BiggerPockets

I am about to start my wholesaling journey. I've looked for hard money loans but so far do not really qualify yet. Then it hit me: what about transactional funds? I am aware of dozens of transactional lenders who don't require credit checks or personal documentation. All I have to have is an end buyer, which in this case would be another investor. Is it really as simple as A B C

A. Find the property
B. Make an Offer
1. Put house under contract
2. Find end buyer
C. Close

It just seems too good to be true. I mean here I am two full years into my independent real estate studies and transactional funding totally slipped my mind. Is this kind of funding a good idea for people who don't qualify for Hard Money?

Ciao

Tiara :mrgreen:

Thanks Motiv8td I am sooooo kicking myself for not thinking of this waaay earlier lol. Do you know of any good transactional lenders?

I know of him. Thats great. Thanks a lot.

Wholesaling is be a GREAT strategy for making money with investment property! On paper the process is simple, but if you miss or skip a step, you could have big problems. You may have to make 20 offers before you put a house under contract. Also, you have to find the RIGHT deal. You'll need a highly discounted property with enough of a "spread" so you can get your commission. I have assisted in over 100 wholesale deals in the past few years. Some of them go just as quick and smoothly as can be, others have been a nightmare.

One suggestion on your process: Make "find and end buyer" your first step (A). Or call it "build a buyer's list". The qualified end buyer is the most important thing, without one you don't have a wholesale deal!

Anyone that tells you it is easy, hasn't been completely truthful. It is easier to talk about it, write about it or think about it than to actually DO IT. I've met hundreds of so called "wholesalers". I can count on one hand the # that were successful over a period of time. Rich in France.

Combined two threads and moved to wholesale forum.

Simple, yes. Easy, no.

i thought you would only need transactional funding if you are dealing with a reo. if dealing with a for sale by owner, u dont need that, just assign the contract to the end buyer.

Wholesaling is EASY MONEY. hehe

I dont wholesale but what if your end buyer drops out...as in AZ the buyer has virtually limitless ways out up to the klast minutes of the deal. Is the wholesaler stuck with the property. thx