Who wants to start this business???

[Rich Weese]

Some recent BP forums on the same subject got me thinking. There seems to be a problem inherent with double close, wholesalers with no money of their own etc. A recent post suggested by Will B got me thinking. He suggested the person set up an LLC(single asset) to furnish the POF. Then have the 2nd buyer provide the real $$ though concurrent closing.
Why couldn't someone just start a business doing just that.
1.Form an LLC
2. Get a letter from the Bank President for POF.
3. Use the POF for wholesaler to get offer accepted.
4. Prepare the closings and get it done.
5. Person that formed the LLC receives a fee for having the POF and facilitating the deal.
The LLC never had money at risk and only needed the letter of POF. It seems someone could make a lot of money doing that on BP and helping out the wholesalers etc that are in the pinch. What you think?? Problems with it? Rich