Hi Im trying to get into rel investing , can someone explain to me simutaneous closings.
You are buying and selling the same property at the same time hopefully for a higher price. The idea is to get it under contract and resell it and close the purchase using your buyers money therefore not using and loans or any of your own cash. Usually done with the help of a title company. You may also just assign the contract to your buyer if your assignment fees are not really high.
Good luck and thank you,
Ted P. Stokely Jr
follow up question.
If you contract to buy a property for 100k and find a buyer to buy it from you fro $150k and you assign the contract, how do I get the addtional 50K that the ultimate buyer is contracted to pay if i just assign the contract to purchase for 100k to that buyer?
Just a bit confused on that concept.
This thread is from 2004 and I doubt you’ll get much response from him…he hasn’t been seen on the board in quite some time.
Thanks, new here myself was not sure if he, or anyone could shed some light on my question.
On the product catalog, under real estate books, Bill Bronchick has a book called Financing Secrets Of A Millionaire Real Estate Investor. This book provides the best explaination that I have seen for simultaneous closings. It’s kind of complicated, and you could find yourself in hot water legally if you don’t do it right.
will check out that book.