Financing For A Flip
Can anyone tell me the best way for a beginner investor to get financing to wholesale a property?
Can anyone tell me the best way for a beginner investor to get financing to wholesale a property?
wholesaling means you are letting someone else (like a rehabber) purchase the property for an assignment fee to be paid to you at closing. Sometimes you can get a property under contract for as little as $10. thats all the money you would need for your end of the deal.
thanks craig for your response. But I am still not sure how and when I do this? So , I am never really going to own the property, just control it til I found a buyer then assign it over. Am I correct in saying this.
Thanks again
you are correct. you get on contract to buy for, let's say 60,000 for example. Then you immediately find another investor or rehabber who is interested in it. (RE clubs are great to network) Have them sign an "assignment of contract" form to purchase for, let's say 70,000. Do a simultaneous closing, he pays the 70,000 and you just made $10,000 (minus closing costs) for very little time or money on your part. Thats why I love wholesaling. The trick, of course, is to find that "great" deal in the first place. good luck to you.
Thanks Craig...I will try that!!
Quote:
On 2003-11-14 16:09, Craigthecubfan wrote:
you are correct. you get on contract to buy for, let's say 60,000 for example. Then you immediately find another investor or rehabber who is interested in it. (RE clubs are great to network) Have them sign an "assignment of contract" form to purchase for, let's say 70,000. Do a simultaneous closing, he pays the 70,000 and you just made $10,000 (minus closing costs) for very little time or money on your part. Thats why I love wholesaling. The trick, of course, is to find that "great" deal in the first place. good luck to you. <IMG SRC="images/forum/smilies/icon_cool.gif">
Good post!
Who pays the closing costs........the assignor or the assignee?
As an assignor, can I just collect the assignment fee and let the assignee and the seller close at the title company without any further responsibilities on my part?
Thanks in advance.
Leo