Finding Partners
Hi,
I have found some very nice deals in the REO market. My problem is my credit is bad. Its actually getting better, however, not good enough to get financed. I need somone whose credit is OK willing to partner with me. Any advice on how to find them?
Ed 
Do your homework and make sure these are good deals. Get the property into contract, making sure that right after your name it says "and assigns". When all parties sign the contract, place an ad in the paper explaining what you have for sale (the house). You'll be surprised at how many calls that you will get. These calls will be from investors looking to buy wholesale. You can assign the contract to them for a fee, say $5k.
Keep a record of who calls. This will be your contact list for the next property that you find. Good Luck!
Worf,
Have you used this technique before? What type of seller? I had heard that institutional sellers will not accept this. Is it legally binding?
JohnCl
Go to a REI Meeting in your area, There are so many people looking to team up others. In todays world it is not realistic for a person who is just getting started to be a one man show. Unless you are doing this on weekends as a hobby. I still work at a W2 Job and use that as my retirement fund now. But I believe everyone should network and utilize the skills that work best for them.
So get to a Meeting and NETWORK, You will be surprised at how many people NEED you.
Good Luck
Lori
[addsig]
You cannot assign REO properties. Banks don't like to do deal with inexperienced investors/buyers, and adding "and/or assigns" just tips them off, plus you can't do it anyway...
Quote:
On 2004-02-18 11:29, davehays wrote:
You cannot assign REO properties. Banks don't like to do deal with inexperienced investors/buyers, and adding "and/or assigns" just tips them off, plus you can't do it anyway...
Why can't you do it? Legally you should be able if you have "and/or assigns", assuming that putting that in the contract doesn't put them off accepting your offer in the first place.
put property under contract as an LLC or sub s corp. Then sell the corp or llc to the investor.
Andrew you can't do it cuz BANKS MAKE THE RULES. Listent sanjosee, that is what Steve Cook espouses, and you should look into that method. Best, Dave
I thought he wanted a partner to work with, not to assign anything to?
Lori
[addsig]
esamaro,
You do not need credit. You need John Loke's "Subject to" course so you can go after those properties in the meter of days. other guys on this forum are making killer in Florida. Why wouldn't you do the same?
Take Care!
Is esamaro still looking for partners?
The advice about selling, assigning the contacts will work in some cases. The lenders do try to stop this as assigned deals many times fail to close. They also do not like to see deals being flipped, etc. Much of this has been covered.
If you really want a partner the local investor club is an option, Most investors would prefer to take the deal over rather than partner.
Hard money is another option if the deal is good enough.
I you want to partner, send me a private message and we can discuss the possibilities on a case-by-case basis (property-by-property). Sometimes you will be better without a partner (using the methods above and on the forum).
John