All Forum Posts by: Brenda Herman

I am interested in possibly wholesaling but want to know why is there in the state of Ga two closings when you as the wholesaler in your contract with the seller is saying that you will be assigning the contract to a purchaser.  As you can tell i am trying to grasp the concept before paying to take a seminar/class for about a $1k.

I have been driving around and has found a couple of houses that was in pretty bad shape to come back a month or so later to see someone fixed them up and either sold or rent out.

Another question, should I just go ahead and pay to find out how to do wholesaling properly.

thank you kindly,

I would like to get in the business of house flipping.  My question has to do with qualifying for hard money/private money. 

What are the guidelines for qualifying for getting a loan if your credit is not good; and do you have to come up with 20% of sales price of property.

I come from a banking background where the numbers must match and you verify the source. What about transparency if you let the seller know you're putting this deal together for them and there is a fee, why would that be a problem?

I am interested in the wholesale part of the real estate niche as I have bad credit and no money but I also am a law abiding citizen.  Why are people pushing the double closings if there are legal and accounting concerns from attorneys and title companies; and if that is the case why can't the wholesaler person attend the one closing between the seller and buyer she put together the way a typical real estate agent would.  This is the part i'm not understanding.  

thank you kindly for your time and response.

@Dan Mahoney, thank you kindly for the clarification, now I understand how you go from 20% to 120% to 130% and above.  I do not have a strategy as yet as I am trying to understand the process right now.

Again thank you kindly

@Dan Mahoney, thank you for the informative piece. I am new to this concept and is trying to understand it; so, if you would please answer 3 questions. 1) If the owner does not redeem within the 1st year then you said the price of redemption goes up to 130%. When does the 120% comes into play and how is the 120 and the 130% calculated? is that by state statute.  2) Where do you go to find out who the owner, bank or other lienholders might be before you decide to bid on a piece of property? and 3) If the winning bidder pays more than the minimum starting bid amount if it is redeemed do you get the % amount owed on the winning bid amount you paid or the minimum bid amount that was due?

thank  you kindly