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Updated almost 9 years ago on . Most recent reply

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22
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11
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Ted Phelps
  • Oconomowoc, WI
11
Votes |
22
Posts

How can you fund a wholesale deal?

Ted Phelps
  • Oconomowoc, WI
Posted

So I am getting excited about my first wholesale deal and I am working on putting the pieces together. I have 3 or 4 interested buyers in my area and 2 or 3 realtors to work with. I am still working on what options for finding said wholesale deal I want to pursue but so far driving for dollars and keeping an eye on the MLS and having a realtor who works with investors set up a search for me on distressed and foreclosed homes in the Waukesha, Jefferson, and Milwaukee counties. This will help me get my feet wet and I can crunch numbers on as many as I can to get a idea of what is a deal or not. So a realtor I spoke with told me I needed a pre-approval letter or a proof of funds letter to get into a house. How do you do this if you want to wholesale? I just bought our first home and I do not think I will be able to get another FHA loan pre-aproval. Can a hard money lender get a proof of funds letter? what do other wholesalers do about this? Thank you in advance!

Ted

Most Popular Reply

User Stats

34
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25
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Ken Barnett
  • Wholesaler
  • Oklahoma City, OK
25
Votes |
34
Posts
Ken Barnett
  • Wholesaler
  • Oklahoma City, OK
Replied

How can you fund a wholesale deal?

Why would you when there is no need to?

Realtors are great for many things but wholesale deals is not one of them.

Go out and find your own deals. Try driving for dollars or craigslist as the poster before me suggested. By finding you own deals that have nothing to do with the MLS you control the situation not your realtor. Plus you don't have to put a large amount down. (I rarely put more that $20 down on a wholesale deal).

FYI: I always take down For Rent sign information and call them soonest. Most will start off with a positive attitude and will want to rent to you. You should be listening for the landlord who is tired of dealing with tenants and has a less that positive attitude. I've gotten some great deals this way.

Hope this helps.

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