Find and assign

7 Replies

I am getting started into real estate investing in the Indianapolis, Indiana area and I just heard from a morgage broker that using the Find and Assign method no longer works or is not legal in Indiana.

Is this true?

Brian

@Brian Dean You'd have to speak with a local attorney to get a 100% answer, but I can't imagine that the state has outlawed assigning a contract. I think sometimes people think that wholesalers are marketing properties for others, as opposed to marketing the property for yourself.

Adrian,

Thanks for the info. I plan on meeting with a real estate attorney to make sure I am not breaking any laws.

Hows the weather in Colorado, I use to live in Colorado Springs about 10 years ago. I also lived in Denver and Greeley now I am baking in Alabama when I am not in Indiana.

@Brian Dean I hear that a lot from title companies that don't understand or are just afraid of assignments.

I know of several people that have been doing it in Indy for years with no issue.

I'd suggest speaking with Dan Bostick @ Meridian Title - they are very good for working with investors and can help with assignments and finders fees [marketing fees].

I personally don't like assignments, however, they seem to always fall apart because the seller gets confused or scared...

I'd much rather just pay a finders fee [upon closing] to someone like yourself and let me deal directly with the seller. Since I'm a broker it usually puts the seller at ease and I only use the State Purchase Agreement form so there is no confusion.

I hope that helps. Let me know when you get some properties to sell...I'll take them all!

Hey Brian,

The weather is dyslexic, as usual for spring...

Typical guidance from an RE professional that knows nothing about RE investing or the assign-ability of contracts.

I bet mortgage brokers are even more excited about owner financing and lease option agreements!

Not the perfect quote, but it speaks to the underlying intent of those who provide you with their "free advice" ~

“Never ask a barber if you need a haircut.” ~ Warren Buffett

Dev and Shawn thanks for the info it helps.

@Brian Dean

Welcome to the site. I see you used to be in Greeley and I am an agent and investor in Greeley

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