I'm new to Real Estate Investing and have no money to spend and need to deal with Wholesaling properties.
I've spent over $11K on education and have read Dean's book "30 days to Real Estate Cash" and watched the videos on the 25-1 filter system to use with RE Agents. I now have a handfull of cash buyers and I have an investor friendly RE Agent. I'm trying the 25-1 method that Dean and Matt Larson says to use.
I live in Jacksonville, FL (one of the largest cities in the US) and using this 25:1 system, my "investor friendly" agent was only able to track down 4 listings in the MLS that fit the criteria out of 6 zip codes. In addition, they are all REOs and Auctions.
From what I understand, Banks don't like assignable contracts. Why isn't this mentioned in the 25-1 process? Is "No REOs or Auctions" another filter I need the agent to filter with the MLS? Or is it possible to work with Banks on REOs - if so, how do I lock these up for my cash buyers with an assignable contract? Or can you only bird-dog these deals for a small fee?
Also, if I do a double-close, isn't there some waiting period before you can sell it again and a percentage limitation you can make when you sell it right after buying it?
I'm new to Real Estate Investing and have no money to spend and need to deal with Wholesaling properties.
I've spent over $11K on education and have read Dean's book "30 days to Real Estate Cash" and watched the videos on the 25-1 filter system to use with RE Agents. I now have a handfull of cash buyers and I have an investor friendly RE Agent. I'm trying the 25-1 method that Dean and Matt Larson says to use.
I live in Jacksonville, FL (one of the largest cities in the US) and using this 25:1 system, my "investor friendly" agent was only able to track down 4 listings in the MLS that fit the criteria out of 6 zip codes. In addition, they are all REOs and Auctions.
From what I understand, Banks don't like assignable contracts. Why isn't this mentioned in the 25-1 process? Is "No REOs or Auctions" another filter I need the agent to filter with the MLS? Or is it possible to work with Banks on REOs - if so, how do I lock these up for my cash buyers with an assignable contract? Or can you only bird-dog these deals for a small fee?
Also, if I do a double-close, isn't there some waiting period before you can sell it again and a percentage limitation you can make when you sell it right after buying it?
Need an answer fast.
Thanks,
John