First Flip....please advise! - Posted by DavidP

Posted by Doug on December 17, 1998 at 02:31:13:

Ok… You can get and or as assigned or assign and successors or however else you want to put it on the contract… I personally put and or as assigned after my name… Anyway as long as you still have your attorney approval clause you can just add the changes to both yours and the sellers contract and both initial it… That will take care of that… You need not set up a corporation for this as all you have to do is claim it on you personal income…

Hope everything works out for you… And being that you dont have any money for a course dont sweat it thats what this board is for… If you cant get an answer you are looking for drop me a line and I will be more than happy to help you out…

Douglas Timko

First Flip…please advise! - Posted by DavidP

Posted by DavidP on December 16, 1998 at 01:17:50:

I’m enjoying a bit of ‘trial by fire’ with my first flip and am looking for advice if anyone is willing…

I found a house, signed an “Option to Buy” contract with the owner. I didn’t include the :" his successors and assigns" line after my name. Now I have a buyer (I will confirm this tomorrow - keep your fingers crossed) and want to assign him the contract. Would I merely need to get together with the Landowner again to fill out that:" his successors and assigns" line in order to assign the contract? Then, Jackie from Dallas mentioned earlier “assignment form and Authorization to Release Mortgage payoff info form(s)” in a previous post - will I need these to pass along the contract to my buyer.

Also, this is a small cash deal. Do the buyer and seller need to run this through a Title Company anyway?

Finally, if I am able to pass along the contract successfully, how do I protect myself from post transaction problems between the seller and the new buyer.

By the way, after this one, I promise to buy someone’s course - I needed the money before I could purchase it. I really appreciate the advice!

…one last thing. I’ve never seen anyone mention how they handle the tax side of this… Has everyone set up a corporation to take care of taxes or are they cashing the checks and acting as though they were self employed. Again, Thanks!