All Forum Posts by: Scot King

I have a property under contract with HUD right now in California. I need a cash buyer to purchase it from me. The price is $525,000 and the profit is $60,000 gross and about $40,000 net if you plan on remarking through the MLS. I prefer a cash buyer who can close it quickly. The profit is yours on resale once you have put in carpet and repainted. It is a straightforward flip.

Full details are here at http://www.discounthousesusa.com

Click the California page and it is the 2nd property in Thousand Oaks.

Please advise asap if you are interested in buying the home.

Regards,

Scot King

Broker

Hi! I'm a mortgage broker for the most part though I'm also an accountant. I still have yet to flip my first home, and I'm interested in finding properties with flip potential either here in CA or in other states.

Good job there. Welcome to the forum.

This is a good idea: "cash flowing single family homes in stable owner occupied neighborhoods"

It can be done. Here in CA, full disclosure is required regarding agency relationships. A listing agent can never tell his seller that a buyer is willing to pay more and a buyers agent cannot inform the buyer that the seller will accept a lower price. It can be pulled off by a good ethical seasoned agent.

The FHA 203-k loan program can be used to purchase properties in run down condition. The nice thing about this program is that instead of having to pay closing costs twice, (i.e. for a conventional loan and also for a home improvement loan) the 203-k will fund the purchase money loan and also an escrow account which will be setup for the payment of the construction work. You will have 6 months generally after the funding to complete the work. This is a great loan for those in the rehab business to get a property for a very low downpayment and get the money to complete the work. The program can be used for adding rooms, a new roof, fixup work, etc.
The program can also be used for units.

Hi,

That's great Aaron. Were any of those REOS? If so, how did you do it? My understanding is that banks don't allow assignee clauses in their offers/addendum.

I have recently learnt about this site through Steph Davis who wholesales in Florida. I read her book, which I found interesting.

I would really like to know if wholesaling is possible here in CA. I'm in Orange County, and my specialty is mortgages. My company, Pacific West Capital has been in business since 2002.

I'm interested in knowing how people wholesale here in California. Is there a title company in CA that will do a double closing or a simultaneous closing?

I have called a number of title companies and I have come up dry.
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