All Forum Posts by: Phil Z.

The concept of wholesaling is 1+1=2 (simple). The problem is the thousands you need to spend on direct mail or google ads. Youll likely spend $2000-5000 before you get a deal. The other issue for newbies is not knowing how to value repairs or after repIr values. Non of this will be taught in a course because its localized. You need MLS access and get trained on appraisals. For repairs you need to get LOTS of quotes from local contractors. Whatever else your being sold is fluff.

Finding deals is the only hurdle in any market.  Its all about marketing.

You should have a non refundable deposit with a minimun of $1,000 or you have no business making offers on properties you can't close.

Get a RE license. Intern with an existing investor. Read and watch videos.

This sounds like a short sale. And no you don't do a conference call with 2 banks lol.  You figure out how much equity there is.  If the first can be paid from a sale, then theres nothing to do there.  If its short, then its a short sale.  Same for the 2nd.  If you need to short both then do them at the same time by requesting short sale packages.  

Use a standard state contract, make sure the Assignment section says it can be assigned without seller approval (if not just modify and have seller initial changes), and add additional terms that you want key access for showing contractors, investors, buyers.

Hard Money offers should not be written up as Cash.   Hard Money is a type of financing.  However, you don't have to include a mortgage contingency, but you should be truthful that a lender needs to approve the loan, which often includes a required appraisal.

Hard Money proof of funds is a Loan Pre-Approval Letter.   Cash proof of funds is a bank statement.

The 1st lien definitely does decide the fate of the 2nd lien. The 2nd lien holders know this and usually except their best loss mitigation, which is to take something (short sale) over nothing (foreclosure). If the 2nd feels the seller has enough assets, then they either want a personal note signed or a pay down prior to closing so on the HUD they only net the $5000. The 2nd lien will not influence the 1st.

The only time they will not allow the house to be de-winterized is if the property has already been determined to have freeze damage.  So go ahead and assume there is freeze damage.

You can have the plumbing system pressure tested in place of turning the water on, but it sounds like they already know it won't hold pressure.

Read the Bank Addendum .. I gaurantee it says they can cancel for any reason without notice.  This is usually only exercised in cases where they can not legally sell the property due to foreclosure process errors.  It's very possible that they determined they did not have legal authority to excercise a contract due to a problem with their transfer from the foreclosure having to be corrected/re-done.

I would try to sit tight and make sure the listing agent knows you still want the property.