All Forum Posts by: Michael Lerch

also I thought it would be different having a local private lender vs. Joe Shmoes HML guru POF spammer lol but I guess it's all the same to them.

Ah Thanks @Wayne Brooks and @K. Marie Poe. I figured it had to be something like that. 

My private lender may or may not be on board with it. I figure if we set terms like a normal loan (talking 20k-40k offers here) and it won't matter in the end because I'm still doing a double close. I'm legitimately closing the first deal between me and the Bank with terms set in the POF/preapproval. Then closing with cash buyer same day so it doesn't matter what terms I put. If I don't close because I don't find a buyer that would be sad, but hey it's my EMD on the line so that's the risk I take. The offers I'm making are fairly low so if and when they get accepted I don't think I'll have any problem moving them with my cash buyers I know.

also thanks for the welcome back K! I've been reading, but not commenting/starting new threads so much. I should really get back to doing that :)

I'm a wholesaler and I've wanted to start making offers on the MLS. My friend is my buyer agent. I have a private money lender in the mix to use as transactional funding so I can close the deal.

First offer on an REO I make and the agent won't accept a POF from a private lender. Says it has to be my cash or conventional loan from a lending institution. My agent did some digging and said if I can come up with the terms of the loan from the private lender (% down, interest rate, how many months) that they would finally look at my offer. This sucks since my private lender is willing to fund the transaction, but only for a day or 2 until I close with my cash buyer.

How are other wholesalers making offers on REOs these days? Do I just get my private lender to make up terms on the POF for the sake of getting things done? ... Oh... I may have answered my own question. I guess it doesn't really matter what terms are set if I close the next day anyway. :)

Good to know curt! That place is up the street from where I live and never knew they did loans like that 

Hey Steve,

I'm in the Grand Rapids area as well and would be happy to help anyway I can. 

I think you're on the right track Ann. There's definitely people that invest in buy and holds and flips from a distance. Build up the contacts here on BP and you'll have a team in no time... well maybe a bit of time... 

Start small and then scale up as you gain experience.

Hi Mark!

Welcome to BP! I think you're in the right place. Also if you're interested we have an REI club in the west michigan area. just search for it on google.

Typically they will. You have to explain it to them in detail. Say that you're looking to hold 2 different closings and pay for 2 different closings. They won't let you close with the buyers money on the first closing though. You need transactional funding.

I know Chicago Title and Sun Title will do this in the GR area. Also ask about hold open title insurance since you'll be doing the 2nd closing later that same day. It's so you're not charged twice for the title insurance (saves you or the buyer $400+)

I believe the ARV is $35k

Honestly it's what the seller told me, but I also added some repair items to the list to try to cover all the bases. It's also what helped knock the price down to $5,000.

I'm in grand rapids mi and I'm not driving down there any time soon to check out the property so I was hoping there was a gary indiana investor or wholesaler that could check it out and do their due diligence.

$5,000 now! Need PA signed by Wednesday (3/12/14)