All Forum Posts by: Mikey Cas

awesome, thanks a lot. So pretty much, there is no risk in wholesaling? Worse case scenario you can just back out of the contract.

hey guys, I was recently told to get into wholesaling to save up some extra cash reserves before I jump into real estate investing. I read through the forums and posts on this to get an idea of this field..... but im still a little confused. Can someone tell me the process in a very short simple way. It seems to me that someone is locating a property that has potential for a rehab and a great profit, attaining the rights to the contract, and then selling the contract to a buyer who is interested in taking on the project of rehabing the home. AM I as a wholesaler taking out a mortgage and owning the home with the hopes that someone will take the home off my hands and rehab it??? Or am I just buying the 'rights'to the contract(if thats possible i dont know)? Sorry for the confusion I am just a little confused because how could I get a loan for this method, if i couldnt get a loan for a home as an investment in the first place? I just want to see the whole picture because this seems interesting to me.

Hey guys. I was wondering if anyone has done this or if this is possible. I found some commercial properties I was interested in but I do not have enough cash for the down payment. Could I take out a loan, maybe small business, personal, or from hard money lender for the down payment?? Then with the mortgage if it works out to be profitable I think it would be a good idea. I am a new investor so I am uncertain if I could get approved for something like this, BUT if the numbers work out that with both loans I am still profitable, do you think the bank will give me the loan? Thanks for any help.

hey guys thanks for the helpful response. That does make sense, I am just really eager to get started after all my readings, and especilaly this forum. I think they are more helpful than a lot of books out there.

Hey everyone. I am a college student going into my last year and I work part time off the books. ( I dont show any income so this worries me about a loan....no doc or stated income may be my only option i think). I have excellent credit, but I have only two years history. I believe I could get a loan for a property BUT i have very little money to put down. I also dont have a lot in cash reserves. I have been doing a lot of research in investing. I realy want to get started. I found a bunch of properties in upstate new york and pennsylvania,north carolina, etc that are very cheap. Some of the upstate new york ones look like theyre in slummy neighborhoods, but they are going for 50,000. They are small single family homes. I could probably make some income monthly and rehab the property for a small profit. I feel like I have to start some place, so why not here. I cant afford anything else nearby since everything by me is near the city and expensive. Should I wait until I get a full time job and could better afford this, or invest in a low income area property that is in a not so good neighborhood, but I know I could afford as of now? Thanks for any advice.