Hello,

This is my deal, getting into contract tomorrow afternoon will be marketing it 5 min. after.

Nice little 2 Bdr out in the country on about 1/4 acre.
ARV fixed up 42-45k, the were asking 19,500 I offered 16,500 and it was accepted. I'm getting into the contract with $10 Earnest money. Will be looking for someone to assign this to.

This will be my first deal ever and i'm so excited and scared at the same time. Worried about not being able to move it and defaulting on contract.

Steve

Are there alot of you doing assignment deals directly with an end-buyer and with the homeowners, verses working with agents? I have been advised to make sure to get a fairly large earnest deposit from the end-buyer at the time I assign him the contract, that way he will have a vested interest in following through with the closing of the property weeks later. If he signs a contract that saids that he will pay a substantial deposit at closing or at escrow, I believe he can still walk away any time before settlement and not lose any money. Is this the case?

A few days ago I got a call from a kid I mentored about 4 months ago. I gave him 4 days of personal one on one intense training. This kid is 23 years old and lives in southern california. He makes $20,400 dollars a year at his job as a full time youth pastor. When he called me a few days ago he was excited because he had just flipped a house for a net profit of $36,500! That is almost double what it takes him a year to make at his job!

Today, I received an email from one of my RE agents telling me of a builder, whose bank had went "belly up" due to the "bank crisis" So, he needs to sell off his properties to an end-buyer and she invited me to take part in the "sell-off." I hope there is much profit to be made as it appears.... I recently sent her an email to get back with me on the details.... This may be the "BIG DADDY of them ALL!!"

So, here is a portion the email I just received....

".....I have a client that is a builder. His properties were financed by the Bank of XXXXXX which was seized.

Well.......we finally made it on this one. We are due to close tomorrow at Noon.

This one is the 5 bd / 2 bath with the addition of the 1 bd/ 1 bath APT. It will be a break even until the refi.

I will work on getting the refi right away, but have to deal with the HM Loan for 3 months minimum, as per agreement. After that we should cashflow around $500 per month.

This first one has been kinda surreal...I don't think I will realize what I've done until it's actually MINE.