OfflineSo I have a potential deal that I ran by my mentor and he is all for it. Though the seller has already done an assignment on this and wants it closed.
My mentor suggested a double closing. If I do a double closing, what contract would I need to fill out with the seller?
Here's the numbers here
Property in Philadelphia, Pennsylvania
Asking: $35,000
ARV: $98,000
Repairs: 22,500
Will rent for $900/month
3 beds, 1 Bath
If someone can advise me on what I need to do as far as filling out a contract and doing a double closing...please let me know!
Thanks
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You would make an offer to the seller using a real estate purchase contract or offer to purchase (whatever you call it in your area). For example you may offer $22,000.
You would get an offer from an end buyer using a separate purchase contract or offer to purchase. For example you get an offer of $70,000 from an investor.
You call your title closing or real estate lawyer company to set up the closing for purchase one and purchase two on the same day.
You go to close on property one and property two.
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to fund the 1st closing before you can close on the 2nd. If you don't have the funds I would recommend you use transactional funding for this but keep in mind you will have to pay some fees and points for this it's not free so you will need to figure this into your end number. If you have the funds then good luck
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