How to Do Your First Assignment Contract Like a Pro (Without Losing Your Shirt)

Alright, new investor—so you’re thinking:

“How do I lock up a deal, assign it to a flipper, and get paid—without getting sued, ghosted, or laughed at?”

Don’t worry. You’re not alone. This is one of the most common questions I get from students, and honestly? Most people overthink it. Let’s break this down, 10-year-old style (with a sprinkle of Tampa spice and investor truth bombs).

🛠️ What Is an Assignment Contract (And Why Do You Care)?

An assignment contract is like you saying:

“Hey Mr./Mrs. Seller, I’m going to buy your house… but I’m allowed to pass this contract to someone else before closing. Cool?”

Boom. That’s it.

You’re not flipping the house. You’re flipping the contract. You lock in a deal with the seller at a low price, then hand it off to a fix-and-flipper or landlord for a fee. Easy peasy.

🏡 Do Wholesalers and Fix & Flippers Use the Same Contract?

This was literally asked by Christian Solis in a forum recently, and guess what? Here’s the answer:

NOPE.

• Wholesalers usually use a simple assignable purchase contract, sometimes even one-pagers they made on Word (not kidding).

• Flippers or agents often use the Florida FAR BAR contract (the official state contract used in traditional real estate deals).

So which should YOU use?

Here’s my biased answer after doing this for 20 years in Tampa:

“Use a clean assignable contract that protects you and makes it crystal clear this is a wholesale deal. Then, pair it with a solid assignment agreement so there’s no confusion on what the end buyer is paying you for.”

I’ve made my own version. I’ve been using it for 20 years. If you want it, just email me: jorge@graystoneig.com

⚠️ Rookie Mistakes to Avoid (Don’t Be That Guy)

Here’s what I’ve seen too many new investors mess up:

❌ Mistake #1: Using Realtor Contracts Without a License

If you’re not an agent, avoid jumping into the FAR BAR unless you really know what you’re doing or are working with someone who does.

❌ Mistake #2: No Escape Clauses

You NEED clauses that let you back out if title’s messy, repairs are insane, or your buyer ghosts you. (Ever seen someone try to wholesale a teardown in a sinkhole zone? Yeah… not fun.)

❌ Mistake #3: Forgetting the Assignment Agreement

Just because your contract is “assignable” doesn’t mean you’ll get paid. The assignment agreement spells out how much you’re making and makes your buyer sign off on it.

📄 Where to Get These Contracts (Real Talk)

There are 3 solid routes:

1. Steal my contracts.

Not really stealing—I said I’d share. I’ve used them over and over in Tampa.

👉 Email me at jorge@graystoneig.com and I’ll send you the assignable contract and assignment form.

2. Ask a friendly investor buddy.

If you’re part of a local REIA or network, someone might pass you theirs. Just make sure it’s updated and Florida-friendly.

3. Hire a real estate attorney.

Best if you’re doing big deals or just want to sleep better. Tell them you need:

• A basic assignable purchase contract

• A clean assignment of contract form

🧩 How the Process Actually Works (Simple Step-by-Step)

Step 1: Get Property Under Contract

Use your assignable purchase agreement with the seller. Lock in the price. Make sure you’ve got:

• Inspection period

• Low EMD (earnest money deposit)

• Assignable language in bold

Step 2: Market the Deal

Let’s gooo. Now you find your buyer—usually a flipper or landlord. Use your investor list, Facebook groups, or local meetups.

Step 3: Execute the Assignment Agreement

Once your buyer agrees to buy the contract, fill out the assignment agreement:

• Your fee

• Their info

• Property address

• Deadline

Step 4: Title Company Handles Closing

You and your buyer BOTH send your agreements to the title company. Title confirms it’s assignable, clears title, and gets ready for closing.

You don’t bring money. You just show up (or don’t), and get your check.

💰 How Much Can You Make?

I’ve seen first-timers make:

• $3K on tight spreads

• $10K on average flips

• $20K+ on sweet deals with motivated sellers and no competition

And if you’re consistent? You can make $100K+ a year just doing assignments.

🎯 Tips from a 20-Year Pro (Me)

• Keep contracts clean and short. Don’t scare the seller with 14 pages of legal gibberish.

• Have a title company on speed dial. Not all of them like wholesale deals. I can recommend one.

• Be upfront. Don’t lie or say you’re the end buyer. Just say you work with a group of investors.

• Save your assignment fee until closing. Don’t count your chickens too early. Deals fall apart.

🔁 Bonus Tip: What If My Buyer Backs Out?

Welcome to real estate.

If they ghost you and you’re still in your inspection window? Cancel and get your EMD back.

If you’re outside that window? You may have to eat the EMD or close it yourself.

That’s why the inspection period is your BFF.

👊 Final Thoughts

Your first assignment deal might feel scary. You’ll probably sweat buckets before your first seller meeting, and that’s okay.

But once you do it right once? It’s game on.

Want my Tampa-tested contracts and some help along the way?

Email me at jorge@graystoneig.com or shoot me a text at 813-679-6177.

I’ve helped hundreds of folks go from “what’s an EMD?” to cashing $10K checks.

Written by CEO of Graystone & companies & Coach of the Property Profit Academy

http://propertyprofitacademy.com

Let me teach you how at propertyprofitacademy.com