Now hard work, ABSOLUTELY, brains, somewhat, but I can supply most of the needed brain power to someone who is willing to work at it.Now to be successful in this business with most other investment strategies you will need the money and the credit or at least it greatly helps to have the money and the credit, but wholesaling is unique in that regard that IF you are willing to put in the time and learn the strategies of it, you can do it with no credit and little money.Which in and of itself is an honest Guru's dream sales pitch.I do agree that most of the info you need to be successful you can get right here on Bigger Pockets, and a good part of it for Wholesaling I've personally supplied.

My situation seems unique because separately I don't qualify for loans (they're in my company name, company has only been in its first year, seasoning, etc.), but with commercial loans isn't it all about the properties and the cash flow?

If you convert the property to a rental or sell it within the 36 month period after claiming the credit then you must repay the credit in full on your next tax return.It must also by your main residence!!!

But the heinous piece of the legislation is in section 101(3)(e), which defines the affected principals as:> '(E) does not include, with respect to a residential mortgage loan, a person, estate, or trust that provides mortgage financing for the sale of 1 property in any 36-month period, provided that such loan-> (i) is fully amortizing;> (ii) is with respect to a sale for which the seller determines in good faith and documents that the buyer has a reasonable ability to repay the loan;> (iii) has a fixed rate or an adjustable rate that is adjustable after 5 or more years, subject to reasonable annual and lifetime limitations on interest rate increases; and> (iv) meets any other criteria the Federal banking agencies may prescribe; and> > Yeah, I know, confusing.

But the heinous piece of the legislation is in section 101(3)(e), which defines the affected principals as:'(E) does not include, with respect to a residential mortgage loan, a person, estate, or trust that provides mortgage financing for the sale of 1 property in any 36-month period, provided that such loan-(i) is fully amortizing;(ii) is with respect to a sale for which the seller determines in good faith and documents that the buyer has a reasonable ability to repay the loan;(iii) has a fixed rate or an adjustable rate that is adjustable after 5 or more years, subject to reasonable annual and lifetime limitations on interest rate increases; and            (iv) meets any other criteria the Federal banking agencies may prescribe; and             Yeah, I know, confusing.

A mortgage is a "purchase money mortgage" to the extent that it is: (i) taken by the seller of the mortgaged property to secure the payment of all or part of the purchase price; or (ii) taken by a mortgagee other than the seller to secure the repayment of money actually advanced by such person to or on behalf of the mortgagor at the time the mortgagor acquires title to the property and used by the mortgagor at that time to pay all or part of the purchase price, except that a mortgage other than to the seller of the property shall not be a purchase money mortgage within the meaning of this section unless expressly stated so to be

The offending text of the bill is in section 101(3)(e), which defines who is exempt from being a ‘licensed mortgage originator’:'(E) does not include, with respect to a residential mortgage loan, a person, estate, or trust that provides mortgage financing for the sale of 1 property in any 36-month period, provided that such loan-- (i) is fully amortizing; (ii) is with respect to a sale for which the seller determines in good faith and documents that the buyer has a reasonable ability to repay the loan; (iii) has a fixed rate or an adjustable rate that is adjustable after 5 or more years, subject to reasonable annual and lifetime limitations on interest rate increases; and (iv) meets any other criteria the Federal banking agencies may prescribe.

However, if her name is still on the loan for the investment property, she could be liable for the repayment of any loss.

Taking the second is generally not a winning move, but there are cases when it can be in unique circumstances.

Hi,Logodesignswork offer unique and effective animated logo design service.