Is there anyone that could point me in the direction to finding a company that could proved Transaction Funding and Proof of Funds? I am very interested in wholesaling a Hud property and I've done research and read that i could find proof of funds from a possible hard money lender or transactional funding companies. It would be greatly appreciated if I could get some advice about how this works as well.
I believe HUD properties are going to come with deed restrictions on them that don't allow you to transfer for a certain price over purchase price within 90 days.
i've never really heard of anyone having that issue before. Thanks for the heads up.
Thank you for this information James. There is a 90 day restriction, However there is a 20% rule. Which means I cannot sell the property for more than 20% above the orgininal price. For example if I have a property that I purchased for $50,000 I could not sell it for $70,000 but I could sell it(in this case wholesale it) to an investor buyer for $60,000
Sounds like your going to eat up all your profit in closing costs, advertising costs and money costs.
Thank you for the advice Mr. James it is very appreciated.
There are no deed restrictions on a HUD property . A HUD property can be resold the same day. The deed restrictions mentioned are for FNMA properties
Thank you Mr. Greg I wasn't sure what FNMA stood for so I thought it applied to all HUDs but now I know that it stands for Fannie Mae.
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