Assignors..I have found a source/person to fund all of your deals

Has anyone completed a deal/funding yet with Ryan?

Thanks

Hi Sissy.

Am a First time Investor. Am interested in funding deals to kick start my Real Estate Business. It just so happenned I was browsing through this Site when I read your posting.

OMG. It is so unbelievable just what I was looking for. BINGO. Iam still very new and very optimistic about buying my first deal. Real Estate is my Passion and my Vehicle to achieving Financial Freedom. Iam so thankful for this Site for the information shared by it's members, is just so AWESOME.

I would be very grateful if you could contact me and give me more details about this.

Am interested. Am a First Time Investor. Please include my name.

Thank You.

"With GOD nothing is impossible"

"As the mountains surround Jerusalem,so the Lord surrounds His people"Psalm 125:2 " I will bless those who bless you."Genesis 12:3 im greatful for all those who has the asnswers and also those who has the question as well!!! God Bless DG family!!

I hope I am not too late for this opportunity!!! I just emailed you all of my information but noticed this was posted a few months ago. Please tell me it is not too late!!!

that was very nice of you

I am a cautious person so I was just wondering about all this..

Hi everyone. So glad to be part of this great Site where newbies like me can ask questions.

Iam just starting out with no money and bad credit but lots of Inspiration and Enthusiasm about becoming Financially Free from Real Estate. Thank you Sissy for providing me with Ryan's contact and I managed to talk to him about funding the deals. He seemed very easy to talk to but I felt embarrased to ask him about how it worked.

Sissy, I just need you to take me step step on how it works and maybe share some of the deals that you have already made.

After reading the posts by different people, Iam gettig confused with Assigning and Double Closing.

If anyone is willing to help me I will be so grateful for your kindness.

God Bless.
EMAT

IF CAN YOU DREAM IT, YOU WILL BE IT.

Basically, you go out and find a really good deal on a property. You then bid on it and go through the regular process of purhasing it. Since you have no credit/money, you'll use someone like Ryan to provide proof of funds for it. When you sign the purchhase agreement, you'll sign it as "Your Name" and/or Assigns, where "Your Name" is your actual name. The "and/or Assigns" part allows you to assign the property to another buyer. You then do a purchase agreement with one of your investors, for a price slightly higher than your purchase price, and they become the assignee. What you charge your investor is entirely up to you. A double closing is where the title company sets up these two purchases to close on the same date. That way, there's no actual transfer of money for the first purchase, only the second purchase, the one from your investor. Assignment is also called wholesaling by some investors.

I'm still new at this and haven't actually done any assignments. So, if I got anything wrong, somebody please correct my mistakes. When writing it, I actually came up with a question. If there are actually two seperate transactions, why do you need the "and/or assigns?" Did I miss something?

reighnie

I am 99% sure if you are assigning, then you don't need someone to fund it and/or a double closing.

It seems like double closings is the answer for "assigning" REO's or are there people out there who are getting the banks to accept "and/or assigns" on contracts?

I am working on two deals right now that I plan to do double closings on. Yes, the best way to buy foreclosure without using the and or assigns is by using the double closing.

Are you using bank, someone like Ryan, your own money? It seems like paying all those closing costs just to "resell" it same day would be expensive but I guess if you have enough of a spread..who cares, huh?

Can you provide any numbers as an example?

Heck, I guess I'd be happy to make anything over $1,000 for my first deal like that just to get my feet wet with this method. Lord knows, there are enough properties on my list that I ought to be able to lock another in at a good price.

I have one offer in that I should know about tomorrow as we've countered three times already and I'm ready to take whatever they come back with. But I'm keeping this one as my last rental for awhile. Then, I will have to get serious about this new method and finding end buyers to market to.

Have excellent credit. My wife, daughter, and I live in a house we built in '03. We recently took out a HELOC for a downpayment we made for a contract for deed on an 8BR duplex right next to the University. That maxed out our credit as far as the banks are concerned, so now we are looking for an investor, a killer 3BR+ deal, and willing to put in some "sweat equity."

Hi, My name is Kris Hawkins And I just finished reading the book. But now I have found two foreclosures in my area out of the newspaper one is for 24,900 and the other is for 22,900. But Sistreat I don't know what to do now. They both sound like good deals to me but with 6% mortgages and 20% down. I did the mortgage calculator and that's right at $200.00 a months mortgage and about $5000.00 down payment. But I not for sure so please get in contact with me . (my email address is: cecehawkins2000@**** and my number is 404-228-6481.)

"So Sorry to burst anyones bubble" but this sounds to good to be true and you know what they say about things that are to good to be true, they usually aren't. I would need a little more inside information and alot more proof. I guess it's just being all to new to this that makes me think things over and in need of alot more information before I proceed with this...but to all that believes good luck...

This is a new update on the funding source. Read this whole post to get all the information........12-25-08

http://www.deangraziosi.com/real-estate-forums/financing-and-credit/1344...

very good souce, you are so bless. i hope u keep going. have a good holiday.

i am confused about double closings. can someone please explain exactly what a double closing is?

dee

same question here, confused a well as to how this goes.

With assignments, you never actually have to take title to the property. Some of the advantages of this are that you are not actually closing on the property yourself when you assign it. You do not need to get a loan or have the cash to purchase the property. Since you are not closing on the property yourself, you do nto have any transaction fees. And, another big benefit is that you never appear on title or public records as having owned the property.

The disadvantages include the buyer and seller each knowing how much you made putting together the deal. The "assignment fee" will normally be shown on both the seller and buyer HUD statements. This could be an issues if the amount you are making as an assignment fee is large. Your buyer is typically the one who might complain about a $20,000 "assignment fee". In any event, there will be full disclosure on the HUD. That is what makes this process quite clean.

Double closings, on the other hand, operate very differently. In this case, you do the same thing as in the first example except that instead of assigning the contract to your buyer you get a contract to purchase from your buyer that is contingent upon you having clear title to sell the property to them (in other words, provided that you can first close on the deal yourself). Then you go ahead and purchase the property and usually later that same day, you sell the property to your investor buyer. The
difficulty in this approach is funding: while virtually all title
companies will do double closings, many will NOT do "simultaneous"
closings. A simultaneous close is one in which the first transaction is funded by the second transaction. I used to use this frequently, but I have done my homework, and as of October 5th, simultaneous closings is considered in the "grey area", as it works based off of a "seller note".

Double closings are not illegal in any way, shape or form, but they do require you to take title to the property. The disadvantages to this are that you must have actual funding to close the transaction to begin with. Also, the new buyers lender may balk; most lenders require at least 90 days on title. IF the buyer is going FHA, there is no exception to the 90 day limit. Of course, you could just hold the property for 90 days, but who wants to do that?

Anyway, the assignment is in my opinion the best way to go, as long as the seller, buyer and lender don't get upset about the assignment fee. Sometimes lenders will get excited if they see extremely large fees or charges going to a third party on the transaction.

you can get just about any question answered on here you guys are the best

Hi, My name is richard and I was wondering could you pm me with the info that you have about the gentleman from texas Please?I realize this info is dated in 08,but I'm expecting it to still be valuable today.I have a friend named darlene in n.y-I hope I have added another one as well! Thanks for the response and info in advance,Richard.