Need help buying a foreclosure and flipping it

[Ralph Chiaia]

Hi!

I have a few investment properties that I bought as buy and holds starting in late 2018 and I find myself in a new position. It’s a bit of a pickle actually. I’d love to have your help with what I can do.

I went on hubzu.com and found a good deal on a condo. I bid and won the auction. I put down the earnest money deposit. Everything looked like it was going smoothly until i got tp HOA approval. I thought it would be easy peasy but it looks like the HOA is about to reject my application because they don't want me renting it straightaway. Now my question is do i have any other recourse? i have it in contract. Can i wholesale it to a buyer? i happen to know someone interested in buying it. Can i wholesale a property in contract in spite of the HOA likely turning down my app? How can i proceed or do you think its best to just walk away from this deal. Thanks for your ideas.

[Carter Crowley]

@Ralph the LLC option is another good idea, that is how most people wholesale REO properties.

I would think it would be under the legal obligation section in an offer