All Forum Posts by: Amanda Herr

Also the $8,000 profit. What would the title fee and all of these other fees when closing with the end buyer net be?

Now, Have you closed already. Let us know if there's any complications, glitch, pain, and etc.

Sounds good that we could to fannie mae and all of these and that.

I guess that doesn't apply to HUD, correct?

Same here. It's so darn expensive. I guess I'll just create a FREE SIMS through weebly.com.

What motivates me are my mistakes, which I would never give up. At that time I bought a four plex in retail price from a real estate agent and now it's turned into a short sale. That really open my eyes when the investor bought my home for $55,000 and sold to an end buyer for $80???? something two months ago. I was very jealous and wanted to learn how to get that kind of income instead of earning $30,000 per year from my full time job.

My passion is to invest real estate and build a legacy for my children; so, they won't be poor like me.

Also I'm tired of being broke, working for other people, and not able to see my husband and children everyday.

Today my kids are disappointed because my husband and I couldn't afford to take them on a vacation.

I want to be financial freedom.

Hi Kari,

Welcome to BiggerPockets! We should network too. I'm from MN.

I know this is another stupid question but I'm going to ask all of you anyway. Also when I hire my own real estate agent, does he or she needs to know that I am going to buy and flip that baby within 30 days or less. Then double close on the same day with the end buyer? Because I don't want my re agent tell that to the reo/listing agent and you it gets spread and etc.

Some of the forum that I've read said you need to find a real estate agent that is an investor and understand what you are doing. This weekend I was going to do house shopping but I guess the re agent didn't return my lists of reos and etc. I guess I have to go shopping for another re agent.

Normally is it 7-10 days? Also do you tell the bank that you are closing withing 10-15 days? Are they always on time? My husband said in the past we closed on time but I guess it's only local bank.

I'm a little nervous, but if I don't get over with it, I'm never gonna learn.

What I read from this book from a guy named Lee Kearney REO rockstar???

The author said you don't have to put amount of days on the contingency inspection sheet because the lender is going to have an addendum which they are going to provide their own 7-10 inspection and it's going to overlap the request. Usually the lenders don't accept the buyer's because they added their own days on the contingency inspection.

How can you really make the bank accept your offer? I understand if I don't get it, it's not the end of the world.

Hi guys,

I'm done being a landlord and may be someday but not now. I know I've been reading and learning from some of you in this site. This is going to be my first time doing Wholesale REO and Flip to an end buyer. My husband thinks I'm nuts.

I got a list of cash buyers and network sites where I can shoot my a property for sale, planning to find more and later I'll put some signs once I get an offer accepted by the lender. I know where to get transactional funds, and a title that allows double closing. My questions are....

1. Should I just approach directly to the REO Agent (the gatekeeper) or should I get my own RE Agent?
2. Does the REO agent need to know that I'm am a wholesale investor, flip to an end buyer, do a double closing and etc.? Is there a sample script how I can say or approach to them? I just want to be honest.
3. II think in order to get approve by the lender, Reo agents like full commission if you use them exclusively, no inspection contingency, nice escrow deposit, and close fast (more likely bank are always slow), correct?
4. In order to bargain low, the property needs to be sitting sadly around 30 days or longer, correct?
5. Since I don't have a RE license, do I really need the REO agent open the property or can he just give me the access code to get in? Cause I don't want him to watch me snapping pictures.
6. When you guys submit an offer to the REO Agent, do you email them, fax an offer, or phone them and what type of form did you use?

I'm a little nervous because maybe this weekend or next week I'm going to do house(s) shopping. I feel like that Katie Perry who sings that song about Las Vegas ???, the music video (can't remember the title) using the only and last coin to flip a jackpot.

Right now I'm gambling my only and last savings for an escrow deposit and hoping that money will flip at least up to $5,000 or more.

I'll let you all know how I'm doing.

Thanks,

Amanda
Can't wait to be a pro and not chickening around....

I'm from Oakdale, MN. Trying to learn doing wholesale short sale, REO, and all other creative ideas to keep me survive. Maybe we should all get connected.