Is this possible?

[Ferris E]

Hi, I am a newbie investor and have a question: I have a house which owned by a friend it is worth 100k. I showed it to someone who wants to buy it. I already have the house under contract to buy for 95. What is the best strategy to proceed and get my 5k? Thanks for any advice.

[J Scott]

Assuming you've verified that the buyer is willing to pay $100K, you have two popular options:

1. If the contract is assignable, you just assign the contract and collect your $5K fee (the buyer takes over the $95K contract);

2. You can close on the purchase of the property and then -- even the same day if the buyer is a cash buyer -- turn around and resell the property the buyer. This is often called a "double close."

There's plenty of information about both of these options elsewhere in the forums...just do a search...