All Forum Posts by: Mike F.

Thanks @Renee Steward! I appreciate the reminder of how awesome BP is!

Thanks Rachelle! @Rachelle R.

Good afternoon and happy Friday everyone! 

I have been a member here on BP for about 2 years now but have been MIA for the past year.  Due to family and career circumstances I was out of touch with the BP real estate world for quite some time and have finally been able to continue where I left off with more "fire" and motivation then ever.  I thank everyone that reached out to me previously and apologize to anyone that attempted to reach out to me but never got a response back.  I look forward to meeting new members on here and reconnecting with previous members that I had contact with.

I hope everyone is experiencing success in their real estate ventures and can't wait to get back into the ring with you all.

Thanks again! 

Looks like I have a lot of great information here to help with my decision. Thank all of you for chipping in with information regarding this sort of deal.

From the looks of it, I should just talk to the seller and see if he would agree to paying me a fee to connect him with a motivated buyer.

hey guys and gals,

I have a question regarding a wholesaling situation I may partake in.

I found a family that was looking for a property in a specific area with a specific number of beds and baths (we'll call them the buyers). They are qualified and pre approved for an X amount of dollar loan and are looking to buy ASAP.

I also found a "for sale by owner" seller that was selling his home in the area that the buyers wanted, with the right number of beds and baths, well within the buyers budget.

Now I have negotiated the price that the seller wanted down quite a bit lower than his asking price and I am ready to have him sign a purchase agreement. Here is my question-I plan on doing a double closing on this deal using transactional funding for the first sale (AB). How would this scenario work when the buyer is using a mortgage for the second (BC) sale? I have only done simultaneous closings with all cash sales and never with one side using a mortgage for funding. Is it even possible to do a transaction like this and if so, what specifically do I have to do to make this all work for everyone involved? I would assume that I'd have to deal with the buyers lender at some point.

Any help and/or information on this scenario would be greatly appreciated.

Thanks!

Thanks Brandon!

I don't want to be involved in anything shady or illegal, I have heard that some places will do them if, as you stated, if there are full disclosures for all parties involved.

Trans. Funding is probably the route I'm going to be taking.

Elio,

Yes I am going to be using transactional funding if I can't find a single source double closing avenue, but going that route will cost me a little over 2K in transaction fees. If I have a less expensive alternate option that I can go with, I'd rather do that.

Aaron,

Yea I have heard of those scams that people used to do, it's too bad they had to go and ruin it for the rest of us. I also agree with the retail aspect, in some cases they mark up more than 150 percent, crazy!

hey friends,

I was wondering if anyone in the Oakland county Michigan area has a title company that will do a single source double closing. I know most won't do these nowadays but if there is one that does I would love to hear about it.

Thanks!

hey guys,

I am getting ready to do a double closing on a SF home that will be a cash deal for both parties involved.

I had a lady contact me to find her a specific property she wanted at a specific price so I went out and located one that fit her requirements. I negotiated the price 15k lower than the asking price and I now plan on reselling the property to my end buyer for a small profit. Here is my question.

I will be doing a back to back closing through the same title company for both transactions (AB and BC) both cash sells so it should be fairly painless. My issue is that I don't want to buy the property for cash and then have my end buyer change her mind and back out leaving me with an unwanted property and no cash.

There will be contracts involved for both parties but what specifically should I do to protect myself so that I don't end up getting stuck in the mud. If there are specific things I can do or a certain way I can arrange the deal so that I am protected I would love to hear about it. Anyone with experience or insight on this feel free to reply.

Thanks for taking the time to read this, I look forward to hearing some feedback!