Cash In By Next Friday?
Hello all! Thanks for checking out my post.
I've been looking into REI for a while now, and I was thinking about flipping contracts. My goal is to have closed my first deal by next Friday (May 7). I think I have everything set up. I have contracts, I know a guy who can set up my LLC (which I know probably won't help me by next Friday seeing as I don't have any money), and I have a guy who will pay my assignment fee.
The questions I have are:
-What should I look for that would pay off the fastest; Pre-Foreclosures, Trust Deeds, ...?
-How should I set up the deal? What should the contract say?
-What is a good way to come up with a fair assignment fee? I was thinking about either 2.5% of FMV or $5,000 (which ever is greater) but I figured it would take too long to get the property appraised and it would cost money (which I still don't have)!
Thanks, again, for checking out my post! ANY advice will be helpful!
Now, let's go get this money! 8-)
I would find your buyers first to dictate what they will want to buy, and at what price they are willing to pay. This way you know what to start looking for, and essentially have it sold before its bought. As far as assignment fee is concerned it will depend on the investor and the deal as to what they will pay. Your contract should be actually 2 cointracts, one being a non compete covenant, and the other being the actual contract assignment . Both of these are easily obtainable on the internet for free, you may want to change a couple of things in the contract to suit your individual needs.
Good Luck,
Kyle
What should my contract(s) say, and how do I find buyers/sellers?
I was thinking about calling the "We Buy Houses" signs, and checking the "For Sale By Owner" web sites.
One thing people keep telling me is that I can find public county records by checking online (and I don't have to go down to the courthouse). What are some good sites to find foreclosures and trust deeds and whatnot? I did a search on Google and I didn't find anything. All of the sites I went to wanted money to get anything! The way I look at it is--If it's public record, why should I have to pay for it? Do you think I should good down to the courthouse, pay the $29.95 (or whatever they're asking), or should I find another website? :-?
And one last thing--where can I find these contracts? Do you use a specific website?
I need to know soon, because friday is coming!
Now, let's go get this money!
_________________
K McDaniel--I will not lose
[ Edited by Quikness on Date 05/04/2004 ]
[ Edited by Quikness on Date 05/04/2004 ][ Edited by Quikness on Date 05/04/2004 ]
I just wanted to comment on something real quick. That excitement and enthusiasm you have is awesome! Love the go-getter attitude. You'll do well. Sight is what you see with your eyes, Vision is what you see with your mind! Good luck.
I'm with dmbaker here: your attitude is awesome. Keep that fire and you're going to make it.
That being said, trying to do a deal with no: money (do-able), experience (do-able, but harder), no contracts that you KNOW will stand up if contested (less do-able), with no clear strategy (even less do-able) and have it all done in 7 days from your first post to this Friday (doubtful and scary).
This is not meant to be a downer, but if you want to do this, do it from a good foundation. Check out the thread started by snek11 in the Bird Dog/Beginners forum (NEWBIES- Listen to my tale...). Also, all the stuff you're looking for can be found somewhere here in the TCI forums, so read, read, read...
Good luck!
Andy