Assignment of Contracts to a Rehabber
by James Okhueleigbe
(San Diego California)
I am an independent real estate investor and I am new at this. I know it will take some time before I get used to this.
I have 2 questions about how to assign a contract to a rehabber.
1) Is it possible for me to sign the assignment of contract by myself or do I have to let an attorney sign it for me?
2) How do I get in touch with a rehabber so I can assign these contracts to them?
These are 2 very important questions to answer before you get in to the real estate investing and rehabbing homes business.
My suggestion for beginners is to prepare your business plan that defines your method of doing business, and how your contracts will be prepared.
1) For instance, when signing a contract for purchase, next to the name as the buyer, I used to add, "or Assigns".
That may not be acceptable in today's market with bank owned homes.
Have your Real Estate Attorney prepare a contract for you suitable to your business plans of acquiring and assigning properties to protect your interests.
Then you can use that real estate contract on your future deals as your Attorney suggests.
2) Finding Property Buyers
Finding a real estate rehabber to assign your contracts to is like finding any customer!
Start with your list of contacts, the people you know, and keep in touch with them with marketing techniques of mail, eMail, phone calls, etc...
And let them know you find investment properties for rehabbers to make money on!
Continuously build your list over time as you meet people interested in what you do through various organizations, family get togethers, and advertising etc...
See Investor Marketing for more details.
Having a list of property rehabbers that you know, that are willing to buy from you, makes finding properties for them easier. Then it becomes a method of filling orders and you become known as the provider of great real estate property deals.
This type of real estate investing business is very similar to what Realtors® do everyday in their practice:
They match sellers with buyers,
on properties for home owners and investors alike,
in any condition!
They are licensed,
use contracts approved by their Attorney and or their Board of Realtor® organization,
and they are only as successful as their marketing programs are
to contact sellers and buyers,
to bring them together to contract a deal,
and get paid a commission for doing so.
Joe the Rehabber
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