Flipper/Rehabber · North Augusta, SC · Member since 2014 · 31 posts · 52 votes
We finally got our first deal closed. ARV on the house was about $125K We got it under contract for $79,400 and assigned the contract for 5,600! With this being our first deal we know that it is possible and there will be more to come. I want to thank Bigger Pockets for providing the wealth of knowledge. And we already have a second house under contract! Look out Augusta here we come. My partner @Andre Elston and I are going to be on the podcast one day hopefully. LOL
Agreed, I would like to add that it does take work but after the stepping stones the path becomes smoother. If it was too easy then everyone would be investing so I'm glad that investing is somewhat of a challenge because it seperates us from the rest. Also if you have partner or partners it's good to make sure that you compliment each other and are on the same page with your Goals. Thanks again to Bigger Pockets!
I put $10 deposit down on mine and added "assignee assumes all roles and responsibilities of buyer". So the buyer ends up paying the deposit in the end.
So what's the first thing you plan to do with the money you made?
I understand you don't want to lose any of your deals, however you should make sure your not biting off more than you can chew right now. The most important thing is to have your paperwork straight. We let the seller know upfront that we are investors and we will be showing the home to our partners. I personally wouldn't let another investor meet with the seller unless you trust them. Our contact states that we get a key to the property during our inspection period so we use that time to show to whomever is interested. As long as your upfront and honest the seller shouldn't have a problem with anything you are doing. How many do you have under contract right now?
And my sisters property that is personal, trying to sign a fsbo, so i may refi under my name to get her, her money within three years. that is just under 40,000. if we can come to an agreement in writing. me and my 2 older sons are making and sharing payments. they are low at 370.00 a month
@David Boykin we actually met an investor/realtor at one of the REIA meetings that ended up using one of his investors. We did do our due diligent in marketing the property through our external websites and other sites such as craigslist. The property needed minor repairs so we let it go as is. If we would of done some repairs then the price would of been about 10k higher
For me the challenges come when working a deal on a property of someone you know. When doing a wholesale and collecting the assignment fee, if its an large amount it may not set right with the original owner or your friend that you are selling the house for. Luckily our original owner was very motivated and knew up front that we were going make money for our services. I would say that our other challenge was finding a good an investor friendly attorney @Anthony Bostic I think would agree on this and we are still looking for one so if anyone know any by all means pass along their info, thanks.
@David Boykin we actually met an investor/realtor at one of the REIA meetings that ended up using one of his investors. We did do our due diligent in marketing the property through our external websites and other sites such as craigslist. The property needed minor repairs so we let it go as is. If we would of done some repairs then the price would of been about 10k higher
Scott Smith is a great attorney here in augusta, Just make sure you tell him I sent you. Are you both going to be at the Augusta REIA Christmas meeting Thursday?
I put $10 deposit down on mine and added "assignee assumes all roles and responsibilities of buyer". So the buyer ends up paying the deposit in the end.
So what's the first thing you plan to do with the money you made?
WOW $10 that is awesome!
Not to take away from the topic, but I explain that money is held in escrow with the title co. When the seller finds out that they don't get to hold the money, they're fine. Really you can put $1000 because the end cash buyer will pay it.
Congratulations to you both. This one post provided me with a great wealth of motivation. I am a newbie myself in hopes, better yet, I know that I will soon be able to share a success story.
Can anyone provide me the template for the assignment contract ?? Is it different from the standard template we use (the one used by Realtors and prepared/approved by local association)???