BiggerPockets

Hey All,

I've set up with out even knowing it an almost solid program to flip wholesales to retail buyers looking to purchase homes to live in. I pretty much have all my ducks in order except the some of the financing. But let me explain what I set up and if I close these deals I can add an even stronger retail buyers list with my cash wholesale buyers list.

While building my wholesale cash buyers list I figured why not ask buyers using conventional loans or mortgages. I simply stated to these retail buyers that I am starting to invest in real estate and looking to purchase bank owned foreclosed properties to flip. Word spread, I know a lot of people because both my jobs consist of me driving around in all parts of New York and some. Now not only do I have a database of cash buyers but also owner occupied home buyers. The program is set up for mainly my retail buyers.

I primarily get a criteria from each buyer of the type of property they want and where. I also get there financial situation, if they can get a loan or not, down payment money, and monthly payments they can afford. Once I find a property I have the listing agent show the property to my buyer. If they like, the buyer gives me the earnest money to put the offer on the house if accepted they then give me down payment to lock it down in contract for me to purchase it cash. Pretty much none of my money. But I lock them down for being my end buyer to flip to. These buyers are already pre-approved by the bank and there agents are not performing to their needs to find them a home or they just think my services are better. I have my own broker(s) and lawyer(s). So if my buyers need a pre-approval I can find them one. Some have there own brokers. I have other buyers ineligible to get a loan but are willing to lease to own and there down payment I use to lock down properties as well.

So I have my buyers on all ends. I am finding great deals and putting offers on them (waiting for acceptance by banks on short sale deal and bank owned properties). I have a database of hard/private money lenders. I have a team of mortgage brokers, lawyers, and contractors. I may even have title companies. My ducks seem in order. I have only one issue, NO MONEY.

I've dug pretty hard looking for lenders who can fund my purchase, closing costs, holding costs, fees, repairs, and interest. Most of the deals I find and offers I put in are 50-70% of ARV. Hard money lenders I've found only fund maybe up to 75% of ARV. Now depending on the deal.. That can fund the purchase, closing costs, repairs, and sometimes more. Not enough for holding costs, some repairs, fees, and interest for that loan.

I'm looking for a partner (or even a lender, which I posted in another forum) to fund the spread. The spread can be from 5K to 100K depending on the deal or project. What I mean by spread is the extra money I need to fund the repairs, holding costs, and the fees and interest of the hard money loan.

The exit strategy is the resale to my end buyer who is already locked down and ready to purchase depending on seasoning guidelines which is 3-6 months. Or the exit strategy when I refinance in 3-6 months depending on seasoning guidelines to my lease to own buyers who are already locked down and build positive monthly cash flow then selling to them when they are ready to buy.

Partners are looking to make there money back in 3-6 months with either half or the same amount they put in the deal on top of that, depending on the deal or profit. For instance, you provide 50K you get back 75-100K in 3-6 months. I don't mind taking the smaller end of the profit because I have a strong buyers list and expect to have more clients as more word gets around that I can do the job. I don't mind doing all the work either. Checks or cash can be payable to each vendor I use directly so I don't even have to see the funds, just the invoice or records so I know how much you put into the deal. If you would like to provide direct cash to me we can have our attorneys write something up. You will be in the loop at all times. You are basically hiring me to do all the work, feel free to jump in with insight and suggestions or bring your own vendors in if it makes you feel more comfortable to work with me.

This is a way for investors to handle multiple deals or people who have money and want to invest in real estate without doing a thing. Or really green newbies who have the funds but don't know what to do. I''ve done my research and comps on all properties I pursue. I have a hard buyers list where the exit strategy is practically solid because I lock down the buyer before I even have the property with there down payment and make sure they are pre-approved. I have the leasers to fill the home for cash flow after I refinance. My credit score is around 670 if that matters.

If there are any questions or you need more details just ask or PM me. You should just post it here just in case some one has the same question. Feel free to contact me if you would like to join my team of professionals and especially contact me if you would like to partner up with me for this business venture. I already have offers out on short sales and some bank owned properties in NY. So please reply soon, if these offers are accepted I have 30 days to close. So the funds and partnership will definitely be in need. If you are out of state I have no problem with that too. I have a contact where you can also lend with self directed retirement plans. I wish I had that when I learned of it. For specifics on the deals I have working right now, feel free to contact me or if requested I will post them here (Queens and Brooklyn, NY). Its not like this post is already long enough (sorry moderators). Thanks and hope to do business with you. I hope I didn't forget anything. Oh well. Wish me luck though.