I am NOT Looking for HML's in this thread. I already posted that to the Marketplace. But I would like any advice on how best to work with a HML to get them to analyze my deals so that they'd already be familar with the numbers & prepared to finance it for the buyers I attract. Instead of my buyer's having to locate Financing themselves or in the event of that the buyer's existing resources are already tapped out.
HML's will give you their guidelines and requirements, but they're not going to do a lot of vetting a particular deal, until there is a contract in place with the buyer that wants financing.
@Wayne Brooks Thanks for the feedback. Yeah, I understand that's how it's typically done. I was just hoping to locate a couple that'd be willing to analyze deals I had under contract so that I could market them with financing in place. Have you ever heard of another investor with such an arrangement? And do you think there are some flaws in this I may not be aware of?
First, you don't want to look for buyers who need financing...they need cash, or their own financing set up. If your buyer has judgments, IRS liens, etc. your HML isn't going to fund them anyway.
If you have a deal under contract a HML should gladly analyze it in exchange for your end buyer potentially using their service. The key here is having it under contract. First impressions are key; if you start off sending them a couple crappy deals that never close, they probably will not work with you again.
Edit: I'm thinking more along the lines of having an agreement to let the HML market to their list of buyers/clients
@Bryce Y. Wow I didn't even think of it from that angle. Right because they'll already know who the Qualified Buyers are.
Yes, that has really been my Focus ( since I was ripped to shreds in the deal anaysis forum Lol ) making sure that I can properly Evaluate ALL the cost's in a potential deal as well as place an accurate Value on the property. Have you rehabbed any of your properties? How did you study to be to include ALL the actual cost's in a Rehab Project or is that something you can only learn with experiece since the Interest Rates can vary so much?
@Wayne Brooks As a wholesaler I'm looking for people, for the most part that'll be rehabbing the properties. Are there very many rehabbers using there own money for this? I was under the impression that's it's more commonly expected for rehabbers to purchase with some kind of financing on their end. I know that sometimes a buyers existing financing network may be tapped out. So, the plan was to be positioned to avoid any delays & still be able to close fast. How should I go about locating buyer's with their own cash?
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