All Forum Posts by: Jason Cummins

I am giving them the assignment contract and having them sign that as well as me. It will state how much you are assigning the original contract for, and you can make sure that you subtract the deposit from that amount on the assignment contract.

I usually just tell end buyers that I am assigning the contract. Most end buyers usually know and are used to this type of transaction so it rarely ever is an issue. Just be up front an honest and tell the end buyer what is going on. You definitely do not want to sound iffy to the end buyer. And like I said they are probably used to buying properties through assignments.

Not sure if you can without either having access to the MLS or a realtor freind to tell you.

You could always ask if it has been listed.

Hire people in the town you want to do some research for you. Or you can hire a skip trace service to do it.

Normally my houses are for sale lower than the houses that are forclosed on.

I get my leads from distressed sellers and get it under contract for low enough that buyers would rather buy directly from someone like me at a lower price than have to deal with the bank at a higher price.

Yes you need to give them a copy of the original contract. Since they are taking over that contract through the assignment, they need to know what they are taking over.

I would try to get the deposit in your name or your LLC's. This way if they happen to default, you know you will atleast get that deposit. If it is held in escrow you may not get the deposit.

I usually like to get my deposit when I assign the contract. Definitely make sure whoever the end buyer is that they know you require a $1000 deposit. Collect it when you have them sign the assignment contract.

For wholesaling I do not use the TREC contract. I would not recommend that either. That was a contract made up obviously by Realtor to protect buyers and sellers on retail transactions. Most wholesale situations for me are distressed sellers.

I have a contract that I have hand made and customized for wholesaling. Its 1 1/2 pages long and really easy to understand for the sellers. It also protects me in case the house cannot sell for whatever reason.

I work all of Houston basically. Different months I will try to work different areas. I haven't tried to work Humble, but I hear there should be some decent deals that can be done there.

If you havent yet, go up to groups, search for the Houston group, and join! Would love to see you in there!

Possible? Yes. Probable? No.

Generally wholesalers and re agents are trying to accomplish two different things. Agents and wholesalers clash all of the time.

Try to look up list brokers on google and tell them specifically what you are looking for if you find any good ones.

Also try to talk to a local title company and see what kind of lists they can send you.

Good to see more people from Houston. Just an FYI I created a Houston 'group' here on BP, go up to Groups at the top, and search for Houston you will find it.

Anyways, Wheatie did a great job of answering your questions, but I will put my own input.

1. You can market the properties before they are under contract, but obviously it is probably not a very smart thing to do. Just like wheatie said someone can go around you and take the property. The only way you can tie up a property is by getting it under contract.

2. Definitely always be working on a buyers list, ALWAYS, even if you are seasoned, some of your buyers will stop buying. So with that said, work on your buyers list at all times. If you happen to get properties under contract as well, then that's an added bonus. One great way to get good buyers is to have a good inventory.

3. A verbal offer is mostly how I do it when I talking to them. If they accept then I get them a contract with that price ASAP, either by delivering it to them or by fax or computer.

4. Wheatie is right on. You can definitely birddog a birddogs lead or wholesale a wholesale, but the more this happens, the more complicated it gets, the more the money gets split. I try to stay away from these types of transactions unless it's a done deal and doesnt take much of my time.