Hi DG Family! I know you get tons of requests asking for help, but I'm hoping you might have a suggestion or two for me.
I found a property that I want to make an offer on today but it's an REO that will not take assignments. I have an end buyer in place and I can go through a Hard Money Lender to do a double close. Unfortunately, I cannot put the property in my name as I have bad credit and tax problems, so I can't do a title transfer in my name right now. Also, I don't have an LLC yet because I don't have the money. So, do you have any suggetions as to how I can make this work????? Maybe put it in someone elses name (instead of mine) for the double close and give them a fee??? Or??????? PLEASE HELP!!!! Any advice, thoughts or suggestions would be GREATLY APPRECIATED!!!!!! Thank you so much everyone
Robin
You don't need credit since you are using transactional funding. you are paying cash in full for the house. you will close with both parties the same day. Your end buyer is a cash buyer yes?? I think that is the only way to double close an REO.
Hi BC,
Yes, my end buyer is a cash buyer. My problem is that although my financing is a transactional one, it really isn't credit that is my problem, it's my tax lien. I can close a deal IN my name but cannot SELL it because the lien shows up on the title search So I can't put this in my name and am not sure how to make this work...??? I was thinking about offering someone cash or a % of the profit to be the middleman (instead of me) in this transaction, but I'm not sure???? Any other suggestions? Let me know and thank you so much for your help
Robin
Before you lose the deal you might want to go to your end buyer and see if you could get a finders fee for the property.
www.adeptpropertiesllc.com
Hey Randy,
I just might do that so I wont lose the deal. Guess I should've thought about this before jumping off the cliff???? lol! Well.....at least I'm learning something everyday Thanks so much for the input
Robin
You don't have to use jhard money. You can use transactional money. They will charge you 1 fee to use their money. But this money is 1 day dough. You must have your end buyer ready to buy at your price, so the lenders get paid back the same day. So you use their monet to buy the house and close then you close with your end buyer, get money from him. Lenders money is wired back to them and you get whatever your cut is. You don't need credit or anything you are concerned about to get this money. You just have to be sure your end buyer is ready to buy and has the money and can close with you the same day you get the money from the lender. If your buyer is not buying and is not serious about buying and close when you need him or her to close you have a problem. Honestly as long as you are buying at the right price and selling at righ price you should be ok. Your buyer can make or break this deal. Him being in place dictates if you get the money or not.
I got my mind made up.....
www.Kingjussinvestors.com
www.jussinvestors.com (buyers site)
Do you have your Business name in an LLC,if so put it in your LLC name or put the property in an LLC and sell the LLC to your cash Buyer.You may need to clear the tax lein before you can sell the property,you may even want to get a deposit from your cash buyer to pay off the tax lien. Hope this helps??
whurndon
H&H PROPERTY SOLUTIONS LLC
Go to www.coastal-funding.com for transactional funding.
Jean