Newbie flipper needs answers. - Posted by Jarrett

import · January 24, 2001, 2:28pm

Posted by ChrisW on January 24, 2001 at 21:22:54:

I have done a few flip(wholesale) deals and prefer to do an assignment because there are no closing costs. As far as the issue of your buyer knowing how much you paid for the house, it has not been a problem for me. Your buyers know what you are doing and dont care that you paid 4k less than what you are selling to them for, as long as there is plenty of profit for them.

import · January 24, 2001, 2:28pm

Posted by Jarrett on January 24, 2001 at 15:28:09:

I am just starting out in REI and am going to take the flipping/rehabbing route. I have a few questions that I would love answered if anybody out there can help.

1)Assignment or Simultaneous Closing? Which of these is preferred? It seems to me that the flipper would be able to ask a higher price with a simultaneous close than with an assignment in which the rehabber knows how much the flipper bought the house for. How do closing costs affect the final profit in each case?

2)Who does the title search? The flipper or the new buyer?

3)If you use an assignment how do you handle bank sales that do not like flipping?

Thanks in advance for any help.