Critique my strategy
I don't have a problem admitting I'm the new guy and I'm still feeling things out. I'm just another really excited new guy that has a lot to learn, though I've learned a lot thus far. I've been struggling to find my place but here's how I've been going about it.
I have been working 3 properties for the past few months. I have no way to get a conventional loan for a rental or flip because I can't put down 20-25% yet though I have excellent credit, ~760. (though I'd like to be doing those). My plan was to lowball the bank, find end buyer, do a double closing using transactional funding, walk away with $.
Speed Bump #1: Each bank for each property has required it to be listed with a realtor before they process the short sale package. I managed to find an awesome realtor who is very knowledgeable and supportive of my investing goals and strategies and willing to take a 1% commission for her minimal involvement.
Speed Bump #2: So far one of the properties, the negotiator literally told me "Any offer sent in will be countered at $95k, which the FHA appraiser says is FMV". I had originally offered $60k. This house could sell for $120k ARV, but I don't have capital for repairs. Not sure if this speed bump is bad luck with the negotiator or if it's a speed bump because it's an FHA loan.
Speed Bump #3: I just can't find a buyer for the first house mentioned. With their firm stance on price, I need to sell for $105k to cover expenses and see any profit. I can't list on MLS because it's listed for the short sale package. I've let this one go to my realtor friend and will just be collecting a negotiating fee.
I feel a little lost and not sure what I could be doing instead. I initially decided to go this route because you can invest time rather than money because I have no capital for down payments or repairs/flips. Any advice would be greatly appreciated! Don't perceive my discouragement as giving up though! I'm still continuing mailings and the properties I still have in the works.