My name is Rose Wilkinson and I am a seasoned investor in Oklahoma City. I have over 12 years experience in the retail and wholesale sector of Oklahoma City. I purchase steeply discounted 1 to 4 unit properties in the Oklahoma City and 20 mile radius area. I do not have a buyers list, because when I list my houses on Craigslist, they usually sell in 1 to 7 days.
I assign my contracts, meaning I do no rehab (for any newbies) But it is not always convenient or possible to assign my contracts before I have to close on them. Naturally, any potential buyer (assignee) wants to tour the property they are thinking of purchasing. Here are the reasons why it's not always convenient or possible to assign contracts:
- Seller is ashamed of the condition of their home, and does not want several different investors parading through it
- Seller has collectibles / valuables in the property, and does not feel comfortable having several people tour the home. (This is very common, because if a house has sat vacant for awhile it is normally used for storage by the seller.)
- If the property is crammed from floor to ceiling with personal property, it is hard to show the property or for the potential buyer (assignee) to inspect it.
- Seller needs cash within 5 to 10 days due to personal emergency
With this being said, I need some advice about where I can find short term funds (90 days or less) for wholesale deals. I do not want to use hard money, because it is too expensive. Since I am not rehabbing, there is not very much meat left on the bone. Most of my deals bring in an average profit of $5,000 to $7,000 dollars. Any advice will help, thanks!