All Forum Posts by: Duncan Hayes

I’ve completed contract assignments on some single family properties & one duplex. I’d like to wholesale larger properties (8+ units) & would like to connect with anyone doing the same.

Is it the same exact transaction for the most part, with just more doors? What are some bumps in the road you’ve experienced? What was something you did, or could’ve done, to make it go smoother?

Thanks in advance!

@Daniel Lozowy

you skip trace to find their contact info. a free way to do so is by searching the address via truepeoplesearch.com and matching that to the owner’s name you have. this is how i contact property owners when searching for deals.

hope it helps!

@Greg Dickerson I get that but what I’m asking is that everything was perfect and I required a deposit upfront, that’s money that goes into my pocket.

I’ve read a book (Multifamily Millions) and this is what it says about assignments. Now I know everything in a book may not be the full truth, but am curious if there’s anyone here who has assigned a complex and got their fee at the time of assignment.

“This allows you to assign the contract to a third party. You will receive an assignment fee before any closing, and the third party will close on the property.

The benefit to you? It’s the very fastest way to get money after putting a deal together. The downside is you don’t get the big lump sum that might be yours from the property down the road.

The size of your assignment fee depends on how well you negotiated the deal, and how much equity is in it.”

Excerpt From

Multi-Family Millions

David Lindahl

https://books.apple.com/us/book/multi-family-millions/id536872647

This material may be protected by copyright.

@Wayne Croffitt no I do pull leads from Propstream occasionally but the dynamics of my business have changed a bit since I moved back to Michigan. FSBO ads are much easier to come by here, whether on FB Marketplace or even sites like Zillow. My leads are much more targeted these days and don't require a bunch of skip tracing to locate.

@Greg Dickerson Thanks Greg! I appreciate your input.

Let’s say a $25,000 assignment fee. I ask for a $5,000 deposit up front. That money is allowed to go into my pocket, assuming the assignee is all for it?

@David Muscovalley

I wouldn’t waste my time purchasing just “absentee leads” because being an absentee owner isn’t necessarily a strong enough motivation for a person to sell to you at a deep discount. At least not when that’s the only criteria you’re searching by.

Combine absentee owner that’s out of state with vacant, and behind on taxes then you’ve got a motivated list. I recommend using Propstream. It’s $97/mo and they give you a free week trial to test it out. They give you access to 10,000 leads each month & you can filter your list’s criteria with a bunch of different options.

I’m curious about wholesaling large complexes. I’m wondering if getting paid at the time of contract assignment is the norm when it comes to these larger properties. I have assigned the contract on a duplex and waited until closing for my fee. Seeing how larger properties can take longer to close than your typical wholesale deal on smaller properties, would receiving payment at the time of assignment be normal to request?

Thanks in advance!

@Bijou Diaou yes I have in Mobile, AL.

@Sean Ellis Propstream is $97/mo and gives you access to 10,000 leads each month. That’s where I pull lists from when I do. They have a free trial for a week, go check it out.

@Bijou Diaou forget the bank. Find a property you can owner finance with a low (possibly No) downpayment. Erase the bank from the equation completely. Depending on how good of a negotiator you are and the motivation of the seller, you could very possibly get much better rates than you would going through with traditional financing.