Getting Reos Under Contract and Closed with other peoples' money

[Daniel Nolan]

After much research on MLS as recent licensed agent in Florida, I'm attracted to REO wholesaling. As a past landlord and late in life, I need to generate income fast but can't afford expensive marketing. I'm a member of a local REIA and friendly with quite a few cash buyers who want me to provide them deals. Since the REO agents require both larger Earnest Money Deposits and Proof of Funds with every offer, I'm overwhelmed and under funded. How can I overcome these obstacles and fill the requests of my buyers?

I'm grateful for your suggestions,

Dan Nolan  

[Jay Hinrichs]

@Daniel Nolan 

  find an equity partner  split profits with them.... IE hey I need you to put up 50k in assorted EM and have an account that says you have 500k in it... We are going to make 5k flipping to these folks I know I will split the fee with you ...you do the work they put up the dough and creds..

Be advised that some wholesalers doing this have been turned into the FLA real Estate division for doing transactions that require a license and it appears the state is prosecuting them.. Same in Ohio... Something to think about  and guard against.