I want to know how are you guys flipping (wholesaling) REO’S? How do get around the earnest money if you don’t have it? I heard from an Investor buddy of mine that you write a post dated check. What do you think about that?
No way around the earnest money issue. As opposed to trying to wholesale reos, now is the time for you to be buying them for pennies on the dollar. Invest in a good private lending program to learn how its done and you’ll be fine.
Try to find private lenders that are able to stick with you for the long haul, 1 to 2 years, give them a 10% return on their money, secured in what ever house you buy. Make sure that your mortgage is structured in such a way that you don’t make interest payments and that it all accrues until the house is sold.
Private lenders will be family, friends and other associates.