Posted by Darren on March 07, 2006 at 14:33:14:
True hard money lenders are only interested in the security of the property. You can find someone to slap some words down on paper in the way of proof of funds. It doesn’t commit them to anything though. It’s all about the deal.
Wholesaling through realtors? - Posted by Earl
Posted by Earl on March 07, 2006 at 02:07:51:
Is there a way to wholesale through a realtor without having proof of funds.
I have searched the archives,but haven’t come up with anything.
If anyone knows of a real estate agent in Indianapolis,Indiana who works with wholesalers,please let me know.
Re: Wholesaling through realtors? - Posted by Pat
Posted by Pat on March 07, 2006 at 21:44:43:
You need access to cash to be in this business. Proof of funds tells the other parties that you’re legitimate. You want to be legitimate, right?
As far as having an agent on yur wholesaling “team”, consider this: Agents work the retail side of the street. They are commission driven and therefore there is no incentive to get involved in deals that pay less. Even if one would work on your “team”, you’ve now added a 6 or 7% commission to your costs. Get the picture? Now if you want to resell at retail, it may be worth it to enlist the services of an agent;if you don’t want to do the hands on selling.My personal opinion is: Use a broker, and that’s how you’ll wind up…broker.
Re: Wholesaling through realtors? - Posted by John
Posted by John on March 07, 2006 at 05:23:43:
Why are you letting a proof of funds letter stop you. Contact your local HML and that is taken care of.
Now a realtor is not the best source for buying properties below market with a spread that you can flip. I don’t mean a deal does not come along once in a while. My experience has been realtors are great for retail, but have a problem of selling something below market.
Re: Wholesaling through realtors? - Posted by Earl
Posted by Earl on March 07, 2006 at 13:45:35:
I can’t get approved for a hard money loan.I do want to have hard money lenders/private investors that I could take qualified buyers to.
A realtor is not my only source of deals,but I would like one to be part of my wholesaling team.
Re: Wholesaling through realtors? - Posted by JVB
Posted by JVB on March 07, 2006 at 19:30:04:
I might know the right guy for you. E-mail me.
J