Okay… if you’re just like me… you like to make as much money as you can… with as LEAST amount of work as possible. Right?
…And for most people, making a $3,000 assignment fee off of a wholesale real estate deal isn’t too shabby (your average wholesaler will make about $3,000 to $6,000 a deal).
This deal that I did in the above had a TON of drama… which came from the seller-side. The seller and her family were in a huge disagreement on who owned the house… and there was a lot of legal battles in the court… which prevented me from flipping the house for about 8 months.
Details on this House Flip:
I got this house under contract for $11,000 (seller was a lead given to me by my title company)… and in about had initially found a cash buyer in about 3 week’s time to purchase this house for $19,500 (found this couple from bandit signs). That would have been an assignment fee of $8,500 for me. YES!
Just as I was about to get the contracts signed by the buyers back in November 2011… my title company called me to inform me that they would need to do a “Quit Title” to try and get the title on the property clear to sell.
DISAPPOINTED was I!!!
Fast forward a few months to June 2012… everything comes back good on the title… and we’re ready to rock n’ roll and market this bad boy property.
This time around… the buyers are more critical about the property… and I’m ONLY able to find a buyer (out of 25+ who viewed the property) for $13,000. Since I’m moving to Vegas in the next week… had to worry about selling my own house… and the amended contract on this property was about to expire… I had no choice but to accept this low-ball offer from the Buyer.
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Peace & God Bless!
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