How To Do An Assignment Of Contract For Wholesaling Real Estate!
Рет қаралды 3,709
Күн бұрынIn this video, Stan Gendlin goes into How To Do An Assignment Of Contract For Wholesaling Real Estate! Stan sheds light on what an assignment of contract is, why you should consider utilizing it in your real estate investing business, and how you use an assignment of contract.
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Before diving into the assignment of contract, it's crucial to understand the legal landscape of your local area. Laws and regulations vary, so ensure you're well-versed before proceeding.
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Stan breaks down the concept of assignment of contract, also known as wholesaling, where you secure a property under contract with a seller and then transfer your rights to that contract to another party for a fee.
Discover the significance of the assignment fee, which is the difference between the original contract price with the seller and the amount agreed upon with the potential buyer. Stan explains this critical aspect for aspiring wholesalers.
Learn practical tips on finding properties to assign, from scouring the MLS for distressed properties to networking with potential sellers directly. Stan shares his top three methods for identifying motivated sellers and securing deals.
Once you've found a property and had your offer accepted, Stan guides you through the process of finding a buyer and executing the assignment of contract. Understand the key steps involved and ensure a smooth transition of ownership at the closing table.
Discover the pros and cons of wholesaling through the assignment of contract, from minimal upfront costs to potentially leaving money on the table. Stan provides a balanced overview to help you make informed decisions.
Understand the differences between assignment of contract and double closing, including associated costs and regulatory considerations. Stan highlights the nuances of each approach to help you navigate the real estate market effectively.
Whether you're a novice investor or seasoned pro, this video equips you with the knowledge and strategies to excel in real estate wholesaling.
Timestamps:
00:00 Intro
00:29 What Is An Assignment Of Contract?
01:10 How Does An Assignment Of Contract Work?
02:15 What Is An Assignment Fee?
02:28 How To Assign A Contract In Real Estate
03:19 How To Find A Property To Assign
03:59 Submitting An Offer
06:04 Pros & Cons Of Assigning Contracts
07:43 Assignment Of Contract VS Double Closing
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📝 Disclaimer:
This video is not personalized financial or legal advice for the viewer.
@RealEstateSkills 4 ай бұрын
🔥Watch our FREE TRAINING to learn how to Wholesale & Flip Houses from the MLS without having to do any marketing: realestateskills.com/training?el=h2aocre
@terreniskelley7191 4 ай бұрын
A video about "double closing" would be great. I like how this was short and had little figures for examples. I live in a state where it's mandatory.
@RealEstateSkills 4 ай бұрын
Thank you for the feedback @terreniskelley7191! We plan on making a double closing video soon so stay tuned! If you look at our 10 Best States To Wholesale Real Estate video we give away a free resource that includes all 50 states and how to wholesale in them. It could be a useful tool for you while you're learning your local laws and regulations. Here is a link to that video and the link to the resource is in the description: kzfaq.info/get/bejne/lbiSfJleq6-4ZJ8.html Cheers and Happy Investing, @terreniskelley7191! 🏠
@adulfopinedagarcia 4 ай бұрын
Great video guys
@RealEstateSkills 4 ай бұрын
Thanks, @adulfopinedagarcia! 💙
@jayPskiii 4 ай бұрын
Was wondering about this yesterday
@RealEstateSkills 4 ай бұрын
This is definitely a must to understand as a wholesaler, @jayPskiii! Remember to learn what your local area's laws and regulations are so you know if you can use an assignment of contract or if you'll need to utilize a double close. Happy Investing! 🏠
@DogHonest 4 ай бұрын
Thanks
@RealEstateSkills 4 ай бұрын
Happy to help, @DogHonest! 🙂
@juliannierecarda5603 Ай бұрын
Amazing
@RealEstateSkills Ай бұрын
🙂🚀
@markbalogh9655 4 ай бұрын
is it legal to assignment of contract in Ohio? or wpuld i be impersonating a real estate agent without a real estate license?
@RealEstateSkills 3 ай бұрын
Great question, @markbalogh9655! Yes, wholesaling real estate is legal in Ohio. There are no state laws specific to wholesaling real estate. However, there are state laws that prohibit someone from selling a residential property unless they are the homeowner or a licensed real estate professional. Therefore, a wholesaler in Ohio may not act as though they are a licensed real estate broker if they are unlicensed. Wholesalers must only market the sale of their rights and obligations under the offer to purchase and not the sale of the property itself. This important distinction will keep you from running afoul of the law. As a wholesaler, you should ensure nothing in the contract for the sale of the distressed property explicitly prohibits you from assigning the contract. Instead, before making an offer to purchase, ensure the purchase agreement used enables the assignment of the contract’s rights and obligations to another party, the end buyer, without requiring the consent of the seller. Here is a blog we wrote that will give you even more insight to wholesaling real estate in Ohio: www.realestateskills.com/blog/how-to-wholesale-ohio Cheers! 🏠
@CristhianSansoresDelgado 3 ай бұрын
do you add closing and agents commission to the assignment price of the end buyer? or is it just Accepted offer price + Fee = Assignment price?
@RealEstateSkills 2 ай бұрын
Hello, @CristhianSansoresDelgado! Great question. Your wholesale fee is the difference between what you get the property under contract for and the price you sell the rights of the contract to your cash buyer. As far as closing costs with agents that is separate from your wholesale fee and is negotiated between the seller and the buyer. Cheers! 🏠
@marialistinia7902 22 күн бұрын
For doing wholesaling, do we need to set a company like LLC? Thank you
@RealEstateSkills 18 күн бұрын
@marialistinia790 We typically recommend you set up an LLC, but it isn't necessary when you're just starting. You can just use your own name until you can put one together. If you do want to have your LLC put together for you we would recommend you try out Prime Corporate Services here: primepartner.info/resbt Cheers! 🙂
@omff6719 3 ай бұрын
Q: How will i assign a contract since the purchase agreement from the realtor is not assignable and my fee is 5,000
@RealEstateSkills 3 ай бұрын
If the contract is not assignable by its nature, then getting all parties involved (you, the seller, & the cash buyer) to sign an assignment of agreement addendum could then make the contract assignable. For example, this is what we do in California when we wholesale. You could also double close on the property! Here's a guide we wrote on double closing if you'd like to learn more about it: www.realestateskills.com/blog/double-closing?el=h2aocre Cheers & Happy Wholesaling!
@jarrettloeffler 2 ай бұрын
If the difference in how much I got the property under contract for and how much the end buyer is paying doesn’t need to be known by the buyer then why does the assignment addendum tells the buyer how much my whole sale fee is. That’s the difference
@RealEstateSkills 2 ай бұрын
Hello, @jarrettloeffler! When you initially offer the deal to your cash buyer you can black out what you got the property for. They don't need to know at that time and in the end if it's a good deal for them as well, it shouldn't matter what your wholesale fee is. Cheers! 🏠
@BlueSkiesSunnyDays 3 ай бұрын
How much is the course? If anyone can tell me
@RealEstateSkills 3 ай бұрын
Hello, @BlueSkiesSunnyDays! Thank you for showing interest in our Pro Wholesaler VIP Program! We tailor our support to each persons needs so the best thing you can do is first check out our free training here: realestateskills.com/training?el=h2aocre Once you've had time to go through that you can schedule a call with our team and together we can see if we're a good fit for each other. Even if you choose to go a different direction you will still get a ton of value from the call and together we can come up with a strategy that best fits you and your real estate investing goals. 🙂 We look forward to hearing from you soon, @BlueSkiesSunnyDays! 🚀
@CoyC.VickersJr.-gs4sg 4 ай бұрын
Reverse Wholesaling
@RealEstateSkills 4 ай бұрын
That is the best method we would recommend to wholesale real estate, @CoyC.VickersJr.-gs4sg! 😊
@WelshConfidence 26 күн бұрын
Hi, if there's an A n B contract and assignment contract between B and C, can the assignment contract only be valid for the inspection. Agreed-upon timeframe? And then be voided if a buyer is not found by party C? How would that work out?... Is that something that can be specified in the assignment contract?
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