OfflineIf you start networking with an asset manager and get a good REO deal, can you turn around and wholesale it quick to a cash buyer without $ or credit? Mine is literally near the crapper, and I don't have $. Indiana-Joe, I think your examples are great though.
If there's an easy or better way, how can this be
done? I bought both books yesterday and I am reading the newest one. Thank you in advance for your help. (:
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Most lenders (some small banks do) will not let you make an offer until it is listed on the MLS. So on the majority of REOs I have found that I end up dealing with the listing agent not the asset manager.
It takes Proof of Funds and earnest money with the offer to be considered serious on 99% of REO offers.
If you get the property under contract cheap enough you can wholesale it to a cash buyer no problem.
The easiest way to do a no cash transaction is with a distressed homeowner directly. Get it under contract and assign it to your cash buyer. As little as $10 earnest money!
Don't worry about what to do until you learn how to find, evaluate and put a property under contract that is an ACTUAL deal. That is the hardest part of the REI business.
No offers = NO CHANCE of making $$$
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
There are 2 ways to do this without using assignment of contract. These are bird-dogging and double closing.
Check the website for details on each. There is a ton of info on both.
2 great websites for transactional funding are:
www.insiderscash.com & www.coastal-funding.com
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
thanks again to all.