I have been trying to get into real estate investing for a little more than two months now. It seems like every where I turn I hit another road block. I have a Realator on my team, I have a guy that will go to the houses and help me determine the cost of repairs, I have financing lined out, I only have a couple of end buyers. Right now I don't have money myself to puchase, fix, and flip a property or to purchase and become a landlord. Right now my only strategy is to get a contract and assign it to an end buyer. However, the Realator that I have said that upon talking to his title company the form that I was given for contract assignment will not work in Texas. I am now told that I have to get with a Real Estate Attorney to get the paperwork that I need for Texas. At this point in this new business I am getting very discouraged. I already have $8,000 into this and I still have nothing to show for it but frustration. I can't even get in to see a property. Does any one have advice to give me. What am I doing wrong? Is there a title company out there somewhere that will help me with out charging me upfront for the paperwork that I need? I am out of money and would still like to get this business up and running.
Desperate for help,
@Rose C. Hi Rose, sounds like you are frustrated with this business called REI. I'm new but have been studying for a year and the first thing I could say is talk to a professional. I found several in Texas and would recommend a group if you have one in area. There you can find people who will help you. Good luck to you. Tom
Yes I am frustrated. If you would please let me know the name of the group that you would recommend. I will see if they are in the area.
Thank you very much for the help.
You need to talk to the same person your realtor talked to, and ask Why it won't work. If they know why it doesn't work, they'll know what does work.
@Rose C. I would suggest finding a title company that accepts assignment contracts, some will not. You wouldn't need a realtor for an assignment contract unless the property you are assigning he/she has exclusive rights to sell it, then you might have to pay his fees, but this would be the responsibility of the seller, normally.
I would have previously suggested using the $8000 to obtain a Hard Money loan and buy and flip a property.
I called and spoke to them. It is an attorney that is at the title company. They want me to pay an additional $250 for the correct form. Thank you for responding.
Thank you for the advice. It is appreciated. I was going to use the title company that the realtor uses, however, I believe now that it is in my best interest to find another title company. Thank you once again.
I'm just getting started in wholesaling as well and what I did was call a bunch of title companies and asked if they double closed and did assignments. I finally found one title company and asked them if they could email me the assignment document they use
@Rose C. I would recommend starting with your local REIA (Real Estate Investing Association) and asking around to the different investors what they are using and what title companies that they are using to close their deals. That is a wonderful place to start. Also, and this requires a lot more work, call every title company in your target area and ask if they do contract assignments and double closings. That is where I would start.
If you have any other questions, let me know.
Thank you for the advice. I will get connected with a local REIA. I also appreciate your offer to help answer any questions that I have. As a newbie in the business it is encouraging to have investors that have been doing this offer to help you.
Thank you for the advice. I was finally able to find a Title Company that does assigning of contracts. However, they told me that I had to have my own form. I am still looking for a title company.
@Rose C. If you peruse the file place here on Biggerpockets, you might be able to find a contract assignment form that will work for you.
Thank you for the advice. I have found the form thank you once again.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing