All Forum Posts by: Shawn Mcmullen

Thanks for all of your comments. Will, i'm not sure what area I want to market first. Im located in Georgia and there are tons,and tons of REO, and good deals here. I really don't know the first step in wholesaling. I will not tell you I do. I currently have $20,000 cash at my disposal but can get my hand on more if need be. It there any book that helps to understand the process better. I really want to target REO because thats what almost everyone is after. I am not trying to get rich off of wholesaling but at least I can start paving the road. Which properties do you think is better to target first. Example I know of a million dollar property that is on sale currently for $209,000. It needs about $100,000 worth of repairs but who ever gets it can make about $150,000. My dream is to become an investor but I think I sould start with wholesaling. I must agree with Will that I think you should have your buyers list first!

Hello BP! I am a salon owner and we have been trying to buy a house and tired of dealing with the headache of being self-employed trying to get a loan. We make the money but have to spend a lot of it right back out. So needless to say, I AM GOING TO START WHOLESALING houses to investors. I am going to ride around today and get numbers off of FOR RENT signs and start working on a buyers list. My main question is can BP help me to understand the process, tell me what types of people I need on my team (Real Estate Agent, Title company, Attorney, etc...). We are going to lay off the home search for our primary residence for a while and be able to bring at least 50% of the purchase price to the table for our next home. I figure this will be a quick way to create a cash flow.

My wife and I are currently looking for a private lender or a owner financed home in Dekalb County in Georgia.

Here's the problem we can qualify for FHA, but our tax person screwed up our 2010 income tax. Needless to say we had to fire her and look for a new CPA. We found a great CPA but she said if we amend our taxes we will owe $22,900 in taxes. Most underwriters don't like to see an amendment on your taxes.

We have found a home and we want to know if there are any private lenders or any owner financing in Ellenwood, Ga. We need a bigger house, but I don't want uncle Sam on our back.

We own 2 profitable hair salons, and most lenders hate self employed borrowers:(

it sold for $365,000 back in 08. The house in that neighborhood go for $265,000-$485,000. The cheapest home sold for $229,000 in March of this year, but it was move in ready with no work needed. This house only needs $2,000 worth of work. It basically move in ready but the paint on the walls are ugly and the closet racks needs to be installed. The basement is considered finished because it has a ceiling hung and walls, but the floors need to done. I figure that can be done later. Do you think my offer at $202,000 is bad, since they have it listed at $199,900? It's a REO and my very first time dealing with them.

I put a offer on a REO last week. The asking price was $199,900 and I offered them full price. Then they asked for my best and final offer. I really want this house, so what should I offer?