Assignment financing?

I would like to assign, or wholesale a few properties in the next couple months to pay off my credit cards, car, and save a little for doing my own rehab.

Whats going to be the best choice for financing in the event I cannot find a buyer to assign the contract to before closing?

I can get a 10% down, interest only loan (if I approve) from my bank lender (same company I financed my primary residence with and have no late payments)

What do I need up front before I make an offer (and be confident I can buy the house if I cant assign it)? Is there a way to be certain you will get a loan before you acually get it? When I got my last loan I had to write a letter regarding each late payment hit on my report, of course I didn’t find out til half way to closing.

I don’t have the 10% to put down, so that loans not a very good option anyways. I have very little money to put twords carrying the home (which is why I’m waiting to rehab in the first place).

Whats my best source of funds in the event I need to close in 14 days, but don’t find a buyer for 30? Is there a problem with paying off a loan a month after you get it?

Some will say if you can’t find a buyer then its not a god deal, while I’m sure thats true for the most part, I’m sure there are also exceptions. Can I get a HML in the works as a “what if” clause?

I’d assume if I can’t wholesale the house in 3 months then something is wrong, and I am likely to lose money, but whats my best option for this situation?

Thanks for the excellent reply. I hope to make an offer on something by the end of July, I don’t want to make offers I can’t back up, and I don’t want to make offers I’ll lose money on! lol

My next step is to acually talk with some HML and my regular bank broker, then figure out how much all the closings etc will cost, assuming I end up having to do them.

Great Idea

You always want to have Calculated risks and costs and that is to not go into it blindly either.