All Forum Posts by: Johnny P.

That is 100% accurate, but knowing you can get out makes you much more likely to go for it and get off the sidelines as a new investor.

I agree with Robert!

It will probably be hard to find good wholesale deals in FL... unless you are lucky like myself and get some great calls from your advertising. If anyone is behind on their payments the odds are that their house will be underwater making it a terrible prospect for a wholesale. Luckily they will be a GREAT short sale prospect and you can still make a killing. I would say to focus on submitting offers on REO's to wholesale. This will give you a far greater amount of houses to focus on and potentially cash checks from. You will occasionally find a traditional wholesale deal come along but there are a massive amount of REO's here in FL to capitalize on.

Oh and this way you aren't talking to a homeowner at all....

P.S. I used to sell wireless also for cellular sales and that really is great sales experience....with that much experience you will be fine either way.

When you're using the funds of the C buyer isn't that a simultaneous close?

I don't agree with this. When you are submitting an offer to the bank make sure to give yourself an inspection period, you can make it whatever you want but 5-14 days seems average. This gives you an out if you can't lock up a contract with an end buyer. Why would you buy a property that you can't find a buyer for? As long as you bail on the contract before your inspection period is over you will get your deposit $$ back as well.

Getting a POF is easy... there are many places online where you can just enter your business info and have a POF emailed to you instantly. Once you have a property under contract with the bank and another contract with your end buyer you should be able to get transactional funding. Check out a fellow member Steph Davis then go to her website and click on "funding". Hope this helps you get your proof of funds...oh yea buy her book too, its cheap and very solid!!

This doesn't seem necessary to me... All of your LLC info should be online anyways

It seems like every short sale we come across will be closed in cooperation with other BP members. Can't say enough about how BiggerPockets has helped me get started!!

Nick, I have someone here in FL that I want to get on the call. He claims to be having success with BoA, so I will be giving him my BoA deals to see how he does.

freereiforms.com i just downloaded a bunch of great stuff from there

Does anyone have experience with Short Sales on Manufactured Homes on Land? Have you seen any closed successfully?

We buy them from a local place here for .66 each. They are called Tube Light.