OfflineSo this week i have had multiple RE Agents & others contact me. From me being interested in FSBO listings, REO's & also wanting to meet & represent me. I been kinda busy, i have to be because im broke wit no job...lol...
But this is where my thoughts stop me, My first strategy is wholesaling (REO) Bank owned property's in Sacramento California. Quick up sell as an 1 day double closing. I have Transitional funding from Insiders Cash. But i wonder will i need an Cooperation in order to close a deal. Like an LLC???
Is it possible to just put the property in my name for the A-B, until the end buyer closes there part(B-C). An LLC will cost me cash that i don’t really have.
I need to know the small details before i choose an Agent and tell them my RE investing plans. I would really hate to embarrass myself at closing...
Anyone Wholesaling REO's in Cali, Please HELP...
- Look Out World, I smell my FIRST Wholesale deal coming...lol...
- "Ether we evolve or dissolve, but change is inevitable". - Davillion T. Royal Ward
- "All men dream but not equally. Those who dream by night in the dusty recesses of their minds wake in the day to find that it was vanity; but the dreamers of the day are dangerous men, for they may act their dream with open eyes to make it possible". - T.E. Lawrence
So i just googled to get more info for wholesaling REO's & got this.
Method 1. Quitclaim Deed Method.
Method 2. Putting it in a Trust.
It gave a pretty good example on method 1, can anyone give me sum detailed advice if you are familiar with double closing REO's with no LLC or out of pocket cost...
Tell me your story & experience on these topic please...
- Look Out World, I smell my FIRST Wholesale deal coming...lol...
- "Ether we evolve or dissolve, but change is inevitable". - Davillion T. Royal Ward
- "All men dream but not equally. Those who dream by night in the dusty recesses of their minds wake in the day to find that it was vanity; but the dreamers of the day are dangerous men, for they may act their dream with open eyes to make it possible". - T.E. Lawrence
You don't need an LLC. You don't need to put it in a trust. You can do it in your own name. All you have to do is be over 18, and be able to sign a contract. That's all the law requires. The background and leg work are on you. I'm sure a place like SacTown has transactional funders all over the place. Many of them have websites explaining their terms and fees, and I'm sure at least a few of them will be willing to help you through the process if you decide to go with one. Plus if you don't have a RE attorney or title company picked out, your TF may have one they can recommend, streamlining the process for you even more. Best of luck to you...
Paul: "I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when my fear is gone I will turn and face fear's path, and only I will remain."
Duke Leto: "I'll miss the sea, but a person needs new experiences. They jar something deep inside, allowing him to grow. Without change something sleeps inside us, and seldom awakens. The sleeper must awaken." - "Dune."