Can You Assign REO’s? Real Estate Investing Training Video

by Dave on October 23, 2009

www.localmentor.com Colorado Real estate investment expert, Michael Jake, teaches zero down investing techniques. Learn wholesaling houses, wholesaling REO’s, foreclosures, short sales, subject to, land contracts, owner financing and other creative real estate financing structures. Free Colorado Real Estate Investing Course teaches you how www.localmentor.com

Tagged as: Assigning Contracts, contract assignment, lease options, localmentor, Michael Jake, mike jake, no money down, real estate investing, reo, reo wholesale, Subject To, wholesaling, wholesaling REO's

{ 21 comments… read them below or add one }

Anonymous 10.23.09 at 2:16 am: it’s a personal property transaction, the title co.has nothing to do with it, so you can use any title co. - usually with REO’s you can’t pick the title co anyway.
Anonymous 10.23.09 at 2:16 am: do you have to have a special title company you deal with or will any title company let you sell the llc to the 3rd party
Anonymous 10.23.09 at 2:16 am: so what your saying is create an llc and put the llc in the contract…but not the assigment of cantract with it right ….then sell the llc sepeate to the buyer then he takes over the contract
Anonymous 10.23.09 at 2:16 am: watch my video on wholesaling REO’s. NO you don’t use an assignment. You create the LLC first, use that on the contract - then sell the LLC. Not sure what you mean by court house - we’re talking about REO’s - which means it’s past court house - it’s lender owned - if you buy at the court house, you need cash then and there - not a wholesaling strategy.
Anonymous 10.23.09 at 2:16 am: so you put the REO property under an assignment contract 1st and then go and put it under LLC? couldn’t you put it under LLC at the court house?
Anonymous 10.23.09 at 2:16 am: There are some high volume wholesalers that can get assignment deals done with lenders because of their reputation and ability to get it “done”. Follow the rules till you can play that angle.
Anonymous 10.23.09 at 2:16 am: it might work or it might cost you the deal. I DEFINITELY See lenders having a problem with that. Just do it the right way. You need a business process that works EVERY time. What you might save in time/$ on one deal is going to COST you thousands in deals you WON’T do because the lenders will kill the deal.
Anonymous 10.23.09 at 2:16 am: I read somewhere that another way to assign a reo after its under contract is to simply tell the lender that you can no longer perform in the transaction BUT you found someone else who will take your place in the transaction. When lender agrees, then you assign. Do you think that would work? Do you see lenders having problems with that?
Anonymous 10.23.09 at 2:16 am: typically you’re going to make more double closing a short sale to an end-user who’ll get a mortgage - that is getting harder and harder to do with seasoning requirements. not as likely to short sale one and assign to an investor as you can get them cheap, but often not cheap enough for a rehabber.
Anonymous 10.23.09 at 2:16 am: What are your experiences with short sales? Have you ever been able to assign those? Any problems? How long did it take? (since I hear short sales take forever to close and esp. now since lenders are waiting for a bailout)
Anonymous 10.23.09 at 2:16 am: yes. keep in mind though, some agents will not “get” it. I even had a former student of mine who’s an agent tell another current student of mine “you can’t do that” - right up to the point where my student made 6,000 and the agent made 1800 commission.
Anonymous 10.23.09 at 2:16 am: Do you tell your realtor up front that you plan to assign the contract he/she helps you get on a bank owned home? Any suggestions?
Anonymous 10.23.09 at 2:16 am: Do you tell your realtor up front that you plan to assign the contract he/she helps you get on a bank owned home? Any suggestions?
Anonymous 10.23.09 at 2:16 am: you will need a proof of funds letter to submit with your offer. Don’t make a big deal out of getting one either, just google hard money lender in your area or google proof of funds letter. EASY to get one. you need to make sure your buyer actually has verifyable funds to close the deal.
Anonymous 10.23.09 at 2:16 am: Does the bank want you to show that you have the funds BEFORE they will accept your offer? If so, that is a problem.
Anonymous 10.23.09 at 2:16 am: you need a buy/sell agreement. I had my attorney draft mine to reflect “real estate” situation.
Anonymous 10.23.09 at 2:16 am: how do you sell the LLC?
Anonymous 10.23.09 at 2:16 am: Totally agree! I was referring to creating the LLC online in a few minutes. Thanks for the kick in the butt =)
Anonymous 10.23.09 at 2:16 am: just as easy in CA. LLC’s cost more to start, but it’s still what investors do, not to mention based on the values of properties you typically make much more per deal because of the higher values. No excuses - go make some money!
Anonymous 10.23.09 at 2:16 am: Great strategy. I WISH California made it this easy!
Anonymous 10.23.09 at 2:16 am: Great video, If you need any help getting your videos or channel exposed, i came across a service at thetubeviews . net it has helped 5 of my videos get ranked on the first page

Thomas, Monroe, AL

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