BiggerPockets

Antonio,

I think you may be looking in the wrong place. It looks like you are trying to wholesale to a wholesaler which is fine but that means the deal needs to create a whole lot of value to sell it to them. I don't know for sure but you may have received this response since this may not fit their business model. Why not just get a deal under contract and market it yourself?

I am trying to get homes under contract. The title I was referred to told me they do not allow assignments. I don't know of any other title company I can work with in my state that will allow assignments.

Antonio,
I would not lump them all together. I think all of us on this site are part of the "we buy houses" crowd"', and I would be happy to deal with an assignment. I have been involved in deals where there were 5 or 6 assignments were investors making a grand or two along the way. The deal always went fire for me.

My thoughts are that you are just dealing with an investor that is not creative enough to entertain your deal. I would suggest telling them you are a player in their market and you should meet for lunch to see how you can work together to make more coin in 2012. They should be more than happy to get together.

Good luck!

It was the folks from Zbuyer who rejected me.

These "we buy houses" people are almost certainly wholesalers. They're not your target market when you're looking for wholesale buyers. There are a number of threads in the wholesaling forum that talk about ways to find real buyers. People with money or hard money who can close your deals. Those are your buyers. Its going to take work to find them. Its going to take work to find sellers, too. Some sort of marketing on your part is going to be required to find both of these people. You're not going to just post on a few web sites, or look on a web site, or make a call or too and pocket a $3000 payday. Its going to take diligent work to find real buyers and real sellers and put a deal together.

Gotta go through the no's to get to the yes's. They dont want to buy from you? F-em. One less no between you and a paycheck. If you have a deal in your pocket then there are plenty of cash buyers out there for you to do business with.

I'm with Chris...why arent you consulting a licensed Alabama RE attorney to do your closings?

I'm sure they will be able to tell you if you can assign contracts or not.

great point steve...i was gonna make the same point about calling ONE title company who doesn't allow assignments..if you're gonna give up at every no, real estate is gonna be a tough road for you

I would call a lot more people if I knew exactly who it is I am suppose to call. I didn't get information of the title company from some ad or sign. I was told about this particular company from another wholesale investor and the president at the REIA. I am a first timer at finding all this out so everything yall are saying is something new I am learning as I go. You talking about me randomly calling up some more title companies or whoever I am suppose to contact who doesn't know the first thing about wholesaling or assignments. Now I have to explain this all over again numerous times to these people who have no idea how the process work. I'm almost sure they don't know anything about assignments.

Let me ask you this. What is the difference between service fee and assignment fee? I had one investor tell me I am not suppose to use the word assignment. I am suppose to use the word service fee. Have you ever heard of that?

Antonio - I am sure this is not an isolated example. There is a title company here that is investor friendly. It has numerous offices. I could give the company's name to someone, but not give them the exact office that does assignments, double closes, etc. For the sake of this example, lets say only 2 of 20 offices knew this stuff. There is a 90% chance that person would call the wrong office. Double check with the wholesaler or REIA person. Ask specifics. What office, what's the closing agent's name and phone number. Then call that agent, say you were referred by such and such, and ask the agent to give you an overview of the process and fees.

Antonio - You sound brand new to Wholesaling.

Please excuse me if what I'm about to state seems obvious but I cant tell where you are in your wholesaling business.

Have you built a buyers list? @ the very top of the wholesaling forum is a sticky entitled Buyer's List "How To".

Its a good read and will essentially give you a crash course on one of the main staples of a wholesalers business which is finding buyers for properties you put under contract.

In fact, the entire wholesaling forum would be of great educational value to you if you are a newbie.

IMHO @ a very high level your wholesaling business should look like this...

1) Market for wholesale properties. (probate, REO, craigslist, FSBO, bandit signs, etc.)

2) Put wholesale property under contract.

3) Consult your buyers list of cash buyers for interest in heavily discounted wholesale property.

4) Assign your contract to cash buyer / rehab investor from your buyers list.

5) Repeat.

There is plenty of detail in-between but you will learn as you go.

I dont know about any other wholesalers but it took a while for me to get this right. It sounds simple but I had to keep trying until I had all the pieces working together.

It may not happen instantly for you but it will happen if you keep at it.

At the end of the day as a wholesaler, you gotta have houses to sell (at a heavy discount) and someone to sell them to.