Getting Paid When You Are The Middle Man. How?
How does the deal actually work out when you are in the middle of the deal at closing. How do you get paid, this part I do not understand. Do I need to get a lawyer also. And Does the T/B pay for all closing costs?
You need a closing agent (attorney or title company) who understands how to escrow a Deed and do a simultaneous closing. Yes, the Tenant/Buyer should pay for all closing costs, except for your transfer tax (if applicable). Seller signs a Deed to you which is plaved in escrow. You sign a Deed to the Tenant/Buyer which also goes in escrow. If the Tenant/Buyer brings enough funds to the table, both transactions are closed back-to-back, and then the Deeds are recorded appropriately. Attorneys routinely do these. Title companies tend to shy away from them. Go to a local real estate club to see who the local investors are using.
[addsig]
Excellent.