All Forum Posts by: Barbara Riley

I meant to clarify that the VA 5% down program is available to non-veteran investors. I can't think of the name of the program right now, but if you can't find it let me know and I'll find a link. Someone else here will likely have it too.

Welcome Shaun! I'm new, too, and I've found BP to be an amazing source of information and advice. I wonder if you are aware that you must live in any property you purchase thru FHA for at least, I believe, one year. The way to use FHA for investing is to buy a double, triplex or I think even a fourplex, and live in one of the units for the required period of time. You might check into the VA program. They have a low down payment program for their REOs...5% I think. Available locations are very limited though. Best of luck!

Welcome Ray! Not all real estate agents feel the way those do that you contacted. Many wholesale themselves. Your local REIA is a good source of referrals to investor-friendly agents and attorneys. The free BP Beginners Guide is packed with solid investing information as are the podcasts and the forums. This is the place to be! Good luck!

Hi Tasha,

I don't see that anyone has yet mentioned this with regard to your question about wholesaling a short sale. If they have, I apologize for the duplication. I am new to wholesaling, but I do not believe one can ever wholesale a short sale. The lender, in already agreeing to accept an amount below what is owed, (the short sale price) would not then allow assignment of that contract to a third party at a higher purchase price with the additional cash going to a wholesaler. I'm sure that if I'm wrong, someone will correct me, but it makes sense, I think.

Welcome, Sha'Nice! Sounds like you have a great attitude. BP is a perfect resource. Lots of really knowledgable, seasoned people here willing to share their experience.

@Jay Hinrichs Sorry for the delay responding to your request. I was interrupted. I see @Jonny S has already provided the link.

@james wise, you honestly do not know of any homeowner who lost their house to foreclosure because it failed to sell at a price high enough to pay a 6% commission when selling at 70% ARV (flipper) or 80% (buy and hold investor) would not have been better? I'm really new to wholesaling, so maybe I am not in my right mind, but I believe, and that from my experience as a Realtor, that those situations exist. You may feel free to correct me, but I, personally, am not running around trying to cheat people in difficult situations.

Ohio investors should read the Ohio Division of Real Estate's Spring 2014 Newsletter. They are going after wholesalers and option investors.

What implications does this have for bird dogging? I remember being told by a Realtor/presenter at an investors' meeting a few years back that bird dogging is illegal in Ohio. I've been a Realtor and I do not want to be one again. I would also wonder how many brokers would want to sponsor a licensee who will be only investing.

Caution. Rant ahead:

I know this is a pointless argument, but it has always seemed to me that a seller should be able to choose whether to pay commission to a licensed agent because they want the benefits and protections a licensed agent can provide, or...choose to let a friend, for example, market their house for them. You can take your car to a certified mechanic and pay for their expertise and guarantee that your car will be fixed properly. Or...you can let your neighbor try to fix your car, save money and take your chances.

I would not want to see backyard mechanics subject to fines for practicing without certification. Is this a really bad analogy? lol. I just don't see why two competent adults cannot enter into an agreement for any otherwise legal activity without being subject to huge fines. I think what should be fined is fraudulent representation...not wholesaling itself. If one discloses to a seller their intent to assign, for example, or market the house for 30 days, and that they will be compensated by any buyer of the contract, that is not fraud. Sellers who can't afford an agent's commission, and do not have the resources to find a buyer themselves, can wind up in foreclosure when the wholesaler may have a buyer for their property. Where is the seller protection in that?

That's even cheaper than Half.Com, and I thought I had a deal. lol

I can tell you this guide helped me enormously. It links you to the relevant consumer protective legislation (may need to track down updates) and let's you know why actions that may seem like the best thing to do, can actually be the worst. Agreeing to small monthly payments vs letting the statute of limitations run out, for example. (Payments restart the statute clock.)

After you get a feel for his approach, you may think the newer version is worth the extra $$. Let us know what you think.