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Real Estate

Assignment of Contract - How to Make $10K Matching Buyers...

Hello. Yes, I most certainly would. In fact, we have a renovation going on there right by General Hospital at this very moment. Please send in your information at http://www.oahuhom ebuyers.com/contac t-us/ and I will be happy to review it. Thank you, Michael Borger  (Feb 24, 2015 | post #20)

Real Estate

Assignment of Contract - How to Make $10K Matching Buyers...

Sorry I missed the previous comments. I'll respond to each in turn here: Ang: You find buyers by proactively building your Buyers List. There are many places to find people who flip houses -- Craigslist, Google, local REIA meetings, social media, etc. Build a relationship with these people ahead of time so that when you do get a property, it's not a matter of IF you can assign the contract -- it's a matter of WHO you will assign it to. As far as the seller wanting part of the fee, no deal. It's up to you to control the conversation. Their price is their price, no matter whether you're the one closing on the property or your buyer. Remember -- we're helping someone through a difficult situation. You have a right to make a fair profit for providing a helpful service. Vince -- You'll have to keep talking with other title /escrow companies. Try Title Guaranty or First American. It really shouldn't be an issue. mandy605 - That's trickier but certainly possible. While I'm based in San Diego now, I still operating my company Oahu Home Buyers. I have a team of professionals there - contractors, escrow officers, realtors, etc. that can step into their roles as needed. If I was going to wholesale a property there, I'd get it under contract (try DocuSign), try Zillow or a local realtor friend for comps (or FlipComp), and a local title/escrow company. Of course, you'll also need to advertise for buyers. It's not easy, but many people do it. By the way, there's a GREAT new way to drive leads and run your business online. I use it to run much of my business today. Check this new site out: http://goo.gl/JegB Vl Hope this helps!!  (Oct 30, 2014 | post #18)

Real Estate

Assignment of Contract - How to Make $10K Matching Buyers...

Hi, Mat. Traditionally, your assignment contract is a separate item from the actual purchase contract between you and your seller. There's no need for the assignment terms to be on your purchase contract. However, on the assignment contract itself between you and your buyer, then yes, you will need all the terms described, including the fee amount. But this is a separate document from your purchase contract with the seller. The assignment contract usually doesn't need to be more than a page. Just make sure the title company or attorney you're using will accept it.  (Apr 10, 2014 | post #13)

Real Estate

Assignment of Contract - How to Make $10K Matching Buyers...

Hi John. It's not easy - any form of real estate investing certainly takes work. You have to market and market for the deals that fit the criteria - again, these are people who are in foreclosure, may have inherited a house in probate that they don't want, need to sell because of a divorce or bankruptcy or relocation or other matter. Not everyone needs to sell their house or needs a cash buyer to step up right away. Once you do find a person in one of these situations, you have to sign them to a purchase contract at an appropriate price. Then, you need to have a CASH buyer ready to go (like me) who can step in to buy the house and pay you your assignment fee. Knowing your buyer's criteria beforehand will help make sure you get the house at the right price. So while it is work, it doesn't have to be complicated. You're finding a motivated seller and matching them up with a buyer like myself. Instead of marketing, you might even know of someone NOW who needs help with their house. Half the work is then done. Find your buyer and his criteria and put the deal together and get paid.  (Sep 19, 2013 | post #9)

Real Estate

Assignment of Contract - How to Make $10K Matching Buyers...

Hello Taluula. Let me first say that I'm not an attorney and I can't give legal advice. That being said, it is my understanding that you do NOT need to be a licensed real estate agent to assign a contract. Here's the key issue: a licensed real estate agent represents the interests of another party -- a buyer or seller. That's the main reason they need to be licensed. However -- if YOU have a property under contract with YOU as the buyer, then YOU can assign your interest to another party because YOU are not representing anyone else. You're representing YOURSELF and assigning something that YOU are in possession of: a contract with the rights to purchase a property. You can assign the contract directly from yourself to your buyer, or you can handle it through your title and escrow company (if you've already opened escrow). I've done both right here in Hawaii. I hope this clears it up. You should present this to your friend because they may not understand how an assignment of contract actually works. Please keep me in mind for any properties you come across that might be good flip deals - I'm always looking and will reward you well :) bigrockinvestments .com Aloha, Michael  (Jul 24, 2013 | post #6)

Real Estate

Assignment of Contract - How to Make $10K Matching Buyers...

Hello, Lady J. You find simple Assignment of Contract forms online. A one page form should be more than sufficient and it's just the one form, to be signed by both you (the assignor) and the buyer. You may need seller approval, depending on your original purchase contract terms, in which case the seller would need to sign as well. It's quite simple. As long as you've put together a winning deal and provided all the necessary data to your buyer, then you sign the form and file it with your title/escrow company or attorney that's handling the closing. NOTE: You should get your assignment fee from your buyer at the actual time of assigning, not closing, though that will depend on the relationship with your buyer and any legalities presented by your escrow officer or attorney. But generally speaking, you are handing over your asset (the contract) at the time of assignment, so that's when you should get paid. You're selling the contract (i.e. the terms, rights, and responsibilities), not the actual house. It's up to the buyer, at that point, to finish performing. For more great real estate investment tips, just visit: http://masterycoac hingmichael.com/bl og If you're in Hawaii, then visit us at: http://bigrockinve stments.com  (Feb 6, 2013 | post #4)

Honolulu, HI

Brush fire slows traffic on H-2 Freeway

That's a bold statement. How much of it is arson and neglect versus just natural conditions that preempt fires? It's a bit premature to start blaming it on idle kids unless it's proven and documented.  (Jul 9, 2012 | post #4)

Honolulu, HI

Brush fire slows traffic on H-2 Freeway

Is this a busier fire season than normal? Just seems to be in the news more lately than I recall in past years.  (Jun 29, 2012 | post #1)

Honolulu, HI

Honolulu High-Rise Fire Sends Residents Scrambling

Hope everyone got out OK. Either there's been more fire activity lately or I'm just paying more attention to them.  (Jun 24, 2012 | post #1)

Honolulu, HI

forclosures going up

Increasing foreclosures is going to keep prices in check or at least dampen any uptick. Inventory's been shrinking in some areas but that could change real fast. I'm working with some folks on short sales (I'm an investor buyer) who got judicial foreclosure papers - the banks were tired of the moratorium on non-judicials so they decided to suck it up and go through the courts. BOA just changed their short sale procedures. The tagline is that it's supposed to help streamline the process and get approvals done sooner but we're finding it's actually the opposite -- go figure, right? They're making us jump through more hoops than ever before. Still, there are big reasons to get cracking on a short sale ASAP if someone's mortgage is underwater, most notably the 2007 law that lets you write off the taxes on the deficiency waiver. It expires at the end of the calendar year... http://bigrockinve stments.com/start- short-sale-now/  (Jun 12, 2012 | post #15)

Honolulu, HI

Hawaii isle mountains to get more snow

Awesome. Wish I still had my snowboard! It's been almost 6 years now since I carved some lines....  (Dec 13, 2011 | post #35)

Honolulu, HI

New Hawaii foreclosure moratorium bill SB 651? Good or bad?

You bring up a lot of good points, Eric. There are lots of obstacles for folks who are already feeling the heat. But a likely result, as you mention, is a backlog of inventory. Here's the thing, though -- there's already a big backlog of "shadow inventory". The banks have enough right now to flood the market, but obviously they don't want to do that for the very reason you mention -- bringing down the market. But how long will they be able to keep the faucet at a small drip? Eventually, for the housing market to recover to any significant degree, I don't see how they're going to avoid increasing the rate at which they release their product. I don't think they'll open it wide up, but I don't think they're going to want to take 10-15 years to get these non-performing assets off their books.  (Nov 2, 2011 | post #11)

Real Estate

What is A Short Sale

It seems like many people have a grip on this by now with the foreclosure mess of the past 6 years or so that's swept the nation (Hawaii 11th in the country), but I have had a few homeowners talk to me within the past week and ask that very same question: What is a short sale? So, I thought I'd address a series of posts that discuss short sales, who can qualify, the steps involved and where we're likely headed. Full article: http://bigrockinve stments.com/what-i s-a-short-sale/  (May 23, 2011 | post #1)

Honolulu, HI

New Hawaii foreclosure moratorium bill SB 651? Good or bad?

It's certainly a shake up in the Hawaii non-judicial foreclosure scene. There are people for and against - it depends on how closely you've been affected by the rate of foreclosures here which have rocked us to 11th in the nation. Here's the full article - please leave a comment on the site voicing your opinion! http://bit.ly/sb65 1 (click that link for the full article text and commenting section)  (May 16, 2011 | post #1)

Real Estate

Assignment of Contract - How to Make $10K Matching Buyers...

Original article here: http://HawaiiHousi ngNews.com/assignm ent-of-contract/ Would you like to make $10,000 by the end of April? Have you ever heard someone mention that they ‘assigned a contract’ to a rehabber or investor here in Hawaii or anywhere on the mainland? It’s actually not that complicated. What’s more, it’s often an easy way for someone to make some quick cash. Here’s how it works: You find a property that someone is looking to sell. Single family house, multi family house, condo, vacant land — it doesn’t matter. Only three things do matter: 1. You get it under contract. That means you have a written purchase contract signed by both you and the seller. 2. The terms of the contract will be attractive to another buyer. 3. You find that buyer! Let’s use a basic ‘fix and flip’ as an example. Say you find a 3 bed / 2 bath single family house in Honolulu that is a good ‘deal’ according to basic real estate investor criteria, meaning it provides substantial upfront equity after all rehab costs and fees are subtracted from the final selling price. This house in Honolulu is worth about $350,000 today and would need about $20,000 in rehab to bring up to excellent condition where it would fetch roughly $375,000 or so. However, the seller lost their job and owes a lot of back taxes but they do have $300,000 in equity in the property (owe $50,000 on the mortgage). They don’t want to get in trouble with their local bank and have other immediate expenses, so they agree to sell it to you for $245,000 in 30 days. You then assign the contract to one of your local Hawaii real estate buyers for a $10,000 fee. The buyer can pay you then and there (preferable) or pay you at closing. Let’s look at how each person wins in this situation: The owner avoids getting a lien for the back taxes. They also net roughly $195,000 ($245,000 – $50,000) in CASH at closing and are free of their mortgage. They do not have to pay a 6% realtor fee and possibly wait months for it to sell. Instead, they get their problem solved right away! You make a $10,000 assignment fee for solving the seller’s situation while providing a good investment deal for the buyer. The buyer is happy because even after paying you the assignment fee, they are still going to make a nice profit if they rehab and flip the property, rent it out or even live in it, capturing a lot of upfront equity. So basically, you are assigning the *terms* of the contract to another buyer who will actually close and take title of the property. Just be sure you analyze the property, its after repair value and the scope of work needed so that you know what price you need on the contract. Know your market and what similar units are selling for. And don’t forget to include your assignment fee in there! If it’s worth only $200,000 to and end buyer, then you need to get it for less than that if you don’t want to work for free! Here are some tips to help you make some great cash assigning properties to other buyers: 1. Always build your real estate buyers list (here's an example: http://hawaiiprope rtyinvestments.com ). If you have a great deal but no one to assign it to, then you won’t make much money. Have buyers ready to go and know what they want. 2. Understand your local market. Learn how to comp a property according to recent, similar, nearby sales. Are properties moving in your area? If not, then you really better get that price down so your buyer can be sure to sell it at discount when it's done. 3. Go for the close! Have a blank contract with you at all times as you’re driving around town. You just never know! Buyers like myself will gladly pay $10,000 for a contract that still nets us a good profit at the end of the day. Go find those deals and make some $$! http://BigRockInve stments.com  (Apr 6, 2011 | post #1)

Q & A with Michael Borger

Headline:

I buy homes - Oahu & San Diego

Hometown:

Pottstown, PA

Neighborhood:

Makiki

Local Favorites:

Diamond Head, Kaimana Beach, Kapiolani Park, Waikiki, Kuliouou Ridge Trail, Kailua Beach, Side Street Inn, Irifune, Lanikai Beach, Koko Head

I Belong To:

FortuneBuilders Mastery, HIREI

When I'm Not on Topix:

I run Oahu Home Buyers, a premier Hawaii real estate investment company & Mercury Home Buyers in San Diego, CA; reading; hiking; being a dad

Read My Forum Posts Because:

I want to share what I've learned and vice versa

I'm Listening To:

Lead the Field- E. Nightengale

Read This Book:

The E-Myth Revisited; Man's Search for Meaning; The Snow Leopard; Never Eat Alone

Favorite Things:

Pushing past my comfort zone; hiking; real estate; business books, using my Celestron telescope for backyard astronomy; science

On My Mind:

How to be a great father to my new daughter; how to grow my real estate businesses

Blog / Website / Homepage:

oahuhomebuyers.com | bigrockinvestments.com | masterycoachingmichael.com | funthingsapp.com

I Believe In:

helping others. If you consider yourself a servant of people's needs and wants, then life just fills in all the gaps, so says the genius Earl Nightingale.