All Forum Posts by: Tim Sargent

@Wayne Brooks You're right, I don't know why I put back to back. But everything else is correct?

Bigger Pockets world,

My strategy on my currently property I'm getting under contract tomorrow is to assign the contract to a buyer. I'm not going to list with an agent because I won't make a worth while profit after commissions and closing costs. So I'll be marketing as a FSBO on free outlets such as Craisglist and Zillow to save and gain a larger profit.

Tell me if I have this right: After I get a buyer, I have the new buyer sign an "assignment of agreement to sell real estate" which state that the new buyer will give the seller the amount that I agreed to pay then and the remainder (listing price - my buying price from seller) would come to me. This contract is brought to the new buyers closing company and a back to back closing is conducted. Right?

That is my plan, to get the property under contract. The language in my contract protects me in a number of ways. It states that I have the right to put the property on the MLS before I even buy the property and I'm able to get out of the deal at any point in time.

The seller doesn't have any leans or anything on the title and he's up to date on payments, so that is already checked.

That being said, the mortgage is too high for a Subject To deal, because I won't be able to rent it that high in this area. I COULD, but I wouldn't be getting any profit. 

So I wanted to get it under contract with a cash offer and I'd get the closing date as far out as I could with the seller. In that time, I'd list it on the MLS and and find a retail buyer.

@Christian Harris

No, I don't have a buyer already lined up. I want to flip to a retail buyer and I don't have my realtor license so I can't list it myself on the MLS. 

I believe I have a gist of how to complete a double closing, I just want to be completely sure. Do you recommend I use an agent for myself after I get the property under contract? Or should I just list it myself "for sale by owner" on free sites? How do closing costs and other fees affect my profit in these types of transactions?

Thanks guys

Does anybody in the Clarksville, TN area know of a closing company that actually knows of and actually executes double closings?

I'm registering my business on the Tennessee Department of Revenue website and I'm not going to lie, I'm confused. First, I can't figure out which Classification my investment business is (I THINK I have to use Class 2) and I'm not quite sure what gross taxable receipts are. I believe that's excise tax, correct? It's asking me "Will your gross taxable receipts exceed $3,000 per year?" So I guess my question is... does TN have an excise tax on real estate? I've tried to read and understand the TN tax guide that it references to, but I'm lost in the sauce here. PLEASE HELP.

Hello all,

I'm new on the real estate investing scene here in Clarksville, TN. I just started up my business and I'm starting to build my team. Is there anyone in the area who could recommend an investor friendly closing company that they may use? Or even some companies to absolutely stay away from so I don't waste my time? Also, where can I find the local REIA? I went the the Clarksville REIA website and it hasn't been updated since 2014...

Many thanks.