All Forum Posts by: R Roach

I am interested in purchasing a commercial property with no money down. The seller is motivated and will do a carry-back mortgage. Is this creative strategy possible? I have looked at transactional funding as a down payment source, but I am not familiar with this approach? Any Advice?

rroach1

I understand the strategies. I am concerned with the legalities of assignment contracts in Texas. The Texas Real Estate Commission says that you have to be a real estate agent or broker to perform transactions. Also, when I called they told me I could not receive more than $50 for giving information or locating properties for other people. To me, that means assignment fees are not an option either. I see you are from Florida. Do you know Texas guidelines for investing/wholesaling?
How do you work with this situation? If I work an arrangement with the end buyer, how do I protect my agreement with this end buyer and collect my compensation. If I receive money from the end-buyer/investor, it will be documented and that is when the trouble begins.

I want to assign contracts in Texas. Are there title companies that allow assignment contracts? Does anybody know what the guidelines are in Texas? Is it even possible? I have a property ready to be tied up, but I don't want to mess it up. I have several buyers lined up, but I want to control my profit margin by negotiating the price, both with the seller and end buyer/investor. If I can't do assignments this way, can I do assignment fees with investors in Texas?

rdroach