All Forum Posts by: Raina Wells

Where do I start. THere is so much to learn in this industry that you will have to plan it out. Start by learning the basics. Read the contracts get familiar with them. Volunteer for open houses to get buyers and shadow an experienced agent for a while if you can. There are so many problems that can come up in a basic transaction to close a deal and if you do not know how to solve those issues you will loose the deal. Once you get the basics down then get creative with it. Most brokers do not encourage New agents to do what's out here on Bigger Pockets yet because you are inexperienced and closing some of these wholesale, non MLS deals can get tricky. You will need a strong supporting cast of people (Title Co, Funding, Contractor to get estimates for repairs etc) to pull off an investment deal. Find out what's legal and illegal in your area before jumping into investment properties, wholesaling etc. You may not be able to assign a contract to another buyer in your state.. Texas you can. You may not be able to do a double close there so find out all this while you are learning and put together a plan. Ask around in your office who is doing these types of transactions and volunteer to assist so you can learn. Find out what Title Co they are using and slowly build your supporting cast.

I wish you the best of luck..

Congratulations on your first deal.  If you have good credit you should shop around to see who will give you a better deal.  Check with your local bank first to see what they have to offer.  You may get a lower interest rate buy may need to put money down to close the deal.  If you do not want to put money down you will have a higher interest rate.  

 Wooow good to know this is very helpful

Good idea… I will check.. Brad and Milad Thank you..

I know sorry for being so vague but I had a post deleted for Soliciting so not sure what I did wrong asking for help but any who.

Transactional funding for wholesale deals is what I am looking for as well as private money for fix and flips.  

Goal to build capital to buy and hold properties to build a portfolio

Hello Jordan,

Buyers do not require you to have funds Sellers do. I am a Realtor so we are trained to never put a buyer in your car if they are not pre-approved because it is a waist of time. When you submit an offer the seller is going to want to know how are you going to pay for the property whether the house is listed for sale in MLS or off market. No one is going to hold a house while the buyer fumbles for funding. A deal can fall through with approved funding so you can imagine if you do not have this done already.

I am on bigger pockets seeking to solve the problem most investors have and that is to find the right funding for the right Deal at the right interest rate with less fees as possible. If you have bad credit then you will need to find a company that does asset based funding.  They fund based on the asset.  THey will give you an approval letter to satisfy the Seller and then you work the rest through the Title Company and your end buyer.

I thought there was a law passed that prevented you from using the end buyers funds.

Hard money is expensive but that sounds good is it 75%LTV or ARV.

Hello, Can someone advise me the best way to obtain funding for wholesale deals/fix and flips