All Forum Posts by: Phil Z.

You are doing deals on a 5% discount? That is arguably a 0% discount when all is said and done. You should be in the range of 30% discount for wholesaling.

As far as wholesaling Short Sales, I strongly advise against it unless you have a lot of experience with difference short sale servicers.

I don't think they service their own REOs.  Now sure how you could find the servicer ..

Low offers will either be declined completely, countered at list price, or countered at $1-3k off list price.

I would stay away from REOs if your just getting your feet wet with wholesaling.  Try to get unlisted motivated seller leads.

Some you can, some you can't.  You'll need to see all the addendums.

In general it's best to stay aware from banks when it comes to wholesaling.  The ideal wholesale deal is one you buy cash and resell for cash.

It is common, but not all servicers' do it. HUD, Fannie Mae, and Wells Fargo are a few big names that do.

If you are having trouble calculating the deal, than I would suggest you do more research and don't make your offer on this one.  There are only 3 numbers you need to know:  After Repair Value, Repair Costs, and Carrying Costs.

    It is the Agent's job to present ALL OFFERS to the seller.  The 'deadline' is just a guideline the seller set's so buyers don't dilly-dally.  It doesn't matter if the property is under deposit already .. if an offer comes in, it must be submitted to the sellers.  However, that doesn't mean it can or will be accepted.

    If you do not have an executed contract, you really have nothing.

    I suggest you submit the complete Contract, Addendums and Proof of Funds ASAP.  If the other buyer does not submit the documents promptly, they may just accept your offer.

IF the other offers are equal to or highest than your offer, than the Hard Money could be an issue.  However, if you remove the financing contingency then you'll probably be looked at as closer to Cash than Financing.

You don't need a contractor in every town, but you might need different ones depending on distance.

What exactly is your game plan?  Do you have funds to start buying and flipping multiple properties or is this going to start as a wholesale business?