All Forum Posts by: Chris George

Could you elaborate on option contracts? What exactly are they?

I am currently in the process of looking to buy my first home in the next year or so and spoke with a mortgage broker I know as I was in the process (I guess you could say interviewing them) of speaking with him about investment properties and the financing options that are available and as I was speaking with him he mentioned becoming a realtor myself. I had thought about becoming a realtor before but when I went to a REI Seminar put on by the National Foreclosure Institute they mentioned that if you are a realtor than doing any type of short sale would be more of a pain than anything else because of all the disclosures that are needed because you are a realtor. Any recommendations from anybody out there. If you are a realtor are you able to purchase properties for investment and if so how do you go about it?

As I have said in this and other forum topics, I am a noobie, however I have decided on wholesaling properties as I start out and make some capital. Is there anybody out there that has had success in wholesaling REO's and if so what are you doing? My thought would be that if the house is an REO then I am sure that there have been several people looking at putting an offer in already.

Could you elaborate a little on what exactly you do? I am kind of confused. If you are not wholesaling them or taking title to them, then how are you able to flip them.

If I would be wholesaling properties, how would it work if I were to do owner financing or subject-to's. I would think that in order for them to let me do anything to the house that they would have to own it free and clear. Am I wrong. I am trying to find the best way to get into wholesaling.

Have you tried going to the address for this one. I have not had time yet to check it out but anytime I call, it says that the number has been disconnected. I have even gotten desperate and tried calling Jim Sparano out of Modesto and Bakersfield but with no evail again. Apparently the Central Valley is not investor friendly.

As I said in the wholesaling thread, I am going to start wholesaling properties but was curious as to whether it is recommended if I set up an LLC, I have read somewhere that if I don't then the IRS will consider me a dealer (don't know what that means). Help on this would be great.

As well, what kind of taxes can I expect to be paying when I do wholesale these properties and is there a way that I can lesson the amount that I pay?

Any suggestions are helpful.

I have been trying for the past year to figure out what kind of REI to get into and I have finally decided that since I don't have a lot of cash, I should wholesale properties. However, as I look at the properties and speak with the Real Estate Agent that is showing the house, they say that you should be pre-approved or pre-qualified so that when you put the offer in the bank knows that you are not just turning in a piece of paper that doesn't mean anyting if you can't get financing. Since I am going to start wholesaling obviously I am not going to be closing on the house and so I am at a loss as far as what to do. I have less than stellar credit and so getting pre-approved is getting harder and harder.

Any suggestions.

I know that short-sales are a way to go but if there is a way that I could work with REO's that would be great.

I am quite interested in purchasing his course but would like to know if anyone out there has tried it and if so how has it worked for you.

I have to say that I am finally glad to see that someone has put online what they went through to buy an REO and do the rehab and everything, gives me a little more hope and information that could help.

Question though:

As I have yet to put an offer in on a house, when you purchase an REO do you need to have a proof of funds available for them to see?