What’s up friends…A frustrated beginning investor here needs some advice. I am motivated and anxious to negotiate my first deal in NY… I’m determined. Is wholesaling still a great R.E. investment strategy?
I’ve took a wholesale course and learned about marketing, finding the owner, closing the deal etc. However the 2 recurring problems I have come across is this…1.) Finding the Owners at a fast enough pace or simply at all 2.) Realtors asking me for POFs on props I plan on having another investor purchase from me. The course didnt mention POFs(proof of funds) to me so I’m unsure how to go about dealing with that because I have little money to prove.
What’s the best ways to deal w/ both situations? Thanks for your help in advance…
What methods are you using to find motivated sellers? Remember, you’re NOT looking for those who WANT to sell, but you’re looking for those home owners that NEED to sell. Marketing is a big thing, too. You gotta get yourself out there. You may go through several no’s before you get a yes.
The POF should be easy ~ go to places like Rachmas Capital or some reputable transactional funding company other than Coastal Funding to get your pof. (it doesn’t cost anything upfront), but if you use that funder to temporarily fund your deals, they charge their fees when you bring your end buyer to closing. Other than that, you should be good. You may or may not need to use the transactional funding, but it’s there if you need it. I also hope this helps solve one of your problems.
