Posted by tony on July 01, 2003 at 09:24:50:
michael your tlking about flipping a contract. very unlikly you can pull this off. i have sold a contract on a multi famlily building here in chicago. it can work but it helps if you have an investor already lined up. me i never sold a contract before nor did i want to sell the contract that i did but this investor frien of mine made me such a good offer i couldnt pass up on it. the seller didnt find out til the closing were he had a fit. good luck.
question on the fees - Posted by michael
Posted by michael on June 30, 2003 at 02:54:48:
hi, my name is michael and im 17, yes, 17… i am expecting to go to art college in orange county and the tuition for it is a little over 66 thousand dollars. to me, that is allot of money and with all the government help and scholarships i think i can pull in around 1/2 the costs. but that still leaves me with 33 thousand dollars i need to come up with.
i was watching tv one night and saw the infomercial on carlton sheets and was inspired. my parents could do this with me. together, we could pull in enough money to pay for my college tuition! so i read allot of posts on here, and im trying to understand what goes on during a buy and sell but im still a tad bitt confused…
if my parents were to “buy” a property, in my area that means they would owe the seller 125,000 + dollars? but to sell the property, to a new buyer for 130,000 dollars, they would bring in 5,000 dollars. but, do my parents still owe the origonal seller the money? or would the new buyer owe them and i jump out of the loop with my 5,000 dollars?
sorry for any any hassel, i just have allot of questions for the way all the legalities work. i will post again soon most likely