Cap On Assignments

Is there a cap on assignments? I live in the state of Virginia. I have been doubling closing for two years. However, I am finding it more difficult to find lending sources who will allow doubling closing. Is there a cap on assignment fees? Please help?

Thanks in advance for any info.

Comments(13)

  • 205JUNKERS31st March, 2005

    What type of deals are you doing? And if these are wholesale deals with lenders involved how big of a spread are you getting? Because I would assume the bigger your spread the more red flags go up with lenders.

  • chilln2music26th April, 2005

    can you PM me that website with free comps? or anyone else have any other websites they could send me?

  • chilln2music26th April, 2005

    weird...after my post i see "homeagain" where before it said " must be member for a while before posting URLs bla bla bla" anyway...any more suggestions are welcome!

  • d_random26th April, 2005

    You mean this site:

    http://www.nationalcitymortgage.com/pr.asp?menuid=839


    Quote:
    On 2005-04-26 16:50, chilln2music wrote:
    can you PM me that website with free comps? or anyone else have any other websites they could send me?

  • ray_higdon26th April, 2005

    A lot will depend on your credit scores, trust me, 14k is more than a lot of people have when starting out in real estate.
    [addsig]

  • bill790726th April, 2005

    so what do you suggest?

  • ray_higdon26th April, 2005

    tmpringle301, good story, think abuot writing your story in an article for TCI and submitting it, other people starting out would benefit from it I am sure.
    [addsig]

  • kleinpm27th April, 2005

    If the deal that you find is good enough you will not have a problem finding the money. Just call some hard money lenders in your area and ask them what they can do for you. You can get purchase + fix up money from them then sell in three to six months when it is fixed. One thing that I recommend is that you first educate yourself on real estate with books from the library and make yourself very familiar with your local market. I have moved around a lot and it usually only takes me a month or so of driving around on weekends to be able to figure out what houses should sell for in different neighborhoods. Once you know your market then you will know if you have a good deal or not and can move quickly when you find one. Like some of the previous posts said, 14000 is a lot more than most people start with. I started with 3000 and that was everything I had in the bank. Instead of thinking of reasons why you cant start investing, start thinking of reasons why you NEED to START investing. Dont say I cant do this, say How can I do this? That may seem corney but it works. I started only 2 1/2 years ago and now own seven rentals. And that 2 1/2 years is full of deployments and training because I am active duty Maring Corps. This is a lot longer than I intended but I wish you luck. If you start now, you are only 20 and you can go slow and still accumulate a lot of wealth before your the age that most people start investing.

  • bill790728th April, 2005

    some help for my last reply?

  • bragie15th May, 2005

    As for assigning properties what are the best how to books you have which also have written contracts to emulate.

  • SantaClarita15th May, 2005

    bill7907,

    You have received an amazing amount of information in this thread. All of the answers to your questions, ALL OF THEM, can easily be found within this forum. If you are not 100% clear on any technique or specific scenario, you will find multiple explanations on this forum.

    You are fortunate to get the responses that you have received, most people are immediately directed to the search tab.

    One of the amazing aspects of this forum is the true life stories, anecdotes, and actual deals that are discussed in detail as they are happening.

    Please take the time and search all of the old posts and you will be amazed. You are in a great position with cash in your pocket, you have multiple options to get started.

    Do your homework.

    Take care,


    [addsig]

  • rae66200016th May, 2005

    I thought about doing the same thing....so here is how I started my search. I went first to the chamber of commerce web page for Myrtle Beach, SC. There are listed builders and developers for projects ongoing. Go to the individual builders webpage and search out the properties location. Also google search and see if you can find out anything about the builders reputation on line. Yahoo or Google a map of the area to familarize yourself with the layout of the area and then do comps or have a local agent do comps for you. Hope it helps.

  • Palmguy3017th May, 2005

    Gary Cohen is an agent down there that I have dealt with. You can do a web search and find him. Have you looked into the Gulf Shores/ Fort Morgan area? It is growing at an unheard of pace and there are projects that you can make over 100K in!

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