Beginning Investor Needs Guidance
Hello to all. I am starting out on my own in real estate investing and need some confirmation of what i've been learing in foreclosure books. I want to specialize in assignment of contracts to investors. According to foreclosure world training materials, I can locate a property I like, sign a purchase agreement with the seller and then assign the contract to the investor. is it that simple? I got a call today from a company that was trying to sell me a membership package so that I could get 100%financing on all homes i choose to purchase. I was under the impression that I can sign a contract with the seller without any proof of financing. the sales rep informed me that I always have to have financing and proof of it to show the seller otherwise they wont take me seriously. is this true? also, are there any investors that focus on buying assignments of cotracts? i'm having a tough time finding one. would all these "buy homes with cash fast" websites do this? sorry about the long email but thanks for your answers! 
"you " can draw up a contract without fin. details but if a re agent is drawing the contract they usually will pre-screen you and ask how you are going to fin.
You can definatly make offers without proof of funds. In fact, if you are buying properties from modivated sellers, you are their savior and they aren't going to ask questions. They'll love you for helping them out.
If you are making offers using a realtor for properties on the MLS it is very likely that the seller's agent will recommend the sellers to demand proof of funds.
When I'm selling a property I always require a commitment letter from an actual bank before I'll even sign.
You can locate investors by calling the "We buy houses" ads and telling them you have a property that they can buy via assignment and you fee is X.
A potential problem is that a lot of investors, in my opinion, are slimy and would potentially go behind you back, badmouth you to the seller, and get the deal straight from them.
There are plenty of reputable investors out there that realize that a good lead is worth paying for and that they gladly will pay you.
You'll likely have a problem if you want the cash right then and there. You'll probably have to settle with cash after closing. You can even go further to do title work, etc for them so that you can really present these people with for sure deals. This would increase your odds of getting paid immediately as you have already covered everything that can go wrong.
GOOD LUCK
thanks so much for all of your advice myfrogger! that makes me feel better about turning down the 100%financing membership package. out of curiousity, how much do you recommend charging as an assignment fee? if i buy a house for 15,000 and it has potential to sell for 115,000 after repairs, how much is too much and how much is too little? thanks again for your help!
one other quick question: in the state of arizona, am i required to close each deal at an attorney's office or a title's office? thanks
a quick call to either one will answer that ? and they will be more than willing . i can't anwser this because i didn't deal out of state {tn.} good luck.........kenmax
The way it's usually done here in AZ it through title companies, but don't forget to find a good real estate attorney to enlist to your cause in case something comes up.
Good luck,
Jeff