All Forum Posts by: Bernard B.

Ok, if I put up the $1k for the EMD and secure the property, how do keep the buyer from pulling out and me getting stuck with the property. I know that some of these banks have an inspection period that they allow you. Is that my window to find a buyer for the property? If I use Trans. Fund. or HM to purchase on the A-B thats even worse if they back out.

Good input! I can see the pro's and con's from both sides. I guess the best way to offer the investor a benefit is to get these properties from a seller at the lowest price possible or get the properties from a Realtor before they hit the MLS.

Either way I think a busy investor would appreciate getting properties sent to him or her without having to haggle, pull comps ect. I know I would, so I could make efficient use of my time elsewhere.

I have seen that those who try to do it all themselves to keep money in their pocket are doing nothing but working another job. Isn't that the whole purpose behind having virtual assistants?

I would rather have someone hunt down bargains for me and send them to me so I could spend time doing what I want to do. But I also agree that those properties would have to be worth my time to look at.

But back to my OP. Should I put down my own EM or have the Investor do it?
and is letter A. in my OP the best way for my level of experience?

Thanks

Sorry, for the Type-Os my hands are moving faster than my mind LOL!

Hey Guy's and Gal's I am new to this REO flip niche can anyone give me basic step by step advice on what to do from start to finish. I am looking for the easiest and simple method scince this will be my first REO flip then I will go on to more advanced ways without using outside money.

This is what I know so far....

1.Build a list of cash buying investors
2.Find a REO broker or agent and have them feed you porperties.
3.Once a good deal is found put the property under contract with a EMD of about $1K?

Here is the point where it gets fuzzy for me. Do I? How do I tie-up the property to keep the investor from going around me. End buyer aor NCND greement or....

A. use transitional funding for the A-B to secure the property (first closing purchased from the bank) then have the investor pay cash to the TF at the B-C closing for the price I have set, pay them back the principle plus points and get my check from the title company for the profit.

B. Use a hard money lender. (sounds like it would go down the same way but be more expensive)

C. Land trust: Sounds complicated but I wouldn't have to pay any TF or HM fee's

Help!

Whats the best way to do this step by step.
Please be specific.

Thanks for your help.