Posted by thamel (wa) on August 21, 2000 at 05:23:21:
Marty et al,
I too am looking for quick cash flow methods, having been on the sidelines for a year, but have read, befriended investors, attended seminars, offered, negotiated, inspected, and recently closed on my first deal: my own house (with my wife/partner). However, I do need to cash flow quickly and have a bit of confusion on the topic of flipping; perhaps you can clarify.
It is my understanding that one cannot get paid a fee for enabling a transaction without a real estate license. When do assignors get paid? At closing?
Does an assignor draw up another contract to the assignee?
How is the original seller notified of this assignment? Is it even necessary?
Is there a way to prevent any cash being put out at the earnest stage when the intent is to flip it?
Thanks so much for any input. I enjoy reading and learning from the many knowledgable and talented folks who frequent this forum (you know who you are)!
Posted by Julie Cadman on August 16, 2000 at 14:53:51:
Hello, everyone. I am a newbie, and I am starting out by reading this message board everyday (of course), reading the articles, and am currently making a business plan. I am looking for ways to create quick-cash, so that I can catch up on my bills and start my REI career. I was just wondering, what ways can I generate quick cash flow with no money and no credit? What has worked for you? Also, what exactly do I need a lawyer for, and how do I find one, and how do they get paid? Thank you for answering all of our newbie questions. You are the best. Thanks. -Julie C.
Posted by Mark (SDCA) on August 16, 2000 at 16:53:41:
Given what you have said, I would recommend that you find a flip and then assign the contract. That is your quick cash.
And look for properties you can lease with an option to buy, then sub-lease them (also with an option to buy). That will get you some cash flow.
As for the laweyer… Some states use lawyers to close deals (what title or escrow companies do in other states). Was that what you meant? They get paid out of escrow just like the escrow company would. For the above deals, I don’t see that you would need one, at least not until you decided to exercise one of you lease options.