Posted by Jim Locker on December 15, 2000 at 09:23:44:
I am also in OH, and I am not aware of anyone having any problems with flipping. I do a bit of it myself (not really my thing, but I’ll do a good deal if it appears), and I have never experienced any problems.
ARE THE DAYS OF “FLIPPING” OVER? - Posted by Nykel
Posted by Nykel on December 14, 2000 at 08:32:44:
Are there any ways around Title companies not letting you do multiple closings? Please let me know if there are any ways around this new road block. Thank you in advance.
-Nykel
Only if you listen to the “deadheads” - Posted by William Bronchick
Posted by William Bronchick on December 15, 2000 at 13:42:02:
Flipping has been done for a hundred years and will continue for another hundred, despite lender and title company aversion to the process. Just find another lender and another title company.
In 1993, I came to Denver, CO and was told by all the real estate agents I could NEVER find a property more than 10% below market because things are too hot. In 2001, prices will have almost TRIPLED in my market and you can still buy properties far below market, IF YOU LOOK.
Re: ARE THE DAYS OF “FLIPPING” OVER? - Posted by Bob-Tx
Posted by Bob-Tx on December 14, 2000 at 09:17:44:
Be more specific re the problems you are running into. We do flips all the time with no hassles.
Re: ARE THE DAYS OF “FLIPPING” OVER?2 - Posted by Nykel
Posted by Nykel on December 14, 2000 at 19:05:41:
I am new to creative real estate investing. My friend that has been “flipping” since the summer says it has become increasingly difficult to asign contracts because of some shady things that have been going on here in OHIO. However she has informed me today that there are some loop holes. I guess I want to learn in detail more about the subject so I can too flip properties. Can any one point me in the right direction? Thanks a ton.
Re: ARE THE DAYS OF “FLIPPING” OVER? - Posted by David Alexander
Posted by David Alexander on December 14, 2000 at 11:01:07:
Bob,
I think here in Texas we are just the exceptions. Because I like you, have never had the problem here.
So Knock on wood… and lets be happy we dont have to deal.
David Alexander
and why a double close vice assignment ??? - Posted by Rob MacFarland
Posted by Rob MacFarland on December 14, 2000 at 09:40:55:
… and why you are answering questions, Why would someone do a double closing vice an assignment. Can the lender only finance the property plus your added “finders fee” if it is a double close?
I am assuming that if the buyer just pays you the “assignment fee” in cash then there is no need to double close, but am unsure of the process if the buyer wants to finance ALL of their costs. Thanks.
~Maj Mac
Re: ARE THE DAYS OF “FLIPPING” OVER?2 - Posted by CJ
Posted by CJ on December 14, 2000 at 20:21:38:
I’m not sure as to what type of trouble you reffer to in your post for assignments in OH. I live in OH. and use this practice currently.This week I’m closing on two assignments written in the last 21 days.I get paid on both of them through a title co. as a consultant or finders fee.Most my buyers use hard money and my title co. is familar with these creative practices.Most of my buyers are in the loop investors.Secure a tilte co. that’s involved.Call around and just ask if they are familar with assignments and/or simultaneous closes?Work only with those in the Know.If you need more feel free to write at my email directly.
CJ
Re: and why a double close vice assignment ??? - Posted by Mark-NC
Posted by Mark-NC on December 14, 2000 at 13:13:24:
Maj Mac,
Although the assignment is the ideal situation. Sometimes it cannot be assigned. For instance Most Bank REO’s and Hud properties cannot be assigned.
Besides it discloses the price difference between the seller and buyer. There is nothing wrong with this as long as there are understanding parties. But that’s not always the case.
If you are dealing with other investors, more than likley, it won’t be a problem. But if you are dealing with retail buyers and sellers and possibly a big spread on the price difference It’s best to do a double close so you can shield the price difference between the 2 closings and avoid any buyer/seller remorse.
Mark