OfflineWell I talked to Old school title today and wanted to get some information about a "Double closing" and I managed to get GREAT information about the BLAST program. A great tip I got was about REI and how it is today. They said that most or all the investors are gone. In a nut shell dont use investor when you talk about assignments work with A-B-C. A nice tip I got was dont mention the re-assignment because your not. Your selling. A=seller B=You C=Buyer. How it works:
B Buys from A, B sells to C Then you need to file a regular contract to the county recorders office with notice if interest I think that's how it was worded. It kind of makes sense I guess, he said that B cant use the money from C to buy A's property either where is why you need a Hard money lender. Does anyone have any feed back about this? When I mentioned Dean Graziosi he kind of snickered LoL.
Im gonna make him an offer he cant refuse
My thoughts are, before you let the investor know it is an assignment---just add your "fee" to the price of the property. Ex: you contracted a property for $100k, market it to your buyers list with your fee added. Say you want $10k for the deal. Market the property for $110k. Then when the "investor" wants to make the purchase, he is ready to pay the $110k and I don't think it matters to him wether he had to do it in one transcation or two transactions. $110K is $110K.
This is just my thoughts---"thinking outside of the box"
"ALWAYS THINKING OUTSIDE OF THE BOX"
Well, one way to get around what he's saying is: Just use an ASSIGNMENT OF CONTRACT instead of the "DOUBLE CLOSE". Another is, you could have the seller deed you the property through a "QUIT CLAIM"(your going to do this while all 3 parties are there) then you close with your "END BUYER" then have the proceeds go to the seller and you'll get whatevers left over, what ever your ASSIGNMENT FEE was, SULLY
YOUR HERO, SULLY
Yeah it was a disappointment but Im going to keep on trucking. I've got some other options also. The other new's was that they have hard money lenders, but they lend and expect 3% or points as they said. So another factor. Still confused.
Im gonna make him an offer he cant refuse
3% ain't bad.I won't tell ya what they charge in Detroit.You would hug and squeeze 3 %. I think sully had a good scenario there.
I just started in the business of Real Estate Investment and I'm trying to sort out the best way to get started and acquire property. I've been going to different neighborhoods and when I see a proprty for sale or for rent. I take the numbers. My question is should I try to get financing first or should I get with the Real Estate Companies and Owner of the property first??
It really depends on what your intentions are? What are you looking for? If your looking to get into REO's, then YES, it would probably be a good thing to get yourself PRE-APPROVED first, just so you can make offers(since MOST REO's require a pre-approval letter) but, if your just looking for a good deal then it's not neccessary, plus you have PLENTY of other financing options out there other than conventional lending, SULLY
YOUR HERO, SULLY