Anyone have any advice when wholesaling preforeclosures? I know how to market for abandoned properties, estates, etc. for wholesaling…are preforeclosures just as good leads for wholesaling purposes?
Do a SS to create equity. Then wholesale it. There’s lots of market there.
I’ve never done a short sale…will it be assignable? And will I need proof-of-funds for the bank before they accept my offer?
Thanks for your insight,
Short sales are typically not assignable. You need to do a double close to wholesale it. Proof of funds always helps. Just get one from a hard money lender & that should suffice.
forget getting your own money together. Find an investor that wants a investment property, have them show proof of funds and place either their money in escrow with the closing company or have them show proof of funds. When its time for closing already have the title company set up with your info and theirs, what you are selling it for then double close. Its very easy and you dont need to put any money down. Use OPM. Ive done it this way over 50 times and every time went as smooth as can be.
OPM?
Other People’s Money
Can you give numbers on a typical transaction? I imagine paying closing costs eat way your profit? How does a double close work as far as who pays the closing fees each time?