Any help would be great.

[Jamie Dzierwa]

Hello there,

My partner and I are new to the real estate investing industry. We have done tons of research, have looked countless hours on the internet for properties and driving around and looking at vacant homes. We have found many good deals, but we are stuck as where to go from here and what to do? We just recently established an LLC. and the small business we did that with said that they would help in establishing business lines of credit. Can anyone make any suggestions on what we should do next? Again, we have a lot of properties that we are interested in, but obviously because we are new we don't have the cash in the bank to go and pay for a property outright, so we will have to count on loans. Unless, we have a buyer/investor lined up already. That is another problem that were running into is finding buyers/investors for these properties we are finding.Can anyone help the newbee's out please? Thanks.

[Ryan Webber]

Joe, wholesaling a pre-foreclosure is absolutely possible. I've done it. Its just the same as wholesaling any other type of property. Well except that the payoff will take a certain number of business days to get from the lender. Once its in the foreclosure process, working with the lender becomes more complicated.

The money owed to the bank in back payments is added into the payoff. Now it sounds like you're mixing up a "subject to" with buying a preforeclosure. Nobody has to take over the remainder of the loan with a preforeclosure. The buyer, via the title company, just pays off the lender when they close just like in any other "normal" transaction.

Now the biggest factor to consider with buying or wholesaling a preforeclosure is that you have a deadline to get the transaction done. If the foreclosure is in a week then you will either need to get after it or get the foreclosure extended, which many times the lender will do just with a signed purchase contract.