Fiancing a whole new way
As a former investor, my biggest challenge was when my deals did not close on time. My contractors always got paid and my homes were always model ready but for some reason the realtors and their buyers could not meet the challenge. So I started talking to other folks who were having the same problem. Turns out the remedy to our problem was we waited until the home was ready for the market before we started marketing. Since the average financing transaction takes about 21 working days and can go on for whatever seems forever, I began to embrace my marketing team as soon as aquired the property.
It may seem crazy but find your buyers quickly by pushing the product out faster.
Happy Flipping!
Davod
Comments (4)
Russell Salinas, about 9 years ago
Russell Salinas, about 9 years ago
Russell Salinas, about 9 years ago
David, hi, my name is Russell Salinas. I am sending you this message because I need help in determining the best financing for my deal. But before I get into that I wanted to explain the situation.
I have a buyer that wants me to find her deals. So, I contacted my guy and he said he can get deals, but he wants to deal directly with the buyer because he was cut out of several deals. His buyer went around him and he didn't get paid. So, he was advised by his attorney to deal directly with the buyer. Cut out all the middle guys.
So, I decided to use a transactional funding source. They require that I have an end-buyer ready to purchase the deal with money in escrow.
Now, I have my guy getting the property and I have the funding to buy it from him, but my buyer says that THEIR buyer won't deal directly with me unless he knows me. So, in order for me to really get the deal funded, my buyers have to have the money in escrow so that my lender sees that there is money for the deal. But my buyers say they can't do it this way.
How can I structure the deal so that I can make money in real estate without getting cut out of the deal? Isn't transactional funding a great way to do deals without all the hassle of losing the deal by someone's unethical ways? Can my buyer's BUYER put money into escrow on his behalf and my buyers behalf just so that my transactional funding lender can see that the money is there and we can do this deal and all get paid?
Whats the best way to proceed?
Your help is very much appreciated and welcomed!!! Thank you in advance!!!
Sincerely,
Russell Salinas
Russell Salinas, about 9 years ago