All Forum Posts by: Rick Cardenas

Hi Jim

Check your PM.

Oh Ok I get it now. Great idea, thanks for your input.

I am using the LLC as a way of assigning the contract. I am wholesaling the deal not closing on it.

Hey Rich small world man. I went to high school at Valencia right on Bradford. I have lived here all my 31 years of life. When is the last time you were here?

THANK YOU VERY MUCH!

Nothing guys??

Hi Everyone,

This topic is regarding REO's listed on the MLS.

I have read a few different strategies on here and really like the option of wholesaling via LLC. This will allow you to write your offer in the LLC's name and then just sell that LLC to your end buyer. This way you get around the assigning issue that all REO lenders have. Now for anyone who has used this method I have some questions.

1. When leaving the EMD. Do I need to write a check from my LLC or can I use a personal check? or would using a personal check defeat the purpose.

2. I will be using my own buyers agent. My question is on the standard CA purchase agreement, there are spots where it asks for printed name and signature. Do I just print and sign the LLC or do I print and sign my name?

3. How much deposit on EMD. I was told 1-2% for an all cash offer to be taken seriously?

4. Now do I sell the LLC to the end buyer for the assignment fee? or just for a deposit and wait to collect the rest after COE?

5. How many days do you write your contract for 20-30? I need a few days to be able to find my end buyer.

6. Also do you make sure you have an inspection period in the contract even though they are selling AS IS?

I would appreciate any feedback.

Thank you!

Hi Michael,

I have worked for brokers/correspondent lenders/direct lenders. closing everything from small commercial,Fannie, Freddie, FHA and VA. I am currently working with a broker company.

Hello I am a newbie from So Cal. I am looking to learn learn learn here. I have been in the mortgage industry over 10 years now. I am not just getting my feet wet in the REO world. I am hoping to create solid relationships and learn from savvy investors.

If you are low-balling these offers what kinda percentage would you say get accepted?

Thanks