KYTiger

After using the 5 day method, do I just assign the option to the retail buyer. How do I setup a deal where there is >5k profit with a retail buyer who is using FHA or conventional funding? I understand that the cancellation idea does not work all the time.

I was looking for the two step approach email thread. I have looked to no avail. Can someone help me out? Thanks David

<1> I am looking at to fix and flip in the central Kentucky area with emphasis on preforeclosure and REO's. I have extensive background in rentals and home repair. I am open to terms but would like to have no payments until closing with the new home buyer (time frame 1 to 6 months). I have went through the list on the forum. Please leave a response of one lender you would recommend. <2>Does anyone know of a transactional funding lender who would loan for one month as long as I have an end buyer. I have found local banks who are ok with the seasoning issue for conventional loans but not comfortable with my name not on the title. Thank you for your help.

I am looking to flip properties with private money. I just signed up for their 2 week trial. So far, I have one email that looks promising. Just looking to see if anyone has had a history with them before I sign on. Thanks. David

Dan, Is it safe to assume that the "Locus Standi" applies in Kentucky as well as nationwide? Thanks, David

What documents should I give to the seller when we sign the purchase contract for a double close? I was going to give them a copy of the purchase agreement. Should both parties sign both documents? I am probably over thinking this but I just want to cover my bases. Thanks David

I would use the option release so that the end buyer and seller can sign the P/A. Of course, collect my fee at closing. Attorney thinks a double close because to him I would obviously be a principle in the transaction. I could tell he thought using a pure option was a gray area (due to the old "brokering without a license") to make money if I don't plan on buying the property. I am going to try the local rei club to get leads for an investor friendly attorney.

I was attempting to double close on a FSBO. Thanks for all the advice. David

I have spoke with my real estate attorney about the option release contract who only recommended to do straight double closings. I was wondering if there had been any problems using this idea for anyone else. Jonathan in one post said he gave it up when he lost 2 deals. Has anyone in Kentucky been successful? David

Granted, I am new to creative real estate. I had 2 promising calls until I talked about double closing. They treated it like it was a scam. I tried to put it in laymans terms to no avail. How do you guys and gals introduce the double closing idea? How do you put it in layman's terms for the "traditional" sellers? Thanks David

MY Bad. I saw where they talked about the cancellation agreement in the lease option. So, Is it best for the closing attorney to write the cancellation agreement or can I? David

I thought that release of option was for pure option situations. So, I assume that I can use this to release me from the sandwich lease as well. David

Is there a document where I can release my interest in the sandwich lease back to the seller? So that, I am out of the deal. Also, the setup is between the seller and tenant/buyer. Thanks, David

So the lender does not worry about the seller side as much as the buyer side of the deal. Thanks guys for the advice. David

Thanks guys for the info. What is a common profit share of a 20% spread? Have you seen a situation where the loan company did not approve the buyer due to the memorandum or the release of the option? How do you explain to the seller what is going on? Would you explain this earlier in the process or wait until a buyer is found? David