Anyone flipping SS's like REO's w/out all the SS paperwork?

Can you explain your question a little better? I'm not sure fully what you mean as from what I know you cannot escape the paperwork associated with a shortsale.

D G

Real Estate Investor · Miami, Florida

32 posts
50 influence

Apr 07 '11, 01:34 AM

Okay sorry for the unclarity of the question...

Is anyone wholesaling/flipping short sales just like you would with a REO?

I am familiar with the paper work that goes into acquiring a short sale and wholesaling/flipping it. I am curious as to anyone wholesaling a short sale through the MLS without going the traditional route?

I am always looking and exploring outside the box when I get a certain strategy down pat...

Hopefully that was a little clear! :mrgreen:

Michael Allan

Real Estate Investor · Tampa, Florida

61 posts
2 awards
50 influence

Apr 07 '11, 01:56 AM

Yes, many investors are doing this. We actually fund these on a daily basis as the note holding lender will typically not allow you to assign the contract for a profit. Transactional Funding was designed to overcome this for wholesalers and investor flips. A transactional funder will actually give you all of the funds to acquire the property as long as you have an end buyer lined up and in contract. The best part about it is that is the main guideline, there is no income, credit, or asset qualifications needed to get transactional funding. There are many other real estate "mentors" who offer educational type classes in teaching the process. One of the most popular duos that I am familiar with is Nathan Jurewicz and Chris McLaughlin. There are many more as well if you try some search engines. However you must be cautioned as the header of this website has a must read topic titled The Real Estate Gurus Trap. There are many out there that do not practice what they preach and are only out for your money. Nathan is actually pretty comical in one of his videos where he invites somebody over who calls him out on this http://www.youtube.com/watch?v=AHWX_2oXdm8

D G

Real Estate Investor · Miami, Florida

32 posts
50 influence

Apr 07 '11, 02:01 AM

Ya, Ive seen Nathans stuff before...funny guy!

Fortunately, I have been using trans funding for the past several years for my flips & understand it very well. I was just wondering if you do a more lengthier time hold for flipping? This will also helps in my neck of the woods since buyers and agents are a bit scarce at times...

Michael Allan

Real Estate Investor · Tampa, Florida

61 posts
2 awards
50 influence

Apr 07 '11, 02:09 AM

We do, but most only do 24-48 hours for transactional funding. To my knowledge we were one of the first, if not the first to offer this, and still may very well be the only one to offer the extended hold transactional funding. We used to go up to 120 days but revised a few things and now like to cap it out at 60 days. This allows you to get around the short sale approval letters which require you to hold the property for at least 30 days, opens the door to financed buyers, etc. Unfortunately, even though we or any other transactional funder who may offer longer term holds will still require the end buyer to be in place. Otherwise, you're probably looking at a hard money scenario with a hefty down payment.

Duane Ortega

Private Money Lender · Howell, New Jersey

43 posts
2 awards
50 influence

Apr 07 '11, 04:17 AM

Hello D G,

We are also transactional funders who offer up to 40 days which should be enough to get you around 30 days. We also offer 1-3 day back to back funding.

Shop around, do DD and feel free to contact us.