Co-Wholesaling a HUD property

[Justin Rodgers]

Is it possible/legal to co-wholesale a HUD property? Let's say I win a bid on a property but don't have any buyers. Could I partner with another wholesaler who does have a buyers list and split the profits? What issues do the veterans up here see with this idea?

[Greg H.]

Just to clarify, the earnest money is $500 for properties under $50000 and $1000 for properties above .  Additionally:

-You will have to use an agent with an NAID number to place the bid

- You will need proof of funds to close with your bid package or proof of financing

- You will need to find a title company/attorney who will do a double close if you do not have the funds to do so

This all can be done but it is not as easy as it may seem. Keep in mind that HUD properties are in MLS and on HUDhomestore.com so investors will know what the property was listed for and probably approximately what price you have it under contract for