All Forum Posts by: Daniel Paloscio

@Ricky Burton Sort of a chicken before the egg situation but the reality is that everything will happen for you if you have a good deal. If you have a good deal your buyers will fight over buying it. If you have a good deal lenders will fight over giving you money to fund it. More sophisticated wholesalers learn that having the right buyer for a specific deal means you will make more money, for example, an investor that loves 3/2/2's, block, 1970's builds in a specific neighborhood will likely pay more for that type of property than a mobile home or condo investor will. But ultimately that just makes you more money. The most important thing is that you contract a high quality deal. If you do that you will easily find buyers. 

Keep me in the loop if you find someone good. I've been looking for a good closing agent in AK that is familiar with wholesaler closings. 

There are not any lending institutions that will lend to you for the purpose of covering your down payment. You could apply for a line of credit from a bank, or get a personal loan from a bank instead. They will not be concerned with what you are using the money for each time you draw. 

There are some individual private lenders that may fund a down payment, but you will more often than not need to know them personally. I have done some lending like this in the past but I received a % of the deal, the LTV was extremely low, the investor was experienced and I knew the them all personally.

@Alejandro Vallejo-Insuasty we fund a lot of back to back closings with Shafritz & Dean. They are awesome to work with and really understand the investor/wholesaler side of real estate. If you want to shoot me a pm I'd be happy to share contact info or make an intro for you with our contact over there.

@Menachem Krasnjanski, I agree with just about everyone here. The fee for any wholesaler will be the difference between your contracted price with the original seller and the amount your end buyer is going to pay. To understand how much you can make, you would first need to figure out what the value of the hotel is. From there you could calculate your offer and make your fee as much or as little as you can negotiate. 

 I just responded to your PM and can get one out to you asap!

@Jim Pellerin is right. You would submit an offer with a purchase and sale agreement. You can get a standard version of that from any realtor in CA. Some investors like to use their own contracts written by their attorneys. You can grab one of those from a local investor, or have one drawn up by your RE attorney. The standard CA realtor contract should be fine though.

You would use an assignment agreement to sell the contract to your end buyer. I have a template assignment agreement that works in most states and would be happy to send it over if you want to shoot me a PM.

Sure, I can get you one. Shoot me a PM with your email info and I'll grab one from a wholesaler I work with in VA and shoot it over.

Hi @Ethan Neumann,

We do lot's of transactional funding in NC and fund in every state with the exception of AK and HI. Feel free to reach out direct if you have any questions at all!

Everyone before me is correct. Most people use the terms POF and Loan Approval interchangeably, but they are different. A POF, or Proof of Funds is typically a screen shot of your bank account showing funds available to complete your transactions. A Loan Approval letter is a letter from a lender saying that you are qualified and approved for a loan to cover the purchase on your transaction. Both are accepted in almost all situations.

Most sellers will not ask for a POF or Loan Approval but when doing deals on the MLS, almost all realtors will. A lot of our borrowers utilize the free Loan Approvals available on our site and have had lots of success with it. Feel free to direct message me and I'd be happy to give you the link to download one.