http://www.localmentor.com/ host Michael Jake shows how a wholesale house flip happens. A walk through of a typical REO, Bank Owned House, Estate House, tired rental property, and how the deal was Found, How it was Funded, and how the profit was made and how much! Learn more Colorado Creative Real Estate Investing Techniques at http://www.localmentor.com/
Duration : 0:7:9
November 3rd, 2009 at 7:40 pm
Double closing: I …
Double closing: I find a motivated buyer a house that matches their investment criteria. The buyer, myself and the seller go to the title company together to close. I close my assignment contract with the investor and collect my assignment fee (i close). Then the Actual buyer closes with the seller (2nd close). Not necessary. Once buyer signs assignment with you they can pay you right then and take the deal from there. Its up to the 2 of you how you want to close.
November 3rd, 2009 at 7:40 pm
If this was a …
If this was a simultaneous closing didn’t YOU have to pay some closing costs?
November 3rd, 2009 at 7:40 pm
Explain to me what …
Explain to me what a double close is and what a simultaneous close is. The REI books I’ve read on wholesaling/contract assigning leave these terms out and also completely leave out what to do when seller has an RE broker/agent.
November 3rd, 2009 at 7:40 pm
simultaneous close …
simultaneous close on this one, however most of the time I do assignments. Wholesaling eliminates the need to close with your own money – you either get paid as an assignment or as proceeds between a simultaneous closing.
November 3rd, 2009 at 7:40 pm
I am wondering, was …
I am wondering, was this a double closing, simultaneous closing, or did the wholesaler actually buy the property first, and then sell?
November 3rd, 2009 at 7:40 pm
great! makes a …
great! makes a complicated process seem so simplified. maybe I just make it complicated in my mind. I subscribed to your videos – thanks for posting them!