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Updated about 9 years ago,

User Stats

9
Posts
2
Votes
Gary Rankin
  • New to Real Estate
  • Florida
2
Votes |
9
Posts

Qestion about wholesaling in Texas?

Gary Rankin
  • New to Real Estate
  • Florida
Posted

We are new to REI and feel one of the best ways to get our feet wet is to wholesale a property. For the first few deals we would like to wholesale a few properties until we feel comfortable enough to do rehabs or basic flips due to financial reasoning. I have two main questions;

1. In the state of Texas can we simply so assignments with an assignment agreement and have one closing? Or, would we have to do a double closing? Keep in mind we are utilizing cash buyers.

2. (More of an assumption) Is it customary that the seller pays the closing costs? Will there still be closing costs to us and the final buyer we have assigned the property to?

3. In the event we have to do double closing, can we do same day double closing in the state of Texas? Purpose for this question is out of pocket money, or loans, for us if purchaser was to deposit funds into escrow account before first closing.

Thank you, in advance, for your comments and thoughts.

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