OfflineHello fellow dgers I was recently told by an investor in my local area who just so happens to be the most successful investor in my area and he just told me that I will have a lot of trouble double closing in California because the banks are requireing a 90 day seasonong on the home before it can be resold is this true I surley hope not.
Also this investor told me to stick to REO'S Foreclosures and Short Sales but how will I do this with no money no credit and not being able to perform
a double close in California and the banks not allowing and or assigns.
So he knows I have know money he is willing to take me under his wing teach me the ropes and allow me to birddog for him and even set me up with his agent who will put out all my offers but what should I do with this opportunity is any one in California birddogging or closeing deals with no money.
Please let me know if you have any info or if you have closed a deal in California with no money or no credit
recently and what strategies you are using.
Thanks I appreciate all the help i can get.
God Bless DGF
If you work pre forclosures, fsbos, absentee owners, probates, tired landlords and get them under contract with an assignable contract you can assign those all day long. No agents involved either if you do your own research and marketing! As little as $10 earnest money!
I know that fannie mae say's you can't resale a property for over 20% of what you paid for it for 90 days. Have not heard of lenders saying you can not double close. I have people in California working the double close REO strategy right now. Its true, it is not easy but it can be done. Did your investor friend say it was impossible?
All of this is neither here nor there if you don't know how to find a real deal. What properties to make offers on, what actual rehab costs are. How will the person you double close to make money or benefit? If you can't find and properly evaluate a REAL DEAL everything else is a waste of time!!
TIP: NO offers, NO way of making money in RE!
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
I almost opted to double close my Fannie Mae that I ended up buying myself. The restriction is put on the deed and, so long as its not bought at auction, often times can be negotiated to remove the restriction or lower it. Even at that, the restriction is for not selling it for more than 120% of the purchase price. Home prices are so high here that a 20% markup on a property is more than plenty to make a good assignment fee. There are always ways.
You can also lock up the property under a land trust and assign the beneficial interest or an LLC (not that easy unless you use an out of state LLC as LLCs are $800 a year here).
Talk to your title or escrow company. Find one that will do double closings on REOs and interview them well.
I have a few in SoCal if you'd like I can give you their contact info.
You guys never cease to amaze me thanks for such great info.
I guess I misunderstood him as he was speaking of alot of different things and he just said it would be hard for me to take that approach as I have never completed an rei deal.
He didn't say you couldnt resell for more than 20 % unless waiting 90 days he just said you couldnt resell for 90 days.
He did say that he just found this out that he had no idea about it untill recently so he must of been mislead.
Well I want to thank you guys for your endless supply of good advice and willingness to help others like myself.
Zion I would love the contact info to the title companies you know of that will do a double close.
Also can you use a title company that is in a different county or town than the Property you want to purchase.
thanks guys