All Forum Posts by: Robin Wilk

I would say REOs are better for an investor that does retail flips or does flips and rentals. I've heard that the price is generally pretty firm but I believe that the prices end up going down over time at least from what I've seen on the MLS because banks want to get the property off their books. I'm actually looking to obtain and retail flip REOs in my area from off the MLS.

Thanks for the suggestions I'm still looking for 100% lending sources. I have also put an ad in the marketplace for an equity partner to see if I can get help funding that way. Hopefully I can find what I'm looking for.

I'm looking for an Equity Partner or a funding partner to help with funding rehab homes in Westmoreland County and surrounding counties. I'm currently looking for MLS deals to rehab. If you're interested in working with a new investor leave a reply below or message me here on BP, thanks.

I'm not worried about the amount of interest. I realize that because I have no skin in the game I will likely have to pay higher interest rates, I just don't have the funds to come out of pocket for the rehab and rehabbing homes is something I would like to at least try to see if it would be something that I might enjoy.

Sorry if this question has been asked before. Is there a way for someone new to rehabbing to fund a rehab project with no money out of pocket or would I need to have a partner or some other type of cash on hand to work on a rehab? I'm looking to fix up and sell the properties as my exit strategy or possibly hold them as rentals. I'd like to start with REOs if the numbers make sense. As a side note I do have both the book on flipping houses by J Scott and the book on no/low money down strategies by Brandon Turner. Hoping to get some advice and thanks for reading.

If these deals are on Craigslist you're looking at more than likely wholesalers in the area that are looking for cash buyers by listing the contracted property they have. Another scenario to consider is the owner may have been involved with a wholesaler and that wholesaler wasn't prepared to buy his house (the wholesaler didn't have a cash buyer lined up) so the deal fell through.

Having your RE license allows you to have access to the MLS and other benefits. You can wholesale while also being a RE Agent however, you will have to disclose that you are an agent with whatever company you work with such as Remax etc. to the property seller. You may also have to notify the broker you list your license with that you plan on also investing. I'm not entirely sure if brokers care whether or not you invest but just be through with them.

In addition to studying here on BP you should attend local REI meetings in your area to network with others and build relationships. It can help you become better aquanted with the REI business. You can usually find meetings in your area by going to meetup and using Google. Hope these suggestions help you out.

I was in a similar situation and here's what I did. Instead of telling him about what I was trying to do I showed him. I took him with me to a property and I explained to everyone involved what it is that I want to do with the property (in my case it's a buy and hold lease option situation). 

Once he saw my interaction with the landlord and the tenant and saw what I had planned he was "hooked" so to speak. He's very introverted where as I can be both introverted and extroverted when the situation calls for it. So if you show your spouse what you want to do instead of just tell them you may get the support you're looking for, you can even ask her for input on design ideas if your doing a flip. Hope this helps you out. Love the Dixie Chicks reference Mike lol.

What your talking about is a subject to and a lease option combination both of which can be done but with the lease option it can not look like a disguised sale or you will have to deal with Dodd/Frank which can be a pain or so I've heard. With a subject to you run the risk of triggering the due on sale clause within the seller's mortgage. Both of those strategies could work independent of the other but I'm not sure if they would work well together hopefully @Brian Gibbons can chime in and set everything straight or even @Bill Gulley

Through the squirrel hill "black hole" on the east side of town lol. I'm near Monroeville if that helps.