I just got my real estate license and things are taking off like crazy. Now that I’ve had 2 closings and 3 good deals under contract, I can quit my waitressing job and take a deep breath. I’m a real estate agent because I love real estate, but this is the job that I want to fuel my dream career of real estate investing. Also I am submerged in the market and have access to the MLS and buyers, so that doesn’t hurt…
I look for deals and educate myself on real estate investing every day. I may not be that active on this discussion forum, but I read as many postings as I can. I’m anxious to get started but I want to have a plan first. It’s not analysis paralysis, I just to make my first deal a really good one.
I’m trying to figure out how you do contract assignemnts. Say I find a desirable property worth $80k and I make an offer and get it under contract for $55k. (Of course with all the right contingencies and escape clauses)
Then I find a buyer for it and sell it to them for $75k, while it’s under contract with me. Do I do a double close, where both contracts close in a day and I collect my check of the difference ($20k-closing costs)? Is it that easy? What am I missing? Are there any problems with me being an investor and a real estate agent?
I appreciate any advice, input, warnings, tips, or personal stories on assignment of contracts!