All Forum Posts by: Shari Peterson

I can't help you with the tax question, but I can give you some insight as to the costs you would encounter if you choose to NOT assign the property.

You can get Transactional Funding (TF) to get the $120k needed to close on the property. TF is not as expensive as hard money and not nearly the work as a traditional mortgage. Your cost for TF is generally about only 2% of the loan amount of $120k, or $2,400. This type of funding provides 100% of the cash that is needed to close, with no points out of pocket (as is typical with a hard money loan). 

You arrange to close on your purchase as well as your sale with the same title company. You pay back the $120k + loan fees at the second closing. I hope that helps you understand your options.

I look forward to hearing the answer to the tax question as well.

Thanks @Matt Fisher, I really appreciate it!

Thank you @Tim Steele! That is greatly appreciated!

Does anyone have recommendations for an investor-friendly title company located in West Burlington, Iowa, that is experienced in double closings? Thank you in advance for your help!

Can anyone recommend an investor-friendly title company in the Des Moines, IA area that is experienced in double closings? Thanks in advance!

Thanks, @Matt Berklacy! I appreciate it.

Thank you  @Kevin T. and @Jack Bobeck. I really appreciate it!

Can someone recommend to me an investor-friendly title company that does double closings in Jacksonville FL? Thanks so much in advance.

Thanks @Frank Patalano!

Thanks @Anthony Thompson -- I appreciate the referral!