When doing an assignment of contract you may have the question: How does the Realtor get paid?

Many think that an assignment of contract has to do with putting a property under contract then raising the price and making the difference. What I described is often called a double closing.

To do an assignment of contract without raising red flags you will put a property under contract with "and/or assigns" in the contract. You then find a new buyer. This new buyer pays you before closing at the time you are going to "assign" or sell the contract to them.

Well after talking to 5 diffrent real estate agents they've told me that buying REO's is very hard and that the bank HATES working with assignment deals and that the agent has sold about 30 this year and that doing assignments wont happen. They suggested why dont I go and get a real estate license, I'd be more profitable by that.

O.k I was gonna wait until I close but I am bursting at the seams wanting to tell everyone.

I have just done my first assignment for $10,000.00. Hope to close by the end of the month.

I can not believe it. I bought Dean's book 3 months ago and I am about to close my first deal.

Here's the kicker... the investor that I just assigned my deal to has set a goal to purchase 25 properties in my area. This assignment is #9 and he want's me to be his bird dog and find him 16 more properties.

AHHHHHHHHH! I am so excited!!!!

Picked up the keys yesterday for 2nd investor house.
Purchase Price $45,000
3+ bdrm/2bath
1845 sq ft ($24 per sq ft)

$4300 New boiler
$4500 Leveling and concrete supports of fireplace side of house
$7200 Minor repairs/Carpet/Paint (high estimate)
_________________________
$15,000 Total Repairs (high estimate)

ARV=$80K-$90K
$20K-$30K instant equity
PLUS
$800 mo rent (conservatively)
-$150 mo taxes
-$ 50 mo insurance
-$300 mo (if there had been a mortgage)
----------
$300 mo cash flow
$600 mo without the mortgage

I just thought i would start this post for all you "newbies" out there that are looking to get started in WHOLESALING properties, this will BRIEFLY explain what "TOOLS" are needed when you have the formula, marketing, and contracts down pat. This will help when your looking to actually going out into the field.

1) DIGITAL CAMERA: You are going to NEED a camera to take pictures of vacant distressed properties as you drive through neighborhoods. You will also need to take pictures as you meet sellers to look at properties, other investors will want to see what your trying to Assign.

NO MONEY, NO CREDIT, NO EXPERIENCE, NO PROBLEM **

I am sure that this topic sounds familiar to some, as well as it should. It was posted here one before but I had to remove it for various reasons. Now I am posting this one - I am going to try to make it as comprehensive as possible and any questions you have you can ask here.

A Real Estate Bird-Dogger will canvas the ads and websites any any other venue to find deals on real estate for investors.