All Forum Posts by: Phil G.

Many wholesale contracts would be declared unenforceable in a legal action.  In order for a contract to be enforceable, the "buyer" has to have had the intent to purchase and the ability to perform under the terms of the agreement.

IMHO, wholesalers bring no added value to REO properties. Your potential buyers are all bidding on these properties as well.

Mass doesn't allow online pre-licensing education.   Harris Real Estate School has a video based program that you can watch at your own pace at one of their partner brokerage offices.  

NACA (naca.com) has a no downpayment, no closing cost, no PMI program.. There is no income limit, but there is a purchase price limit, so it may or may not work for you depending on the properties you're looking at.

Malden area purchase price limits:  2 family $442K; 3 family $519K, 4 family $620K

You should verify that you're not calling people on the Do Not Call list.

@Edmund Ricker

@Edmund Ricker

@Edmund RickerCheckbook IRA and IRA LLC are one and the same.

There are two rural development programs for multifamily developers.  Direct loans are geared for housing solely for low-income, people with disabilities and people 62+.  These loans are originated by USDA directly and you should contact your regional USDA office.   Loans under RD guarantee program are originated by private sector lenders.   Both programs are competitive funding programs and are subject to funds availability.

There are other funding programs. Some state housing agencies have programs funded by bond issues. There are also HUD programs like 221(d)(4), which are also originated by lenders.

Another story in the "s--t happens category".  I was selling a flip to a buyer using a Rural Development loan and the person in charge at USDA died during the process.  It took two weeks for them to figure out the deceased's workload and delegate it to other offices.

These numbers are for 2014 from NAR.

Median gross income for Realtors was $45,800

Median gross for those with 16+ years experience was $70,200

Median gross for those with less than 2 years was $9100.

@Cristian Yepez

You might look into the non-profit NACA (naca.com). They use an alternate underwriting methodology. You need to check on their website to make sure they service the area in which your folks want to purchase.