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

It doesn’t matter how passionate and determined we might be about our real estate investing business; a business, real estate deals, profits are non-existent without effective and consistent marketing.

When I’m talking about effective real estate marketing tools, our marketing must be targeted toward motivated sellers or we’re wasting our real estate marketing dollars and time on people that aren’t serious about selling their houses. The objective is to find solutions for homeowners that need a lifestyle change of some kind on a property that we can also make a profit from.

Marketing creates leads and leads can become deals- real estate deals can produce big profits.

There’s so many ways to generate leads -I’m going to list ALL of them that I know of off the top of my head.

Feel free to add to this list here as well.


Using printed info, these are some of the low cost advertising rei tools/ideas that can supply real estate investing leads.

1. Business cards
2. Small newspaper ads
3. Free ads at craigslist and other sites
4. Signs
5. Door hangers
6. Utility workers
7. Flyers
8. Grocery store carts
9. Bulletin boards
10. Billboards
11. TV
12. Radio
13. Referrals
14. Bus stops
15. Laundry mats
16. Community events

In terms of outreach to people, places and agencies – Here’s a list of the ones that I’ve used and a few that my investing/investor colleagues have used.

( Check out Flipping For Quick Cash Marketing System Here)

1. Title Companies
2. Home Inspectors
3. REIA Clubs
4. FSBO’s                                                            
   
5. Bankruptcy Attorneys
6. Homeowners Associations
7. Burned out Landlords
8. Bail Bondsmen – often due to legal reason, these agencies end up with properties that need to be sold.
9. Code Enforcers – know the neighborhood violations, etc. Got any in your family?
10. Hard Money Lenders- interview one and have this discussion
11. Meter Readers
12. Waste Management – know the neighborhood- vacants,  REO’s, etc
13. Divorce Attorneys
14. Probate/Trustees – aware of /oversee many files. Interview one.
15. Tax Offices – publish in newspaper, contact them for more info
16. Garage Sales- newspaper for locations/dates. sometimes these folks are (underground) motivated sellers as well.
17. Estate Sales- do you know anyone that coordinates these? If not, time to meet one or check the newspaper for locations/dates.
18. Vacant Houses

** Every time you go for a ride, take a different route to get to know your neighborhood, the properties, comps, vacants and utility workers.

Now that we’ve examined many different marketing and advertising ideas, over the next couple of days-  pay attention to people that you already know in these roles that you can offer a referral reward to for bringing you deals.

Another REI Tool for you!

If you need the actual templates, scripts, postacards and letters to target those deals

CLICK HERE and you’ll get an Instant Download sent to your inbox.

Chat  soon.

To your massive success,

Karen

Believe it or not, this is actually an excellent time to get started investing in real estate. Due to the recent downturn in the housing market, there’s so much making it possible to buy houses at bargain prices, albeit competitively. But no matter how good the market is when you start investing in real estate, you shouldn’t go into it blindly or embark upon it alone.

What you need is real estate mentor, someone who knows the in and outs of the business and can show you the tips and tools you’re going to need to be successful. This is crucially important, because while research and courses are both useful and important, real estate is an area where experience counts for a lot.

A mentor can give you tips, like what markets are likely to rebound and which aren’t, and they can show you how to use the right tools, like what you need to do to search for foreclosures, or how to access networks that will allow you to find the best deals.

That said, it’s not a matter of finding a mentor, it’s the matter of finding the right mentor. Because the potential for profit is so high and the field so open, you’re going to find that a lot of so called real estate mentors have no idea how to really help you make money, merely regurgitating information from some weekend seminar they went to that was hosted by another person without hands on experience.

That kind of mentor will show you tips and tools, but all you’ll get from them is wasted time and lost money. What you need to be looking for is a mentor who has been down in the trenches, who has actually done what you are looking to do.

One thing to look for in a mentor is someone who was been in both up and down markets. Lots of people got into the real estate market when the housing bubble was growing, when it was easy to make money while not actually knowing a thing about how real estate really works.

You don’t have to stick to just one mentor, either; you can and probably should have more than one. One of the best ways to do this is to find a network that allows you to access real estate mentors, tips, and tools, a network where you can access the power of many minds to make sure that you attain the real estate investing success that you yearn for.

Karen Roberts