How to Find and Assign for Profit

by: Leslie Collins - 5/2007
NEW REAL ESTATE INVESTORS - breaking into the profitable world of real estate is a challenge. Not sure where to start? You'll need a solid ROADMAP. We really liked the approach Joe Kamenar teaches in his short, to the point and inexpensive e-book: Find and Assign SUMMARY: This is a 135 page course in PDF format that teaches new investors how to get started in wholesaling properties by finding ugly properties and assigning the contracts to other investors. It also contains a zip file containing every form, letter, and agreement discussed in the course. It also contains a Microsoft Excel-based spreadsheet called the Property Analyzer, which makes it easy to evaluate both the cash flow, equity build up and net profits from a rental property, plus the profit potential of a rehab. You don't need big money to start, no special license needed either. You won't be taking title to any property so there's no rehab, permits or inspection to worry about. The book shows you step by step how to source, structure and assign deals - even the beginner should have no problem understanding the concepts. You basically become the conduit between buyers and sellers, earning very nice profits by the way, by learning specific techniques taught in a step by step fashion. We purchased this book months ago, tried it out and turned $4,760 profit using exact techniques in the book, selling our first contract to an experienced investor. Total time into the deal was about 7 hours work. You'll find that most downstream experienced investors usually have more money than time and do not want to do the preliminary legwork of sourcing and structuring deals. They are happy to pay you for 'finding a good deal'. So here is an overview of Joes book below - chapter by chapter - learn it well, you'll make a killing. We also contacted him by phone when we had questions ( he posts his phone number, something I've not seen on many real estate training methods) ; It was no problem for him to respond back and get what we needed. So here it is, an overview of the e-book by the author himself
Find and Assign for Profit

Chapter 1. Ways to Make Money in Real Estate

I will tell you about the traditional ways of making money in real estate, plus give you some of the things that can go wrong in the process. I will teach you how a $30 investment can keep you from hundreds of dollars in monthly negative cash flow. You will learn about buying homes subject to an existing mortgage, using a lease-option for better cash flow, and how investors buy foreclosure properties. You will also learn the benefits and pitfalls of rehabbing properties.

Chapter 2. Getting Your Ducks in Order

You will learn how to choose your business entity, and how to avoid paying the self-employment tax on most of your profits through the use of a Limited Partnership. You will also get a list of the tax deductions you may take and how to file your return. You will also find out what to look for in an attorney, an accountant and a title company. I also give you an overview of what a hard money lender is and why they are important in this business.

Chapter 3. Finding Motivated Sellers

You will learn 17 ways to find motivated sellers, with specific examples of ads, business cards, fliers and letters to mail. You will learn how to determine if a seller is motivated, plus you will learn how a simple 20 cent item will keep your name in front of prospects for months and months. I will also teach you how to use the Internet as a powerful marketing tool! Once people start calling you, You will know exactly what to ask them to see if you can do business!

Chapter 4. Analyzing a Deal and Making an Offer

You will learn how to get the lowest price possible for the house by asking two simple questions. I will show you exactly what to do in order to take a deal subject to an existing mortgage. I give you a detailed checklist of what to look for when inspecting a property, covering the structure, the fixtures and the landscaping. Then, you will learn how to use the Maximum Allowable Offer formula to determine the max you should offer for the property, after taking into account the holding costs of your buyer plus your assignment fee. To get you out of a bad deal, I have included 6 powerful escape clauses. You will also learn when to use a purchase option instead of an agreement of sale, eliminating any risk.

Chapter 5. Preparing a Property Overview Package

The key to getting top dollar for your assignment is to put together a complete property overview package to show to potential buyers. You will learn how to obtain the history of the property, including any deed problems, get the exact structural record, obtain comps, get zoning status, obtaining an insurability report, and other key ingredients of the overview package. You will also learn the 7 important questions to ask of contractors who are giving you estimates. Did you know that by spending $9 you can determine whether or not a potential property can be denied hazard insurance? Try getting a mortgage on that property!

Chapter 6. Finding Buyers for Your Contracts

I will show you 7 proven methods to find buyers for your purchase agreements or option agreements. You will get sample ads and cards to use. I have included two amazing ways to find dozens of qualified buyers in one spot who would be happy to pay you your fee if you present a properly structured deal. You will also learn how to use the Internet to find eager buyers and how to post your Property Overview Packages online to automate your selling process. Finally, you will learn how to close the assignment deal and guarantee that you will get your assignment fee! I also can help you put together a local joint venture program to fund a rehab project, complete with project management from myself. You will also learn how to do a joint venture with a seller for a rehab project, whereby you do not take title to the property, but instead agree to a split of the net profits after the resale of the property, with your interest secured by a mortgage.

Chapter 7. Investing in HUD Homes

Here is a good overview of what HUD homes are, how to find them and how to bid on them. You will learn about the terms and conditions of purchase, why you should work with a good real estate agent, and where you can find all you need online.

Chapter 8. Cash Flow and ROI Analysis

In this chapter you will learn all you need to in order to understand cash flow analysis on a rental property, using the included Property Analyzer for Excel. Topics covered include closing costs, down payment, amount financed, private mortgage insurance, rental income, pre-tax and after-tax cash flow, taxable rental income, mortgage reduction, equity growth, depreciation, depreciation recapture, capital gains taxation, net settlement proceeds and compound return on investment (ROI). This section will benefit you if you are thinking about holding properties for rental.

Chapter 9. Basic Principle of Real Estate

Learn all the fundamentals of purchasing and owning real estate. This chapter covers such topics as bundle of rights, property limitations, eminent domain, deed restrictions, environmental issues, encumbrances, liens, freehold and leasehold estates, types of ownership, kinds of title, title insurance, types of deeds, and why you should use a buyer's agent when investing in real estate.

Chapter 10. Creating Cash with Discounted Notes

This chapter teaches you the basics of the note brokering business. You will learn how and why seller-financed notes are created and why there is a market for converting a payment stream into a lump-sum amount of cash. Once you know how to find holders of notes and buyers of notes, you will be able to bring the parties together and collect a fee of as much as 10% of the note amount! I will give you sample ads to run, plus letters you can send to note holders (and how to find them). I will also give you a script to use when prospects call you, plus a follow-up letter, and several sources of note buyers. VISIT WEBSITE:Find and Assign

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