Hello there, Sharon! Not only did I grow up a mile or two away from your current business location, but I was also raised by a General Contracting father, and a mother who is the family, “barber/stylist”. I am 34 years old, a foreman in commercial construction, a mother to an amazing 4 year old boy, and have the motivation and drive that reminds me every single day that I could be doing and making more. This seems like a no brainer to me and is clearly the perfect avenue for me to take in order to increase my income. Here’s my question; what if I were the one with the cash and would ultimately be the end buyer? Is it legal, ethical, or even possible for me to cash in one a double closing? Should I involve a trusted friend to take ownership for me? Also, i understand the proffitt to be made is based on the amount I increase the property value between the two transactions, so is it a waste of time to be the buyer, seller, AND end buyer? To put things in a nutshell, I am in need of finding my son and I a new place to call home. I also need to figure out something, and fast. Where should I start if I have roughly $10,000 to spend but need to multiply that, not just spend it. I hope you are having a great day 🙂
You don’t need to do a double closing if you are the end buyer. There would only be one buyer unless you buy the house from an investor. You just bu the house in a land trust. Either way it’s fine. You might consider a lease option with 10K down unless you can get financing for the rest.
This site uses Akismet to reduce spam. Learn how your comment data is processed.