WOW!!! 50 REO OFFERS IN LESS THAN ONE WEEK!!!!!! I THINK I HAVE A "FEVER" OR SOMETHING!!!!

U don't need to apologize... I was just offering my experience.... I guess I can share u need to know your "lender/bank" and what they are looking for.... Shalom

How can I show proof of funds if I have no money, but the buyer has cash? I have a home I just made my first offer on, I have a buyer ready and willing to buy it, but they are requesting proof of funds and I must show this for my offer to be accepted. What can I do, if anything to show proof of funds? please help so I dont loose this great deal!!!

Go to Coastal Funding and request a Proof of Funds letter. It's free and fast and easy. We submitted a POF with our offer and it was accepted as a cash offer. Good luck!

I enjoyed reading the thread of information. Good luck on all your deals. Believe and Achieve! Indiana-Joe

Congrats on your offers! A motivated agent brings great opportunities. Can't wait to get the fever you have! I hope every DG member catches this. Keep on Moving! Much success.....
Sincereley,
Lubertha

Are we seeing the end to being able to do same day closings on flips?

I have been informed by a mortgage lender in New Jersey that the lending industry is now cracking down on the so called "illegal flips" that are done using back to back closings. They don't allow us to make a profit in these sales. They are now looking for at least a 90 day seasoning of title period before we can sell a property to an end buyer requiring financing. How are you all getting around this situation?

Looking forward to your suggestions and ideas.

Mati

In some areas there are small local communtiy banks that do not require seasoning. They base the loan on the appraised value and may limit the borrower to say only borrow 70% loan to value funds based on the appraisal. Thus, you may want to see if there are any local small community banks in your local area that would help. Good luck. Believe and Achieve! - Joe

joe,
you are right. there are a small handful of banks that do not have seasoning requirements out there. they do require a high credit score and 20% down from the end buyer, their rates are around 6.6% and they will only allow a certain profit spread to be made by me on a flip. the bummer is that now fha buyers are no longer going to be potential end buyers for us unless we have 90 day seasoning, and we are going to need our conventional buyers will NEED to go with OUR "NO SEASONING LENDER" for a flip to happen. It is just getting harder...

In a short sale potential flip, I am hearing of investors who find short sale candidate sellers and have the sellers add the investor to the deed so that seasoning can begin as soon as they begin negotiations with the lender, which could last 90 plus days ... so BAMM ..... you've go seasoning taken care of ... this will have to be my next game plan...

Mati

Hello everyone.

I've been reading Dean's books for a little while now, and I think I'm ready to take action. I have a lot unanswered questions, but my mind-set is to just jump in and learn as I go.

My situation is as follows:

I have a good friend with money, credit, and an interest in RE investing. What he doesn't have is time. That's where I come in. We've agreed upon a joint venture where he provides the funding and I provide the "expertise" and leg-work. My plan is to use some of Deans strategies (25 to 1, pre-recorded messages, etc) to find properties and then plan the exit strategy according to the specific situation whether it be a flip, rent-to-own, etc, etc.

Anyway, just wanted to jump on here and say hello. It seems like this site will be a very useful tool for me. Everyone here seems to help each other out, which is great.

Thanks
Kris

Kris:
you've just got to find a good, reputable Realtor to search the MLS for you. Dean talks a lot about expired listings, but I've found tons of goodies under "commercial" properties, "business opportunities" and "residential income" (as opposed to simply "residential").

Go ahead and troll for properties putting up Craigs List ads, etc., but by all means, get a Realtor because you're going to need one to submit your offers.

Good luck!

Hey guys, thanks for this thread I found a POF letter (coastal funding) I can submit on a 1.4 million dollar property I'm submitting. The realtor had the property listed for 2,350,000 and 289 days on the market... go figure. I offered 700k and told him I won’t bring in a realtor on my side, so he can keep the full 6% commission. I hope this deal sticks!!