All Forum Posts by: Jeremy M.

To be honest, imo emd FOR reos is something that you need, there's no effective way around this. Fortunately it is not too high, and you dnt actually need it until you get your offer accepted. Usually EMD for an REO will be around 1k$. So if you send in 10 offers that doesnt mean you need 10k in the bank for emd.

Found it thanks

Well youll at least need earnest money deposit which will usually be around 1000$ for banked owned properties....
Also they teach whats called a dry closing where u dnt need money but these days youll have to come up with funds for ur A-B transaction, and ull have to use whats called a One Day Funding/transactional funding. But again lots of details so youll have to do more research on that.

So im looking to try to maybe get approved for a loan, for when I decide to refinance a purchased home. The application requires the last 2 years of my W-2. Where would I get this?

This is close to what I did when I made a offer on a reo property. But I didn't use my fathers bank statment, I'm using what's called a transactional funding and they wrote me a short statement saying I am qualified for the funds and they had the adress of the house on the statment as well . Just made my first offer last Friday and the listing agent didn't have a problem with it. But I'm also a licensed agent so I went stright to the listing agent instead of missing around with a buyers agent. Your end goal would also have something to do with how ur buyin the property also.

Sorry I was on my iPhone and didn't realize my post was so long

I bought this course. Really good info on how to buy and wholesale reo properties. It's only like 50$. Only bad thing is that it was made 2-3 years ago when the reo market was at its highest. I actually found his website and his post let page and he does have tons of houses listed, so he is pretty legit and he is still practicing what he's been teaching.
But again I went thru the course just completed it a couple months ago and this is the game plan that I am going off of. I did get my RE license after so that I will have a easier time buying reo properties. And actually made my frist offer on a property last Friday. But I'm going to want to make atleast 1-3 offers a day and hope to get a couple accepted in a month or so.
One thing I noticed tho is that in my market there arnt as many reos properties as Florida does. This is where the guy is currently flipping properties, and he's making 10+ offers a day.
In conclusion I think it is a good course. You have to know the basics of wholesaling, but it has alot of good info. Only 50$ I think so it didn't kill my bank account.

How much are the estimates to fix it up?
What are your plans for it after the rehab?

All you usually need is the purchase and sales contract and a assignment contract.
You can can get these from online "how to wholesale" websites, or you can create your own contracts, or you can just have an attorney create them for you.

Your question is a bit hard to understand.Im guessing your saying that you are looking for a P&A contract? well you can create one, or you can download one from the many "how to wholesale real estate" type websites, or you can always just have an attorney create one for you.