OfflineHere is my question. I want to start locking some REO properties up on contract to flip other investors, but my question or problem is this. The agents are telling me that is not possible and I need to have funding in place in order to do any REO deal. Is this true? Can anybody point me in the right direction on how to do this. IM taking any earned money and want to join the success academy to learn everything, but I need to make some quick cash inorder to get moving. Thank you and I appreciate all your ideas.
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Not only do you have to have hard money or transitional funding (POF) letter to submit with the offer, you have to have your buyer send his money to the escrow agent 48 hrs before close. This steps are pretty standard but may flutuate a little from one state to another.
4 closures are covered extensively in Deans books "BAREM", and "PFRERN". Please read the books carefully, and use the look up search on this site before you ask questions. By reading and studing you get a broad answer that shows you how it fits, rather than just a specific short answer which leads to a lot more questions. Hope this is helpful, and good luck on your REI.
Steve
We seldom get what we want, but we will always get what we expect.
Steve,
Thank you for the answer to my question. I have been reading and studying deans books like my life depended on it, I just didnt get to that chapter yet. Im jumping the gun a bit. Cant blame me since the books are so inspirational. Anyway I always appreciate a fellow site members advice. Thanks again
Doug