaling and flipping houses has become my primary area of interest and I was hoping to get some more information about the technical side of these deals. I believe I understand the process fairly well, however there are a few aspects I need more clarification on such as:

1: If I get a seller to sign an assignment contract with a 30 day inspection period (allowing me time to flip the home myself), can that seller back out of the contract?

2: Can I back out of the contract if I am unable to find a buyer for the property?

3: Do most sellers require a POF before signing an assignment contract? (If so this will be difficult as I have no credit and no start up capital)

I apologize for the long post! Any help would be greatly appreciated!!!