Assign Or Flip
In a bind and maybe this is a silly question but how do you know when to flip a deal or to assign it. I have a apt. complex owner who called me last week to see if I could buy her complex. I know many investors who buy apts. so I said I may be interested and did due diligence, Property has no liens, encumbrances,etc...title is clear. Anyway she was asking $650K I negotiated and made an offer for $600K or $595K owner financed 30% down. She is happy with either. I advertised it for $605K to get a feel of buyers and all were okay with the $605K price which is 10K profit if I flip, right? Only question is how to flip a property that is being owner financed? I am due to put a contract on it Friday. Do I assign the contract rather than flip or can I just ask a finders fee at this point and let my end buyer proceed from this point? If I ask a finders fee what would a serious investor consider reasonable to ask for this deal and when would my fee be paid? PLEASE someone help....never assigned any of my deals or requested a finders fee. Thanks.
Write up the contract in your name or assigns, then sell the contract. Tell them what you are doing and how much they will need to pay you to get the contract.
[addsig]
obsidianinsight:
My understanding is the buyer; on top of the 30% down will have to deposit your assignment fee and closing costs, if any.
What kind of marketing are you doing to get calls? Just trying to get a feel for what works best?
Daniel