I am a wholesaler trying to create a killer deal and also planning to move into a house whenever I can find perfect discounted property in my child's school district. As a wholesaler, I never thought about creating a deal from short sale properties yet and I happen to find a short sale property that has a huge price reduction today in perfect neighborhood. I have no credit due to bk in the past and I have no fund to purchase any property as of now. What would be the best approach for me to obtain this property as a wholesaler and also as a owner occupant. I believe there's gotta be a creative way to get this property even with my kind of situation. Please help. I really want to provide a good home for my daughter within her school district as soon as possible without having to wait until I make enough money to buy a house. It will be too long for someone who has a chronic disease.
If you dont qualify for s standard mortgage you will need private financing (friends/family/401K). You can look at a hard money lender but w/o experience that could be tough. The bank will want some proof of funds before they accept an offer.
@ Judy...it isn't gonna happen unfortunatley, at least not legaly in California. On an owner occupied transaction, anyone that lends you money has to apply, "Ability to repay" rules and, since you stated, "...without having to wait until I make enough money to buy a house", you've alread put yourself out of the picture as you don't have the ability to pay. You don't make enough money, plain and simple so, no one is going to lend you money.
You are emotionally trying to make a claim to validate your objective where logically, it doesn't make sense. I would suggest renting unless you have access to funds to purchase a home of your dreams outright with cash.
Wholesalers by definition don't own and don't occupy. They are transactional. I don't see MLS property as candidates for wholesaling. It's hard enough dealing with the homeowner directly. Throw an agent and a lender in there.... I appreciate what you are trying to do, but all of my wholesale opportunities are found off-market. What you probably need for this specific house is a cash investor willing to buy it and turn around and lease it to you with an option to buy. The new optionor (if you find one) will also see your recent bk. Have you done a CSI on that? Do you have systems & budgets and sources of income in place to prevent financial difficulty in the future? Have we learned what not to do? That's what I would want to know if I were to do this for you. Hope this helps!
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!