All Forum Posts by: Judith Blair

Will, you are such a knowledgeable investor. Thank you for spelling out the process in another way. I feel like I would need a mentor by my side though, before proceeding with this the very first time. I am not sure I have the confidence to forge ahead alone just yet.
It looks like I will first try my hand at wholesaling first, then when I've gotten my feet wet, I can try my hand at the REOs.

Great. Thank you Juan. It all seems so daunting but I am going to give this my best shot. I really appreciate everyone's input and advice and I will go forward with this knowledge feeling a lot more confident than I did before. Happy investing to all.

This is great information . Thanks to all for your valuable comments. @ Juan, how is it possible to use the buyers funds to finance the EMD? I am having a hard time wrapping my brain around that one. Doesn't the EMD have to be given with the proof of funds letter and is it not non-refundable?

One other concern I had was: Does the lender who provides me with a proof of funds letter have to be the one who provides the actual funds at closing? I am still looking for a hard money lender, but right now I have access to a POF letter which I can get from Coastal Funding. I have not yet decided what strategy I will use for the closing; whether using the buyers funds or using hard money.

Last of all, what if the end buyer decides to walk and I have borrowed hard money? Have I now lost my earnest deposit and am I stuck with a high interest loan?

I realize now that REOs can not be assigned. Is there a way though, that the process can be done without me using my funds except with a hard money lender? For example, I thought I read somewhere that the end buyer's funds can be used to cover the purchase of the property somehow, at the double closing. Please set me straight on that.

Hi everyone! I am a new investor and I just thought I'd seek your advice on this: Does anyone know how I can assign an REO so that I don't have to produce my own funds for the A to B transaction? I live in new Jersey.

Secondly, does anyone in New jersey know how soon I am expected to produce the funds; do I have 30 days to produce it at closing, or is it 7-10 days from the time I submit the offer? Please advise. thanks.
Judith.