All Forum Posts by: John S

Thank you James for your input! could you elaborate on "To wholesale one, you simply enter a JV with the investor who is rehabbing it for flipping. A JV is just as binding, and requires no conveyance. Then at final closing, it is executed like a double closing.

Or for wholesaling to a rental landlord, sell it lease option, with an exercise date 90 days in future, so basiclly a delayed closing."

How do you wholesale while JVing with a rehabber? Did you mean both my name and the rehabber's name are both on the offer?

Thanks!

Thank you all! I heard the term from Jeff Adams when he was trying to sell his products. Anyone tried it yet? If so, how was it? Also, in my experience with REOs, I don't disclosing to the bank that I'm flipping the same is going to help my case. Short sale we can disclose.

Hi,

I've heard of double close, simultaneous close, but what is simultaneous double close?? (it's suppose to be used for reos)

Thanks in advance!

Thank you Scott!

To Scott, "settlement date" you mean the closing date, right? Also, if you don't mind me asking, how did you learn so much about REO and Fannie Mae properties? I know people always say "learning by doing", which is true, but how did you start?

Thank you!

Thank you for all your input, I appreciate it!

To Chris and Ron, I'm surprised to hear that out of 13,000 reo transactions that none are land trusts. I've also heard that land trusts have been successfully done in other states, but again, depending on state.

To FinanceExaminer, lol, I welcome your advice and have learned from your input as well. I didn't understand when you said "You can also give possession prior to closing", did you mean give possession to the buyer? Also, have it under contract and close on the 91st day doesn't really make my offer attractive to the banks, just curious, is there another way aside from what was already mentioned?

To Scott, thank you for your posts, learned a lot. Just curious, have you done any REO flips in the past? because you seem to know a lot about it.

Thanks!

ok, thank you both!

To Scott, Thanks, I'll double check with an attorney.

To Aaron, does quit claim deed necessarily be regarded as a "resell"? I'm unclear on this, if it is, then I guess the selling of the LLC would have to be the way unless my buyer accepts land trusts.

Thank you all for your input!

ok, thanks Scott and Mike! To scott, but assuming the bank accepts, then do you think what I've described above is viable?

Thanks!

Do I have to set up the LLC before I made the offer? Or can I use my existing one (which I don't intent to sell) to make the offer and once the offer is accepted, then add the new LLC (which I will form), and then quit claim deed it at closing to my new LLC, at which point I will sell to my buyer.

Does that work? Thanks!