OfflineSo here is my situation I have a Buyer lined up. He needs a bank loan but is already prequalified for up to 100-thou. I know what type of house he's looking for so I'm in the process of finding a killer Deal. Now my thing is I have no job,Bad Credit,and No Money. I have read the book twice and kind of have an idea but need advice. So I'm wondering how can I make a profit. Through "Instant Equity Exchange" Strategy or trying to find a lender that will fund me the money to purchase the property and sell to the buyer for a profit. I just don't know the next move I should take. Would it be best to find foreclosures or FSBO. Do I need an Agent to work with also during the process. Please Help!!
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Keep your options open, left and right.
First you want your buyer to be pre-APPROVED, meaning he has already done all the necessary paperwork, and the bank is already poised to give him the money when he finds something. (you may have meant that). Otherwise, if he has to start the paperwork AFTER you find something, that may or may not work out, and could take a LONG time with the new lending regulations being put into place.
Then, you can be looking for sellers that will do the IEE with you, OR even lock something up with seller-financing. While you are looking for a property for THIS buyer, be keeping your eye open for any sweet deals that may jump out at you.
Also, even though you may not qualify for a loan based on your current situation, I think it's always a good idea to see exactly where you stand, so you can be working on getting yourself back in that position.
Hope that helped a bit..
Wishing you all the best!
Rina
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Thanks for the comment I really appreciate it now also if I do the IEE with a seller or seller-financing do I need an agent for the process.