All Forum Posts by: Nick Abbate

I am still learning the system how do you find a members signature, so I can get their contact information.

What do you have to do to become meber of the week?

I asked a question earlier about doing REOs as wholesaling I am 100% convinced that using this site on a regular basis will teach me what I need to know in order to get through each deal even if it is step by step. I am educated on just about everytthing there is to know about wholesaling now but I lack the actual application process. Can somebody help me with that? I have put in over 100 hours studying now it is time to start doing deals.

Knowledge is not Power if it can't be channeled correctly into the application of actually doing it.

Any input you can give me will be absolutely appreciated.

If I want to Wholesale REOs is there a market for them?

Is it possible to do 2-3 a month? I realize this will require ALOT of work. What does the offer have to be? Is there a formula for this?

I would like to make a minimum of $5k per deal. How do I go about doing this as far as the earnest money?

I have an awesome Realtor who is on top of everything I could possibly need and is extremly helpful so I know she is an asset to my business. We will be looking into condo wholesaling too.

Any advice please share looking to learn everything I can as fast as possible. Thank you

Awesome advise John. I still have a couple of challenges with this deal.

Transactional Funding if I don't have an LLC. they seem to not want to write a deal and the other part of that is I called about 10 Transactional Funding companies and nobody answers their phones.

The idea I have for the earnest money is kinda risky. Is there away I could pay somebody 15% to on $500.00 to be payable at the end of the deal when the property closes?

My only concern is if this deal doesn't go through I lose their money and I still have to pay them back the interest and their money.

I am kinda flabbergasted because I can't for the life of me figure out how I can get this deal done. Please Help! :wink:

Give all of the following to your agent:
Write up your offer terms.
Written proof of funds.
Check for the amount of the earnest money (you only need to give your agent a copy of this, since the listing agent will be wanting this to be in certified funds, not a regular check).

Some REO listings will require the full realtor contract for your state (like 20 pages worth of paper), so your agent can present that if it is needed by the listing agent. Frequently, the summary of your offer is sufficient for the bank to receive in order for them to give a counteroffer.

How do I do a written proof of funds?

The stuff about the check please explain in futher detail.

Thank you.

Big Nick

I have deal where I could make about 25 to 30k, with there still being an amazing amount of room for my buyer to make a tremendous amount of profit.

Here's the dilema:

Property is listed REO
Don't have offer on it yet (would like to make an offer asap)
Do I need to set up an LLc to buy it?
What kind of funding to use? Hard Money, Transactional Funding.
(Who would you suggest)
Right now I don't have $500 to $1,000 for earnest money

Can anybody offer some wisdom and guidance, this would be greatly appreciated. I am still learning about wholesaling.

Thank you,

Big Nick

Back with a couple more questions.

I found an awesome property that is a REO I have a RE Agent that is a dream and I need to put this house under contract immediately. How do I do it? I already told my agent I am a CASH Buyer. My RE Agent is on board and there is an easy 10k in this deal.

Could someone guide me throught the complete process? Please.

Hello,

I wasn't sure where to post this so I figured I would post it here.

This is the situation:

Looked at about 20 REO properties, this weekend with a Realtor.
Found about 8 properties that have a substantial profit spread.

I talked to about 10 investors who seem to all be real estate agents, and do not want reos if they are listed.

The other part of the scenario is that I will be paying all cash using a transactional funding company. So I only have the money for the day of closing. So it has to be a cash deal.

Is there a way I can find a CASH Buyer for one of these properties, before I buy it or start negotiating it? I know there is way to do this but not sure.

Please help, Thank you.

Hey, I am new to the wholesaling arena and figured this would be this be place to learn more about wholesaling. Any input would be appreciated. Thank you.