Wholesale

[Ramon Rojas]

I am just taking my first steps in the industry and I have been reading a little bid about foreclosure, pre-foreclosure and auctions. I live in Miami, Florida. According with the law and bank procedures, Is it a good idea to buy a property at the auction to wholesale it?

[Gerald Harris]

The property auction is an "all cash" deal situation.   I don't know about florida, but in other states this is not possible.    You can find an all cash money investor to back you.   Perhaps transactional funding will work in this situation, but you need a high level of expertise if you are dealing  with this situation.   Here is link that i created a while back that will help you in wholesaling properties owned by private owners.  

http://www.biggerpockets.com/forums/93/topics/1362...

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