Closing Costs

If your assigning the property you don't have to worry about closing costs because the cash buyer is taking your position as the buyer and they are buying the property. But if your double closing you would have to pay closing costs when you sell the property to the end buyer so you would have to take that into consideration when calculating your profit.

thank you so much! have you done any assignments? how do you approach a seller and get them to lower their price and "assign" it to you? i would think that the seller would think of it as a scam, hopefully i am wrong! i should just get there and try it and the answers will come!

I know that PMI mentions deeding your LLC (if you have one) - you sell your LLC to your buyer instead of assigning your contract to them (this avoids the taxes/cost of a double closing). You can technicially sell an LLC to your buyer for whatever your assignment fee would be.

Now I personally have not tried this yet, I'm very new to real estate, and still working on completing my PMI training and doing the Edge 10 and SFL, and working towards getting that first deal completed. When I do lock up a propert under contract, I intend to do Assignment of contract as my starting strategy, since I don't have any of my own money at the moment.