All Forum Posts by: Priscilla Z.

I know there has to be a way out there.....

I'm thinking I use my name as the buyer..and use my transactional funders proof of funds letter....

Has anyone done this? Are there restrictions as to when the "owner occupant" can sell it?

Jerry Kisasonak & Jason Stackhouse Thanks guys! :)

Nope, HUD doesn't blacklist you. I didn't finish correcting a contract, we just let it go and now we are bidding on the property again.....

BTW, if you happen to make a mistake on sending in the contract the first time, they let you correct it. This will get you more time...to maybe, inspect? LOL....it can't be the buyer's name or the EIN #, but it can be something like the purchase price or the time frame to close. If you chose to not to make the correction, then they return your EM. Just wanted to share my experience :)

Patrick Saco Keep reading BiggerPockets!! You will learn a lot from here..... thanks to Joshua Dorkin ;)

I lurk on here too Cheryl.... :) Lately I haven't had as much time since I've been busy but I'm back!

I have rehabbed two rental properties and on both of them I have gone with things that last more. Tile instead of carpet, granite instead of laminate. The reason being because my partner and I did most of the work ourselves and we found the materials at a cheap price. I'd rather pay now then have to pay later... also, since I bought the property so cheap I could invest a little more in rehabbing it... I also think that making it look so nice got me more rental income...

Update. Closed our wholesale deal, with TWO closing companies. Very time consuming and you need to make sure you are on top of details on both ends to make sure things to smoothly. Then add transactional funding? It'll be even messier, but it is possible, at least in Florida it is.

To our surprise, the HUD closing company offered to do both of our transactions next time. They understand what we are doing so it will make things even smoother. If you can stick to one closing company like Jason Stackhouse said, that's the best way to do it because it did get messy for us, but mission accomplished and we are on to the next.

I'm closing a deal with two closing companies and transactional funding in the next week or so. I'll tell you my experience when I'm done. So far, try to use only one closing company if you can. If not then you have to micro-manage the transaction on both sides, plus then add the transactional funding source in the middle of all that. Needless to say it's taken my partner a lot of time and effort. However, HUD's closing company did offer us to use them for both transactions next time....which I found interesting.

Bill Gulley BILL! LOL. Nooooooo way intended to "drum up business" as you stated. This is what I get for wanting to start talking on these BiggerPockets forums again! I was truly trying to give a real source of FREE information, guess I forgot to use the word FREE.

I'll take some time to write up how we did it and post it later...thanks again BILL! Geez........ :)

Do the title search. You don't want ANY surprises. Even though it's HUD, humans are still involved in the process and the paperwork and there is always room for error.

Nate Gelinas Listen to Sean Terry's podcasts on this, that's how my partner learned and structured our first deal. You can find them on itunes or on his website at flip2freedom

Make sure you find a title company that understands or else you will spend a lot of time explaining it to them....so make sure you learn it well first.