All Forum Posts by: Nathan Herring

Interesting, I had not thought of doing it that way. I think I still feel a little more comfortable using the option contract just because I know that I do not intend on buying the property. Thank you for sharing about the termination agreement, I will definitely consider using that. So do you ever use an assignment contract with an option contract? Or do you only use the termination agreement? If you do use the assignment contract with the option contract is it the same as the assignment contract that you use with a purchase agreement?

Well what I am trying to do by using the option to purchase agreement is avoid entering into a purchase and sales agreement. The option agreement gives me the option to buy the house for an agreed upon price within an agreed upon timeframe, but does not obligate me to buy the property. If I have not found a buyer by the time the agreement expires we simply part ways and I do not have to purchase the property. It seems to me that this is less risky than just entering into a purchase and sales agreement.

Ok, im not sure I understand. So lets say I find a seller and I get them to sign an option to purchase agreement with me, then I find a buyer for the property. From what you said it sounds like I would then go back to the seller and sign a purchase and sale agreement with the seller and then assign that to my buyer. Is that somewhat correct, or am I still missing something?

I am thinking of getting started in REI by finding sellers, using an option to purchase agreement and then assigning that agreement to another investor for a fee. I think I have a pretty good grasp on how all of that works, but I am curious about the assignment contract. Most of the assignment contracts that I have seen seem to be assigning a purchase and sales agreement. Could I use these assignment contracts? Or is there a specific contract for assigning an option agreement? Also, any suggestions about where to find solid contracts would be a great help. Thank you in advance!

@Joseph Ball 

No I am not advertising Brian Gibbons. Brian offered to talk to me on the phone for 30 minutes in which time he told me about his mentoring program and gave me some advice about my interest in Real Estate Investing. I was simply giving a review of the phone call that I had with Brian.

I talked to Brian Gibbons today for around 30 minutes. He gave me a short description of some of the ways to invest in Real Estate and then talked to me about what I want to do with real estate. Of course he was trying to promote his mentoring program, but he was not super pushy about it or anything. He touched on a few ideas that I had not thought about, so I am very thankful that I had the opportunity to talk with him.

Thanks for all the positive responses! I am doing all I can to learn from bigger pockets. It is great to have so much encouragement from people that are already in the game. I will definitely jump in and get my feet wet as soon as I can. I saw that there is a meet up in Manhattan tomorrow night, I hope to see some of you there!

I am in, I vote for topic 3!

Hello,

My name is Nathan Herring, I currently live in Brooklyn, NY. I grew up in Mississippi where my parents had several rental houses. Naturally I was the one that they sent to do a lot of the regular maintenance and repairs on them. I think that is what got me interested in real estate. I recently attended a Fortune Builders seminar, but decided that I could not afford their course so I started looking around the internet for more information on real estate investing which brought me here to BiggerPockets. I have enjoyed reading articles and listening to podcasts here on BP, but I am still having a little "Analysis Paralysis" I guess. I would love to get into wholesaling, but I am unsure about how all the contracts and closings work. I would love to connect to some local people and here what they have to say about wholesaling, and possibly help with a few deals. On a lighter note I can juggle and ride a unicycle, so if you would rather be entertained than work with me on a deal I would gladly reward you for your advice with some circus style entertainment..... I look forward to interacting with you all online, and hopefully in person!

Thank you,

Nathan Herring