All Forum Posts by: P.R. Romain

@Odie Ayaga Thanks again for the reply. This is very explanatory pertaining to how I'll proceed in the near future with any upcoming deals. And that seems to be the case in regards to the property already being foreclosed and an REO but I am not sure why it was listed as a pre-foreclosure or maybe because it's because the auction did not start yet. This is all still new to me and a lot of knowledge to build on and apply to my RE acumen, which I am very grateful for. So pretty much, the only use for auctioned foreclosed properties from a wholesaling standpoint would be if I wanted to flip and/or hold then, especially with REO's?

And to add on in response to the latter part of your reply, I am in the process of networking with much more established investors but along with that, would it make more sense for a newbie like myself to just buy and hold properties (while renting out in the process) and just wholesale any off-market properties I come across just for the sake of my portfolio? Since you mentioned flipping then the properties I buy and hold could just be rehabbed in the meanwhile then right? This week I am looking to head to the County Clerk to get a list of the foreclosed properties and from there I can find my way towards landing my first deal. Once again thank you so much, this is good stuff.@George Skidis

@George Skidis I'm not sure if you read my post correctly but I indicated that I was attempting to wholesale one residential property in Illinois. I appreciate the input nonetheless.

Oh and to add on, where could I find cash buyers as well?

@Odie Ayaga Since the auction does not start until the end of this week, would the property not be considered an REO until then?

Also how would I know the strike price and the bidding process? The listing agent seemed a little unwilling over the phone to provide much detail about the property and auction.

And should those restrictions you've mentioned be the case here, could I just turn the property into a rental or flip it to sell after that time restriction?

Lastly what would be the most plausible way to go about getting a (wholesale/double closing) deal done. Because since this past fall, we have passed up on wholesaling a multiunit in New York and a residential in Illinois as well as Georgia. I figured that I try to look into pre-foreclosures thinking that the seller would be as eager to close a deal as I am but that doesn't seem to be the case with this recent potential deal.

P.S. What would be a good source(s) to find MLS listings along with motivated and private sellers? Also what about the contract process as well should I be aware of?

Thank you for the advice and input so far @Odie Ayaga & @Justin Abdilla!

Hey Justin. Thank you for the well-detailed and highly informative response. Regarding the bank auction, I found the REO as it was listed on the hudhomestore.com website as a pre-foreclosure in my state (I am in NY.) So pretty much the same thing applies here legally as it does in your state when it comes to foreclosures on bank-owned property. I was thinking that I could try to close a deal on the property myself and then I could close a deal with the cash buyer I had lined up since she is a flipper but the seller's listing agent seemed like they are just adamant on having buyers come view the place and then just proceed with the auction and cater to the highest bidder.

Speaking of encumbrances, how would I find out about non-paid arrears and things like that? 

Additionally, where are some good places in person and online to find probated and pre-foreclosure properties? My partner was mentioning that we head over to the County Clerk office tomorrow to obtain a list of properties going into foreclosure and start from there but I just was unsure about how to go about it appropriately in regards to the assignment of contract and any other things I should consider, legal stuff in particular.

Speaking of mentors as well, could I see if the cash buyer/flipper I had ready to do the double closing with me serve as a mentor?

Sorry if my response seems all over the place but whenever I think I may close in on a deal, it seems like something else comes up but once again thank you for the crucial words of advice. I hope I can be successful in at least one deal by the end of this month.

Good afternoon. I am fairly new to the BiggerPockets community and real estate as a whole; I attended Than Merrill's workshop and got the motivation to try out wholesaling with my significant other/partner. We started an LLC., got a business account and have been trying to get properties under contract but to no avail for a few months. Recently I was talking to a foreclosed homeowner's listing agent and was looking to try to wholesale it but didn't know how to go about it since it's an REO. There was an open house for the property and I was too reluctant to go because I didn't know if I could build rapport and secure the deal viaa double closing. The auction also starts by next weekend and I don't know how to effectively relay that to my cash buyer. I also have two hard money lenders, one is willing to do a 70% LTV loan with the property being $250k and the other is willing to loan for the earnest money deposit. Additionally, I have a lawyer willing to provide consultation services but I just want to make sure I can smoothly sail in this field. Am I overthinking this or are there things I should be cautious of? I appreciate any response.