When wholesaling properties, which is better: Assignment of contract or Simultaneous close? Are there any situations where you might one over the other?
An assignment of contract affords a couple of things. One, there are not double escrow and title expense, your exposure to disclosure liabilities may be mitigated by non ownership, possibly the most important issue could be taxation and lastly seasoning issues regarding title.
We build the right to assign our contracts in every deal.
When you assign a contract, does the buyer do his own inspection? Whats the best way of dealing with inspections? When you make an offer, to come up with the costs I will do a professional inspection anyway.
My mentor told me not to reinvent the wheel. Just use "We Buy Houses" in Yellow background and Black lettering. These have proven to give the best result for bandit signs. Just my 2 cents. Happy investing.
the phrase "we buy houses" is whats mostly used by small investors. if your going to try and ad a catch phrase onto it, make sure you check the u.s. trademarking website to see if anyone has trademarked it. i have heard of those "we buy ugly houses" franchise guys ( I think there called Homevestor inc.) sue over trademark infringments. its so stupid.
so someone has to use the exact phrase as you "i buy houses, ugly ones too" for them to be infringing, correct? even if they use "i buy houses" without the catch phrase they still wouldnt be infringing? it seems like they would be.
Thats a good question? I have the same concern?
Thanks
An assignment of contract affords a couple of things. One, there are not double escrow and title expense, your exposure to disclosure liabilities may be mitigated by non ownership, possibly the most important issue could be taxation and lastly seasoning issues regarding title.
We build the right to assign our contracts in every deal.
IBuyhousesInc,
Thanks for your reply. In an assignment of contract, is it neccessary to tell the buyer at what price you bought the property?
On an assignment it would be important on a concurrent it doesn’t matter
IBuyuhousesInc,
When you assign a contract, does the buyer do his own inspection? Whats the best way of dealing with inspections? When you make an offer, to come up with the costs I will do a professional inspection anyway.
In your contract you should have a period of time to do all of your inspections... If you’re using the CAR for then you have 17 days
I wouldn’t waste my money inspecting the houses "professionally" if your intention is to wholesale
Once you have the house under contract don’t be afraid of your assignee and seller trying to cut you out of the deal.
There are national data bases for property owner information.
as for eviction data bases just use the newspaper to market to houses for rent...
Call and ask one question.
Are you planning on sellling your rental or would you like more? Either way its a win win
Ceedee,
My mentor told me not to reinvent the wheel. Just use "We Buy Houses" in Yellow background and Black lettering. These have proven to give the best result for bandit signs. Just my 2 cents. Happy investing.
the phrase "we buy houses" is whats mostly used by small investors. if your going to try and ad a catch phrase onto it, make sure you check the u.s. trademarking website to see if anyone has trademarked it. i have heard of those "we buy ugly houses" franchise guys ( I think there called Homevestor inc.) sue over trademark infringments. its so stupid.
thank you. that was informative.
so someone has to use the exact phrase as you "i buy houses, ugly ones too" for them to be infringing, correct? even if they use "i buy houses" without the catch phrase they still wouldnt be infringing? it seems like they would be.
thanks again for the info.
here is the test as my attorney puts it.
It the phrase is an action of the person it is almost impossible to protect.
Example " I climb tall mountains" could not be enforced
However "Climbing taller mountains" is an enforceable Trade Mark
So my trademark on I buy Houses cant be, as three words, protected but "I Buy Houses, Ugly ones too” TM can