REOs

[Judith Blair]

Hi everyone! I am a new investor and I just thought I'd seek your advice on this: Does anyone know how I can assign an REO so that I don't have to produce my own funds for the A to B transaction? I live in new Jersey.

Secondly, does anyone in New jersey know how soon I am expected to produce the funds; do I have 30 days to produce it at closing, or is it 7-10 days from the time I submit the offer? Please advise. thanks.
Judith.

[Juan Michael]

I have recently watch one of my investors use an interesting strategy. What he does is have me write an addendum to the contract(after accepted offer) adding a 2nd buyer to the contract. The 2nd buyer is actually the person he is wholeselling the property to. he then has the vesting as follows 99.9 for the new buyer .1 for him. he then grant deeds his .1% over after the transaction. he never uses his own money, i've even seen him use their money for the EMD. it can be done. He usually does this on flips/rehab that dont really meet his margin requirements,

Hope this helps