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#1
07-03-2008, 03:13 PM
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Wholesaling on the mls
Has anyone worked with a realtor on wholesale deals or do you wait for listiing to expire.If so how do you work it out with realtor. I have seen a few potential houses on there
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#2
07-03-2008, 06:33 PM
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My friend Steph wholesales REO's all day long down in the Tampa area. Here is a link to her blog: Flip This Wholesaler
She is an open book and is always answering questions. Tell her Jared sent ya!
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Thank you for being a part of the FIB Team!
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#3
07-03-2008, 06:39 PM
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Thanks. I will check it out. Has your wholesaling picked up any?
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#4
07-03-2008, 06:48 PM
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Heck no. My wholesaling has yet to get off the ground. I thought I had a couple with great potential but it just hasn't worked out. One problem is the percentages that these lenders are looking for. One local HML said that he won't lend on a deal over 55% ARV. That includes purchase and rehab costs.
The phone has been ringing off the hook (by my standards) and I'm sure the deals will show themselves eventually.
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Thank you for being a part of the FIB Team!
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#5
07-03-2008, 07:49 PM
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Same here. Cash deals are hard to find. Working on 2 lease option deals right now. Everything seems to be going okay so far. Their are a lot of people who have some money to put down that are trying to down size and can't get approved the traditional way down here in BIrmingham,AL. I am trying to capitalize on that we have strong rental market .Hopefully they will pay off. May be some nice cash flow in them
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#6
07-04-2008, 07:34 AM
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EDC; or equity developement corp. will lend to 70%LTV (hard money).
You need a 720 credit score. However, its what you do with the house after the rehab thats concerning. It has been very difficult to find a buyer for mine. I'm using the MLS, private sources, loan officers as buyers agents; I am getting some tire kickers.
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Adam Schwer Presidential Founder NetworthUSA; independent Distributor 804-380-2829
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#7
07-04-2008, 11:18 PM
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It is tough to work with realtors if you are going to float a contract or wait till you have a buyer to close. If you can go ahead and close then they are fine.
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Steven Brown Cash 4 Houses, LLC HomeVestors Mobile, Al 251-366-HOME steve.brown@homevestors.com
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