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Author Topic: Newbie obstacles  (Read 1594 times)

Offline reinvestor316

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Newbie obstacles
« on: January 03, 2007, 10:53:01 am »
Couple of newbie ???'s here.  I'm at work, so I can't really search the archives like I want...

1.  I'm lookin' to get into wholesaling.  Since I don't have money, do I need to hold off
on making offers on REOs?  Or would my end buyer be supplying it once a deal is accepted?

2.  My credit's bad; actually, 2 bureaus don't show me with any score at all.  Will any
agents be willing to put offers in for me?  Is it just a matter of my finding the right one?


I'm pretty positive these ???s have been asked before, but again, I can't really search the
archives.  I'm typing this in Notepad (looks more work related), then copying/pasting into
browser.

Thanks,

G

Offline reiauctions

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    • Real Estate Internet Auctions
Re:Newbie obstacles
« Reply #1 on: January 03, 2007, 03:31:57 pm »
On REO listings, lenders usually force you to use their contracts which don't allow assignments.  Therefore, you would have to work around that issue.

Also, banks will want pre-approval letters or proof of funds before looking at your offer so agents won't be able to submit it.

If you have no cash and no partner with cash, you should try finding great deals directly from motivated sellers since you can assign those deals much easier.
Internet Auctions for Real Estate
http://www.reiauctions.com/info

Tom Wood

 




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