I have 6 cash buyers..my realtor showed me 7 properties today 2 short sale 2 forclosures and a little old lady who cant afford her home...I'm gonna put in low ball offers and should turn 30 k profits for my investors if there exceped...I'm afraid they may want more and wont buy..I'v only been doing this for about thirty days.hmm no balls no blue chips my dad used to say...
Robert
If you are making the offers on the SSs and the Foreclosures in your name, you cannot assign them if that is your plan. You will have to do a double close. And Transactional Funding will not lend to an individual. It will only lend to a business entity.
Working with a realtor, they will also require EMD and POF. I am not trying to discourage you, just make you aware.
The best way to start out wholesaling is to make offers on FSBOs. You can most always get by with no EMD (I usually put $10 in the contract but no money has ever changed hands on any of my deals) and no POF. You are almost never questioned about "and/or assigns" or your exit clauses. You are pretty much the one in control of the deal, which is where you want to be whenever possible.
Use bandits signs, CL ads and Driving For Dollars to find deals.
I also would suggest that you fill out your bio fully. It shows professionalism on your part. That is the first place we look when you ask a question. You will get more response and possibly other investors in your area will even contact you to network or even mentor you.
Best of luck! We have all been scared. I actually just posted a thread on being afraid last week.
Karen