All Forum Posts by: Tommy Adeoye

As it says "All cash offer' . This simply means the buyer without a lender has enough funds to purchase the property without having to deal with contingencies or bank delays. 

Buyers usually use the "all cash offer" to increase their chances of acquiring a property from a seller , this comes very handy when there are multiple interested parties. You are probably wondering who pays cash ?

Here is one instance of back end scenario :

Buyer has a private lender who lends him the cash. Of course terms are agreed upon. Private lender releases funds to buyer, buyer shows proof of funds to seller or buyers agent. If every other aspect of the deal checks out and the numbers don't change, buyer pays seller and then turns around refinances with the bank in order to fulfill his obligation to the private lender. I hope I have not lost you yet?

This is just one method, there are other creative financing options that makes one a "all cash offer" buyer.

In essence, all cash offer usually gets the seller to sometimes agree to a lower asking price and fend off other interested parties. 

Are you asking for Home auction websites that sell homes that are vacant ? I think owner occupied auction homes works to your advantage. You can negotiate with the owner occupant outside of the auction since most properties are pre-foreclosure and you will be helping seller out. 

If home auction websites is what you are looking for, here are some : hubzu.com , auction.com , homesearch.com . Good luck.

Hi Jeff,

If you sell, you incur capital gain taxes . I am assuming you have some equity without having to sell the property as is. You think it will help some if you pulled the equity and applied it towards rehabbing the property in order to attract the working class tenants in your area? 

I say do a rent comparison, take advantage of the extra space, get creative . There are many tenants (especially with kids ) that will pay more if the property was nicer and space just enough to get away from the kids. Rehabbing also forces appreciation and you get more bang for your buck in the future . In my opinion, I think you have got plethora of options. It boils down to what fits your niche and strategy . 

Jeffrey,

You may have come across the saying that goes "Don't wait to buy real estate, buy real estate and wait" . Break the yoke with the first deal. I assume right now you are building equity for your landlord on your single family ?

First of all, ask the seller/landlord if they are open to seller financing. If they aren't then , another way to go will be to buy the property with whatever first home buyers program your local community financial institution is offering, after 9 months, refinance , rent and house hack your next property. 

This is just one way to go, there are other creative options out there. I suggest grabbing a copy of "Investing in real estate with no and low money down" . 

I believe you are talking about the lease back option - situation where seller is seeking to occupy the property after closing.  I personally don't see why a hard money lender will be opposed to that idea. However, it would not hurt to pick up the phone, give them a call . 

If your numbers check out ,  I (putting my legs in the lender shoes) will gladly jump on the deal. Do not hesitate to reach out to multiple lenders if you have a deal in your hands.

Partnership , Another private money. Buy deal for good price, refinance after 9 months , pay them both. I don't see why how you couldn't split your portion with the financier of the remaining 20%.  I see this as a better option compared to just putting it all on a credit card.

Jason

The art of wholesaling in and of itself is a skill one has to acquire by doing - this is just my opinion. You want to make sure you are not "whole-tailing" . With that being said,  if you 

Go to the Networks tab -> Search Members -> Type Orlando FL -> select Members tab. 

You'll get a list of members that you can filter by niches and strategies.

Keep in mind , you need to bring some of value to this "situationship" . You know , ask yourself questions like: Do I have time that I can spare? Do I have knowledge that is beneficial to this wholesaler? Do I have the hustle ? Be open about where you are right now and what exactly you are trying to achieve.  You may have to connect with and send a pm as contacting with every one of them at one time would be considered spamming and some of your privileges restricted.

Another way to gain experience is read blogs , go on wholesale sub-forums on BP, Ask questions on here, watch lots of videos and dive in head first, fail , start all over from failure till you get it right.  

@Brandon C.

Depending on the scenario, there is no one size fit all answer to the question as they are too many variables to consider, some of which may include the agreed term with your current lender, amount of equity you may have in the deal and your future lender.

However, most cases I have read about on Bigger pockets have been 6 months. I also spoke to a private money lender that says 6-8 months. I believe it also referred to as the "seasoning" period which means the accumulated amount of time from the date on your title. 

One other factor that will be put into consideration is your niche and/or strategy, some may just go with 90 day seasoning .  Asset driven lenders for instance may not even care so long as you meet their credit requirement after they may have underwritten the asset . 

Without a broad insight of the deal, it is difficult to say tentatively. If I have to give a range I'll say between 3 months - 12 months. Overall, getting creative financing is a contact sports. If you speak to multiple lenders you never what you might get. Ultimately, the key is make sure you BRRRR right.

Good luck!

Run a comparative analysis with similar houses around the area and if the numbers aren't far off, go ahead and do it. Add some value to the property.

Have you checked in here yet?

https://www.biggerpockets.com/real-estate-companies/hard-money-lenders