Flip Paperwork for Buying Property 1. Real Estate Purchase Contract

2. Promissory Note

3. Quitclaim Deed

We receive a purchase contract and a personal check as an earnest money deposit from an investor we flip the property to. We give the real estate investor a quitclaim deed.

The investor gives us a cashiers check. We give the investor back his or her personal check. Again, we dont have an escrow between the investor and us. We have an additional four distinct pieces of paperwork on the selling side.

Flip Paperwork for Selling Side 1. Real Estate Purchase Contract

2. Personal Check

3. Quitclaim Deed

4. Cashiers Check

Now we have a total of seven distinct pieces of paperwork involved in this transaction: three pieces of paperwork on the buying side and four pieces of paperwork on the selling side.

Paperwork for Assignment What if we just assigned our purchase contract instead of doing a traditional flip where we actually owned something? Would we speed up the flip by doing an assignment? How much paperwork is involved if we assign our purchase contract?

We write a purchase contract and a promissory note, which we present to the owner. The owner gives us back our promissory note. So far everything is the same as doing a flip.

Here is where the assignment transaction changes the paperwork. The owner does not give us a quitclaim deed. The owner gives a quitclaim deed to transfer title to the investor to whom we assign the purchase contract. We now have one less quitclaim deed using the assignment.

The next paperwork that changes with the assignment is that there is no second purchase contract. We do not receive a purchase contract from the investor. The investor takes over our position in the first purchase contract.

The investor does not write a personal check to accompany his or her offer to us. We receive a cashiers check from the investor. The investor receives the quitclaim deed from the owner.

Assignment Paperwork 1. Real Estate Purchase Contract

2. Promissory Note

3. Quitclaim Deed

4. Cashiers Check

The difference in the amount of paperwork for a flip and an assignment is substantial.The flip paperwork includes seven items.The assignment paperwork includes four items.

Our point is that assigning a contract is the fastest way to flip property. Assigning a contract is flipping property! Flipping is good. When you use assigning as a flipping tactic, youll streamline the paperwork and reduce the time involved in the transaction. Youll also make the same amount of money on the deal.

Assigning Is the Quickest Way to Make Money

Assigning a real estate contract is the fastest way to make money in real estate investing. When you have a Quick Cash strategy, time is definitely of the essence.

The timeline for assigning contracts is substantially shorter than the timeline for a traditional real estate investment. Even with flipping a property, you cant make money as quickly as when you assign contracts.

As you can see, you can make money quicker and at more junctures along the way than with a traditional real estate investment strategy of buy the property, own the property, and sell the property.

Assigning Timeline

Find Write Offer Open Close Fix Sell property offer accepted escrow escrow up property

Make Make Make Make money money money money

Assigning Avoids the Pitfalls of Real Estate Ownership

Assigning a contract avoids all the pitfalls of real estate ownership. We feel that assigning is the best strategy for the foreclosure arena. Assigning foreclosure has multiple advantages to the traditional foreclosure investment strategy.

These advantages include no landlording, no monthly mortgage payments, no property taxes, no hazard insurance, no maintenance costs, no homeowner association dues, no lawsuits, no extensive record keeping, and no income tax problems.

When to Assign a Contract

You can assign a real estate contact before, during, and after the closing. Assigning a contract before the closing is the way we like to do our own transactions. You tie up a property with an accepted contract and immediately search for a buyer to whom to assign the contract.