ASSIGNING?

[neo302]

@inthemarket post:20

Here’s some info for you to read over. A double closing is a simultaneous closing. This is necessary if you do not want your buyer to know how much you are getting for your assignment fee. This method requires you to pay for closing costs on both the buying from the owner and the selling to your investor. In doing a double closing, close both deals on different days, or at least one in the a.m. and the other in the afternoon. When you do a wholesale (assignment), your buyer will know your fee–if it’s not excessive, it doesn’t matter. But make sure you close with the buyer in the morning, and then with your seller in the afternoon. That way it doesn’t involve any of your own money; hence, – no money down.

How do you close in the morning with your buyer if you don’t own the property yet? Is this done in Georgia?

[Brandon_Lambert]

Most investors won’t want to pay your assignment fee until it is closed. For that reason I let it all flow through the title company. Plus, their checks are prettier (yes I frame each check–ueber nerd). Assignments are better than dc because the profit is ordinary income and not capital gains (which a dc would be) and therefore is taxed at a different rate.

[Enjoidc]

Steve, maybe I am misreading what you mean but doesn’t that go against the basics of wholesaling? Don’t you HAVE to put and/or assigns in the contract?