Hey all
Is it possible to wholesale a REO or an Auction property with out having any funds?
If so please explain how
Yes, you have your buyer lined up and do a simultaneous close. Not all title companies will do this, so shop around. Basically, you close with the seller with the buyer’s money.
Yes, and you don’t need to do a simu closing. The problem that you will run into with must REO’s is banks make the contract non assignable, but since you will be so well prepared you will have several pocket llc lined up ahead of time, and then put the home in the name of the llc, then instead of selling the contract you sell the llc to the end buyer. Setting up llc’s is not overly difficult and fairly inexpensive, but you would want them ready ahead of time.
Do I need to get a tax ID # with that llc?
If you use the protocol of selling your llc, will you have to set up a new one each time you do a deal?