All Forum Posts by: Bradley Bladon

Summary:  current status - off market - Selling immediately for job relocation

Columbia, SC - Saluda River Club, - Payoff $135,839.00 - Last Appraisal - $192,000 - Sale Price - $172,000-which includes the wholesale fee, seller profit and agent flat fee. 

Home currently has a long-term tenant on a month-to-month paying $1350.00

I'm going to see it tonight and sign a purchase contract.  The problem is I can't qualify for another mortgage with what I've already got and I don't know any other way to structure this, other then wholesaling to a cash buyer...he is looking to close in next 2 weeks....  OR give me some ideas...Ideally I don't want to wholesale it...I want to keep it b/c it cash flows basically 350/month...

any ideas would be appreciated...

I figured as much on the demo...I guess that would explain why there are quite a few places like that around...funny how the neighborhoods just grow around them...

Are properties like this too far gone to consider viable for flipping.  I know of several areas across my state that are growing rapidly on the residential side and little houses like this are now surrounded by large upscale neighborhoods...some better then this house in the pic but still pretty bad...I obviously have no experience flipping...but I've wholesaled 2 properties...that where pretty turnkey though...I've got a person who said they would sell a house like this to me..."just make me an offer, he says"...old family place they where gonna just let fall to the ground scenario...

has anyone had any luck texting prospects on a blind blast text...I read that 95+% of all texts are read...Junk snail mail not so much...

I've found several properties that where open to the idea of an all cash offer....I had one that the guy was about ready to say yea...lets do it...my offer was 60% of the as is value...I didn't follow up w/ him and "work" him much though...mainly cold feet due to the fact that I don't have 1 single investor I can flip the contract to if I get to that point. That seems to be my hold up.  any suggestions other then putting fake properties on bandit signs and craigslist?  OR is that a good way?

I've been trying to get a local REI group meeting to network but I'm usually working in the evenings so that's no help...

I can buy that...I just can't imagine how to come across that many deals...

so in listening to some of the pod casts...some of the guys talk about making dozens of offers weekly...how do you get the type of volume of viable houses to make that many offers?  this was one of the wholesaling pod casts...forget which one..it was a week ago when I listened...they never really said...

so I just found a company that does do TF w/ no credit required b/c the escrow is holding end buyers money and theirs....it's just requires a double close and they work w/ REO deals..so apparently you can...

Thanks..I can see the stip for the POF, but that takes me back to how others on here are doing it selling to an all cash buyer. If I do a simultaneous close, there will be no lender involved period.

so I guess the million $ question is do REO's allow for transactional funding (using the end buyers funds...NOT a transactional lender((I have horrible credit so I can't get a loan to even buy TP)) in order to do a simultaneous close? If not then how are so many on here saying that's what they do as I described above?

@Stephen Anderson @Jassem A.

Thanks...

I thought that since you're doing a double closing (simultaneous) then assignment will not be part of the transaction...sell to me..sell to him w/ end buyers money. What is the need for using the LLC v/s just myself on the contract? As for transactional lenders..there won't be any b/c the end buyer will be using all cash...

As for the double closing...do large banks have a policy against doing this??  Ie...TD Bank, BOA, WellsFargo, etc...or is it better to deal w/ the smaller FCU's and regionals...

Reading on here it seems to be pretty common...