All Forum Posts by: Harriett Williams

awesome thank you so much! so is it that with a POF and a end buyer under contract I don't need transactional funding? Can I just show the POF (if they accept it) and assign the contract to my end buyer without using transactional funding? Or am I going to need transactional funding anyway and have to double close?

Okay thank you, that means I Have 48 hous to find my end buyer and get transactional funding! 

okay do you know how long I have after the offer is accepted to provide proof of funds etc...

Hello BP Family, 

I need a little bit of understanding on flipping HUD homes using transactional funding. It is to my knowledge that when buying a HUD home you have to have proof of funds this is where T funding comes in, but in order to use T funding you already have to have contracts in place with the end buyer. So my question is when do you start to look for your end buyer on the property? is it while your still bidding through HUD or after the offer is accepted? if so, how long do you have after the offer is accepted to provide proof of fund etc? If you guys could give me your process when buying HUD homes that would be great!

If so, do you know what type of contract we should ask him to sign?

Thank you! he actually came up with an idea that might not be that bad to put our fee on top of the price and send our buyer directly to him so that we wont have to worry about putting home under contract earnest money etc.. and we sign a contract with him stating our fee and that we get paid when the deal closes. does this sound like something you've ever heard of before?

Hi my name is Harriett,

My fiance and I just started our real estate busines, I introduced him to the idea after I attended a small class a few years ago and did some self educating through youtube etc.. both of us are very green and are need of closing a deal! We recently moved to Atlanta, GA and decided that we should find a real estate agent to partner with since we know little about the atlanta market. We found a agent on craigslist who is "investor" friendly he sends us a few properties but I also believe he is wholesaling them to us as well because the price is always marked up 5000-1000. he sent us a recent deal which is a 2/1 going for 209k after his 10k "fee" with a 105k repair estimate to turn it into a 4/2 and a ARV of 440K with a possible profit of 100k+ this is not with our fee factored in. The brokerage is asking for a 5k non refundable earnest money deposit and proof of funds with no inspection time for the deposit. Of course we dont have that type of money and would have to have the end buyer put down the deposit but we are not sure if (1. we will find a buyer willing to pay such a high deposit with out inspection period. and (2. if we should even be doing business with this guy in the first place due to the stipulations PLEASE HELP!