All Forum Posts by: Chris T.

Consider wholesaling!

I put a house under contract with no money down for 25K then assigned that contract for a 5k assignment fee.

Ryan Webber might know a little something about that! :D

The only money I used for that particular deal was the cost of bandit signs.

If you find a deal that is good enough, then you can purchase, pay points, and rehab a house with no money down by using a Hard Money Lender. You may or may not have to pay closing costs. And you would need to make your monthly payments on the loan. That maybe a few hundred dollars a month for 6 months or so but that beats having to use all of your own money and you don't need any credit.

Could you get around the seasoning by having the homeowner add you to the title?

Or, what if the homeowner signed a power of attorney allowing you to sign the sales contract for them?

What if they just add you to the title?

So what if your family member just gives you a house and they transfer the deed into your name? Would you have to wait 90 days to sell it to FHA or VA buyers?

Or, how about, subject to deals? If you acquire a property by taking over someone's payments do you have to wait the 90 days?

I would think, that you could get around the seasoning period if the seller just deeds you the property. Essentially, you would take title to the property "subject to" the seller's existing financing then you could sell it.

On another note, do you ever give a "ball park" offer over the phone or do you always visit the property and make a final offer in person with contract in hand?

Thanks Robert, that helps!

Thanks Will!

Rob Rob...I'm wholesaling the property.

I just want a way to back out if I have to.
What more info do you need?

Mr. Investor, Such As?

I already have buyers in place but I want to protect myself as much as possible with a contingency clause.

The clause on my contract now states, "The sale of property is contingent upon buyer obtaining third party financing."

Is this sufficient?