All Forum Posts by: N/A N/A

If you don't want to take his offer then let me know, I'll be happy to retire when I'm 30. I wish I could find somone to teach me everything they know, consider yourself lucky. On a serious note, like noobdog1 said "take life by the B*LLs and go out there and get yours!" You're only 26, do you have a lot to lose, if not go for it. You don't want to be that guy 10 years down the road asking "What if". You want to be that guy who is asking "What's the next deal" Just my 2 cents. Good luck with whatever you do.

Do you allow the investor to hire an inspection before signing the contract and giving you earnest money? My only concern is there would be some structural damage or something that can't be seen by looking at the problem.

Thanks

Thanks Ryan, I appreciate the help.

So would the investor sign the contract after both sides agree and give you the deposit/earnest money at the same time? Also, is it practicable to have my attorney look at the contract and make changes.

Thanks again.

Hey everyone,

I am looking to purchase a rehab property from a wholesaler, and looking for information on the buying process. Can someone explain step by step how to purchase from a wholesaler and what to look out for?

This is what I have so far and some questions:
The wholsaler says he has 30 days to close on the property and a down payment is required to hold the property. So I tell the wholesaler I want the property, sign the contract and give him the down payment. I will be obtaining funds through a hard money lender. We go to the closing and funds are distributed and we obtain the property.

What happens to the down payment if I can't obtain funding?
Is this contract contingent on a full inspection, say I find a major structural issue before closing, can I back out and get my money back.
Who pays the closing costs?

Sorry for all the questions, just trying to make sure I don't miss anything.

Thanks for the help

Quick question, I am currently looking to purchase a rehab property from a fellow investor. My question is how would I submit an offer to him. Would I contact an attorney or real estate agent to handle the offer and contract? Or is this something I can do in house. Please help.

Thank You,

Millhouse

Hey everyone,

I found a property that I would like to purchase as a rehab. I have an appointment tomorrow with a mortgage broker but am not sure what to expect. Is he going to review all my information and then get back to me with what he can do? Is this basically a pre-approval? Will this hurt my credit? Thanks in advance for the help, all suggestions are welcomed.

Millhouse

Anyone? I'm looking for money to purchase properties at sheriff sales. I attend the sheriff sales regularly just to see if anyone purchases the property and to keep my info up to date. There is no competition in my market for these properties and the property ends up going back to the bank. I really wish I had the funds to buy some of these properties.

For example, last month there was a property that was given to the bank and the total amount due for the mortgages was $199,000. It's now on the market for $285,000. I just hate seeing opportunities go down the drain.

Does anyone know where I can get money for these properties? Mortgage Brokers, Lenders, or is it only an option if I have private financing.

Thanks

Is there a generic authorization to release form that lenders use when dealing with short sales? Or are they tailored to specific lenders? Does anyone have one they can share? Thanks.

I've been looking into foreclosures for a while now and am having trouble coming up with the funds to purchase properties. What are some ways besides private financing, that investors can use to acquire forclosures?

Also, I've spoken with some people with money to lend, but I think they are skeptical because I have no experience purchasing foreclosure. So what are some ways that a new investor can earn the trust of private lenders? Any help is appreciated.

Thanks,
Pete

Mikey,

What county are you from? There are a few counties that list their foreclosures online.

Here's a great site that I use for sheriff sales held in NJ. www.publicnoticeads.com

Whenever a sheriff sale is advertised in the newspaper, it's also posted on this website. If you perform a manual search by choosing the county you want to search it's free. Or you can have them send you updates which they charge for. I suggest typing "Sheriff" in the search field or you will get all the public ads that were posted for that county.

This site also has sheriff sales for the following states: Arizona, Iowa, Michigan, Mississippi, Ohio, Oregon, Utah and Virgina.

Pete