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Forums » Wholesaling » help wholesaling reo in nyc

help wholesaling reo in nyc Subscribe to help wholesaling reo in nyc

5 posts by 4 users

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Sara Jan


Forum_avatar_avatar-nyctaz

Oct 09 '10, 08:51 AM

ok guys, the bank accepted my offer on a property in queens. i should be getting contracts any day now. in nyc we have to use attorneys for all deals. how do i get around the downpayment (deposit) how much down do i have to put? i really don't have much cash. and does my attorney send the check to the seller's attorney (bank)? and last question, if i want to wholesale it to a cash buyer, how would i do it?


Jon Frame

Wholesaler · Nazareth, Pennsylvania


Forum_avatar_avatar-jframe

Oct 10 '10, 09:30 AM

Looks like you put the cart before the horse on this one. I'm sure you negotiated a deposit when you made the offer, whatever it was you will have to put it down yourself. The other problem is that you most likely will not be able to assign this being a bank owned property. What you will need to do is a double close.
The BIGGEST thing here is that you don't have a buyer. That's wholesaling 101.....have a buyer's list before you have a property tied up....or at the very least, have a plan BEFORE you get the property. If I were you, before you put your deposit down, I would ...1. Back out of the deal 2. read, read, read this forum and learn wholesaling. 3. Find someone who can possibly partner with you 4. Keep reading 5. maybe find a FSBO and do an option agreement ( if you don't know what that means...read, read, read ;)

Hope that helps..........


Sara Jan


Forum_avatar_avatar-nyctaz

Oct 10 '10, 10:27 AM

i do have an investor lined up, who wants it for 15k more than what i have the contracts for. i have the contracts under an llc, how do i do this thru the llc method....i'm not worried about the deposit anymore, because this investor is willing to put up the deposit money


James Hiddle

Real Estate Investor · Altus, Oklahoma


Forum_avatar_avatar-mr_investor

Oct 10 '10, 11:28 AM

To do the LLC method you need to sell the rights of the LLC to your end buyer.

Here is some methods to flip REO's with some pros and cons including the LLC method:

http://ezinearticles.com/?Four-Ways-to-Flip-Bank-Owned-Foreclosures&id=1858621


Mike Ducasse

Real Estate Investor · NY, New York


Forum_avatar_avatar-chosen1

Nov 11 '10, 10:08 PM

I'm a wholesaler out in NYC I have a huge list of properties.
Please PM me so that we can discuss further the possibility of doing business together.

Thanks

Mike




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