All Forum Posts by: Edgar Ambart

Hi guys,

I'm in the same situation Weatie. I have a 460,000 condo that I can sell it to an investor for 520,000 right now with double closing, but my investor has no down payment, and 100% financing is a history now with all lenders. I'm at a stop sign and dont know how to proceed. Any input would be appreciated.

Also, along the same lines, besides the hard money lender, don't we also need to know if the title company will do a double-closing transaction as well? :type:

Ryan, thank you for your input. That is definitely a problem now with the 100% CLTV financing no longer available. My investor has no money down, and I dont' know what to do.

John, thanks for your reply as well. I'm new on this board, and haven't been active very much, but I will definitely update my profile. The reason I'm choosing Texas and California because I'm very familiar with San Antonio and Los ANgeles areas. I moved from California to San Antonio to buy a home right before the market went down the hill in Cali. However, northwest San Antonio is exploding with growth, most of the buyers being wealthy foreigners from Mexico, its as if the subprime slime doesn't even phase the Austin and San Antonio markets, I love seeing even 8-12% /year gains on this current slowdown where Glendale, California people are selling 50-60 K below market value just to be able to sell. [/b]

Hi Guys,

I'm Edgar, and would like to network with real estate investors here in San Antonio or Austin. :superman:

Hi Everyone,

I need help on a deal that I'm trying to work, and it is my first one. I found a property for 460,000 that I can sell right away to an investor for 520,000 (its actual appraised price).

Can anyone tell me if I'm able to do this without having to get a loan myself and just be the middleman? (in California is it legal? What about Texas?)

Ryan and Noobdog,

It seems to me you have done assignments before, now this is my first time and your reply raised a lot of random questions for me:

1. When you sign those contracts at 600's on a 810K house, will the seller still SELL?

2. How do you keep your buyers from walking up straight to the seller and getting rid of you (the middleman) prior to signing the contract?

3. Do you pay a 28-30% capital gains tax at the end of the year on each of your gains?

4. Does the "middleman" who earns the assignment differential need to have a good credit?

So far this much, thanks again for all your inputs Ryan and Noob.

Thanks for all your inputs guys, I appreciate it.

So if the lender is ok with an assignment, that means my name goes in the purchase contract as the "middleman" and escrow pays me the differential gain? Please elaborate if anyone is familiar with the process.

Actually the assignment that I want to do is in California, I'm not messing with Texas at all for the reasons you guys mentioned. My primary house is here in San Antonio, but I want to purchase a house/condo in Glendale, Ca.

Hello everyone, please somebody with a legal expertise or a guaranteed answer,

:violin:

I would like to get some info about assignments and whether they are legal. For example: I'd like to buy a home that's appraised at 800,000 for a discounted price of 710,000 and simultaneously assign it or (sell it) to a ready buyer at 800,000 realizing that 90,000 gain without even getting a loan myself. Is that possible?

Hello everyone,

My name is Edgar, and I'm an alcoho........oops wrong introduction lol.........jk....... :mrgreen: I'm a day trader and a real estate investor. Moved to San Antonio from Los Angeles and bought a bigger and cheaper house and ended up staying here.

I would like to get some info about assignments and whether they are legal. For example: I'd like to buy a home that's appraised at 800,000 for 710,000 and simultaneously assign it or (sell it) to a ready buyer at 800,000 realizing that 90,000 gain without even getting a loan myself. Is that possible?