Quick Flips and "Dry Closings"

Hi Verna,
I know this for sure, when you do an RE assignment you never own the property. What do you own? The rights to purchase said property. So what are you assigning? Your position in the contract.. You are stepping aside and letting another purchase the property that you found at a great price for a fee.
As for "dry closing" I have yet to hear that term.

I hope that brings some clairity to your question.

Can anyone explain what a "dry closing" is to me?!?

Earl in MI

Earl,

Thanks for putting me back on track. For a minute I forgot that I'm not selling the property, only my interest in the contract! Of course, I never owned the property and the sale of the actual property at completion of the deal, will be between the original seller and the end buyer!

As for the term "dry closing". I learned that from information from Sissy in her post explaining transactional funding --

"What is Transactional Funding and how it works?"

"...Quick flips and dry closings

Simultaneous closings allow you to earn without having to shell out your own money, since the lot you purchase from seller X is immediately paid for by the funds from buyer Y. This is otherwise called a quick flip, and is one of the most profitable in the industry in the past, since you are essentially making money the quick way. These transactions, which are called 'dry closings,' are one of the ways that the common man and woman has entered in the real estate playing field, without having to bear the brunt of the capital usually needed for real estate dealings - which could amount to as high as several million dollars, depending on the type of property that you are looking into."

Thanks for the help putting my thinking back on track. It's after midnight and I've been reading these post most of the day! I'm done for the day!

Thanks,

Verna (newage8767)

Good morning Verna,
I thought that was what you were talking about in regards to "Dry closings".
I have HEARD never done a simultaneous closing in lieu of assignment. So you sit through tw closings back to back. Glad I was of some help. FYI, this helps me too. I realize that there are a lot of things I know and also a lot of things I don't. That is why I joined this site. Tons of help and support. I have read no kidding 20-30 books on real estate and never got off the ground. I know I will now because of this site and people just like yourself asking questions, giveing answers and Mr.DGs offerings of free info and tools. I'm greatful to be a part of this family!!

Have a great day and may you find the deal of the century.

Earl in MI

I've never been afraid to ask questions because I learn so much by doing so!

You are so right about this site. It is amazing that Dean provides so much info/tools for free. That is one reason I decided to go with him, because I did feel that he was doing this for others to make better lives for themselves. I appreciate Dean giving back and not just being greedy about making more for himself. Once we better our positions we need to remember to give back too.

I'm not looking to be a millionaire, but I do want to live conforatbly without worrying about how the bills will get paid. So, if I can help someone else along my way I will be glad to do so!

Have a great day.

Verna (newage8767)

That is why I joined and keep coming back. Giving back is essencial to monitary success. Thank you for that daily reminder. How easy it is to forget.
You have a great too.
I have to get ready for my "9 to 5".
Did you get to listen to the one trainer talk about time management? Great ideas! Check it out. I just wish I could remember his name.

Earl in MI

It's called not forgetting where you come from!!! That we must never forget!

No, haven't had a chance to look/listen to any videos yet. I spend so much time reading the forums. LOL I will try to check it out.

Verna (newage8767)

You have to check out the 30 day fast track audios. I just need to learn how to burn them over to my MP3 player. Than I would be able to listen to them while I slave away for 8 hours. That would be super productive.
One of the few things I would like to do is rent to section 8 families (homeless) and our homeless veterans. The idea that a vet (male or female) could go and fight for this country and come home to no home. Plus, I know first hand of living in the world of brokeess. Sucks.

Verna (newage8767)

Heres a quick link to the fast track audios:

http://www.deangraziosi.com/resources/fast-start-audio

Enjoy, I listened to 6 or 7 so far. Great stuff, Yet free!!!! Thanks to Dean!

Earl in MI

Earl,

Thanks for the link. Going to try to check it out. There is so much to review. I guess investment is a never ending learning process anyway!

Verna (newage8767)