How can I assign deals that are NON-assignable? Investors CAN do the impossible flips?

by | Indy Anna, Real Estate Investing

How can I assign deals that are NON-assignable? Investors CAN do the impossible flips?

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How can I wholesale or assign deals that are NOT assignable or come with no-assign contract clauses?

Indy real estate investors and wholesalers can STILL assign/whole deals that seem “impossible”?  

Yes, here’s how.

This was a question that came in and I’ll tell you one way that we’ve been doing this because sometimes with REOs, banks or with overseas investors or deals will want to do NO assignment or NON-assignable contracts:
– You write the offer and put an LLC as the “buyer”
– Once the deal is accepted then you can get your investor/buyer as normal
– Now instead of assigning the OFFER you assign the ownership in the LLC
– Then the investor takes over and the same “buyer” on the contract closes
– You get paid the same at or before closing

Things to keep in mind:
– You don’t need any money or “assets” in the LLC
– You can still make zero down offers just like before
– As you build relationships with your investors better they can pay for you to set up the LLC and put “in line” for your next deal

To let your investor/buyer take over the LLC, you have a few options:
– You have a “Board of Directors” and the investor is added with you and they close, or once they are added you can resign your position and they take over
– You can also assign all your shares or your “seat” in exchange for them taking it over, although this may have tax implications
– You can also set up a “Single Member LLC” and assign all the membership rights to the cash buyer

There are other ways to do this but:
– You do NOT want to do it alone, you want your lawyers or legal team to do it
– I learned this from Azam but I also learned the approach: do not ask what’s legal instead just tell the result you want and they can figure out how to do it
– Your lawyers or title company may want to do this differently depending your
state, county, etc. but the result should be the same

This is also one way that we do trades:
– In a previous video I went over how the “I’ll trade my seven-figure business for your house” and how it works
– This is one way to do that, you can create an LLC and the owner becomes a part owner who gets paid dividends on their shares, payments on their stake, member benefit, etc.
– So this LLC issue can help solve a lot of issues

How I do this:
– I do nothing my attorney sets up the LLC and paperwork for me based on the requirements of the bank or whoever
– Next the investor/cash buyer gets their paperwork and explanation from the my title company and/or attorney
– The total fees/costs are the same as setting up an LLC because now I don’t get charged for anything else because I close with the attorneys
– When I started I explained what I was doing with 100% transparency and any costs of the setting up the LLC and assignments the investor paid for as part fo their closing costs, this is a VERY small cost
– I get paid the same assignment amount regardless of how we set it up
– You can do this on your own just watch my last class on how to set up your LLC and follow the steps with the assignments OR…
– If you are in Indy or in the Midwest you can use my legal team just send me an email and I can put you in touch with the same people that do it for me they are very reasonable and they walk you through everything AND I trained them to be able to explain to your investors and cash buyers so if you’re a wholesaler they can put your buyers at ease

Okay so these last two videos go over how to set up your LLC, how to wholesale and assign the non-assignable deals and how Indy real estate investors and Midwest investors (or investors anywhere really) can still do deals and why you need to build your legal dream team.

There is a great post and class on the 38 Ways to Buy Apartment Buildings Zero Down with Pet Policies

The post is HERE.

If you need more help with that just give me a call or send me an email Love (at) BigReia.com, I tried to make these last two videos answer this question completely so if you still have any questions please let me know.

Remember go to BigReia.com:

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Thanks!  = )

~ Indy Anna 

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