All Forum Posts by: Michelle B.

It's really not much different than purchasing with an agent. Basically, you need to execute a purchase agreement with the seller, provide that to the title company and they handle the rest. Of course, if you are in an atty state then you would need to engage an attorney. Good luck, Michelle

Antione D. Ok - so that additional information is helpful. There could still be some opportunity to work pre-foreclosures. I (myself) don't target pre-foreclosures but I believe some states have regulations regarding what you can / can't do. Not sure if GA is one of those states. If not, maybe there is an opportunity for you to target homeowners that are pre-foreclosure (with some equity). I'm not a huge advocate of beginners starting with wholesaling. It's not as easy as people would like to believe. You have to know a lot about investing (how to value a property, how to estimate repair costs, etc etc etc). In addition, most newbies starting out in wholesaling don't have the ability to close. I don't believe in weasel clauses. If I put a home under contract - I close. Anyway, best of luck to you! Michelle

Antione D. I'm just going to keep asking you questions! :) Why do you want to start with foreclosures? Why do you want to start out with (what sounds like) wholesaling? What are you trying to accomplish? Are you trying to raise capital? What are your long term goals? Are those different than your short term goals? As someone else mentioned - if it's already on the MLS then it's difficult to wholesale. Michelle

Brian Wolf I don't understand why you feel as though the risk is any higher? If 3 people have opted to room together and search for a 3 bedroom home to split - why would you expect them to pay more than market rate? You mention they would be spending more if they each went out and got a 1 bedroom apartment. They would also have their own kitchen, bathroom, etc etc etc. They are obviously trying to reduce their cost - which is the whole premise of having roommates. Honestly, I don't understand your logic at all. If I were them and you asked me to pay more I would walk and find another place to rent. If you aren't comfortable renting to 3 adults then just move on to someone else. Michelle

Antione D. Couple clarifications.... Are you stating you want to buy at the courthouse steps? Purchase REO properties that are listed on the MLS? Or purchase direct from consumers that are facing foreclosure? Before giving input I just want to understand what exactly it is that you are suggesting. Thanks! Michelle

Scott F. I can tell you.....when things go too well I get nervous. When nothing is ever wrong and they never need anything or have any questions - I get a bad feeling. Like others said - don't beat yourself. It happens to the best of us. Good luck! Michelle

Andrew Edwards I think where your argument of a holding fee breaks down is due to the fact that it was collected before approvals. The only time I collect a hold fee is AFTER I approve them to move it. If I go into the process knowing there will be a lag between approval and move in then I collect a holding fee that transfers to their security deposit but is non refundable during the holding period. I would never collect a holding fee from someone who is still awaiting your approval. That's where this whole thing breaks down. Michaela G. has it absolutely right. Good luck! Michelle

Andrew Edwards This is an interesting topic and an interesting response from your atty. Is the deposit in question a security deposit or a holding deposit? I think that makes a huge difference. Michelle

Mark Nolan Thank you! Very helpful. So I just need to seek out the assistance of a 401k provider. Yeah?

Mark Nolan Thanks for the link and response. To clarify - I am aware of the rules around accessing the funds and the withdrawal penalties. I am trying to figure out how to fund the flip within the 401k itself and just have the profits roll back into the 401k account. Who do I need to work with to help facilitate this? My tax guy? A financial planning expert?