I recently got a great question from one of my blog reader’s – Dennis that I’ve decided to use as a training tool.

Dennis has attended several real estate investing seminars and even listened to quite a few webinars but all have completely failed to address his question head on.

His question is “What are the Mechanics of wholesaling a property?”

Dennis has been very confused about the actual mechanics of wholesaling.

As simple as it may sound, if you don’t have a clear understanding about the process-

you’ll be too afraid to make that move and you’ll never make any money at it!

Some new investors have a great deal of anxiety about the contracts/agreements that are required to wholesale a property.

Fear not, these can be easily obtained online and they are completely applicable.

If you find yourself in need of an Assignment of Contract or an Agreement to Sell- you are welcome to download 22 of my free forms here, save them and customize

them for your own use.

DON’T FORGET

When you sign the property up aka get it under contract, aka take it down, aka lock the property up (you get the idea) –

you absolutely MUST add the phrase “and or assigns” after your name on the purchase agreement to be able to

actually have the right to pass this deal on to a new buyer.

I didn’t ever want to risk the possibility of forgetting or leaving this essential phrase out so I added it to my purchase agreement to be ever-present.

I find that it raises fewer questions with the Seller as well, since it’s

already typed into the original agreement. Click Here for any of these

FREE forms and more- that might come in handy as you move toward

that next real estate deal.

• Acknowledgment of Right of Assignment
• Agreement to Amend Real Estate Purchase Contract
• Agreement to Sell Real Estate
• Assignment of Contract
• Authorization to Release Information
• Escrow Instructions
• Cancellation and Mutual Release of Real Estate Purchase Contract

So, Dennis- I’ve created this simple diagram on the Mechanics of Wholesaling to really answer your question about the step by step process to assigning a contract.

>>>Click here<<<<  for the Diagram. I hope it helps  and Thanks for that excellent question!

BTW…

If you have any questions that you need answered
in regards to real estate investing feel free
to leave a comment below.

Who knows!

Maybe your question will be the next one
that I answer

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How To Find and Flip Houses

This is a great time to learn how to find and flip houses. The housing bubble has burst, which means that inflated prices have finally dropped and that people are buying and selling houses at rates that are actually reasonable, as opposed to the truly overinflated and borderline insane prices that were being asked just a few years ago. If you’re planning on getting into the house flipping game this is actually going to work to your benefit.

For one thing, it means that you have a lot less competition than you would have had just a few years ago, because many people have been scared off by the bubble bursting.  Secondly, it means that you can find good houses at something approaching their actual value, which means that it’s easier to fix and flip.

The first thing you need to do is find the houses that you’re going to flip. What you need to look for are houses that are in decent neighborhoods but are in need of some TLC to get them in a retail condition.

You don’t want to buy houses that are a hard sneeze away from collapse, but you do want to look for houses that are fairly ugly and musty. Old carpets, cheesy wallpaper and crappy cabinets are a house flipper’s best friends.

This is not a stage you should take lightly. Success in finding and flipping houses is 90% in the planning, finding the right houses where your profit is built right in. Part of this is finding the houses that are in the right condition, but another part of it is looking for motivated sellers.

What you’re going to look for when you first start learning how to find and flip houses are buyers who are looking to sell right now. This can range from people who have inherited a house and are looking to get rid of it to people that are on the verge of losing their homes to foreclosure.

Regardless, you’re going to be looking for houses that can be brought up to a more valuable condition and that you can buy for the lowest price possible. If you can find both of these, your ability to make money from flipping houses is virtually guaranteed.

Flipping the house is the comparatively easy part. If you’ve done your planning and buying right, all you need to do is work with a contractor to get the house in shape and list it at slightly below true market value. This will ensure that you make a quick sale and a quick profit when you’re learning how to find and flip houses.

Karen Roberts