In this case I wouldn't roll the money over to some other deal because you have your buyer's home in your hand.

I trade aka flip stocks. but there has been moments where I wish I had my cash in my hands :)

(i did this on one of my own properties) Also if there is enough equity might make sense with your 250k exclusion)On the other hand if you are just going to rent it out or flip it:Rule 1) Here in CA if an NOD is filed and even if its not and they (the sellers) have fallen behind in payments, you could still fall under this code, YOU MUST NOT GIVE THEM ANY MONEY , during there 5 day rescission period.

We're looking at leveraging that equity to buy more property, but want to be smart.The question is this: We've heard horror stories of banks calling notes out of the blue (second hand information for sure, but) or at least not willing to re-up (is this a word?)

Brandon Turner great point....i think it really boils down to you....when i first started out, which is not that long ago, i went to the local REIA, and LITERALLY shook as many hands as i possibly could...later that night it actually worked out perfect for me. i met one of teh biggest landlords there that night....at first it started of really slow, but i would call reguarly just sto start a conversation, just to keep me in front of his mind.

Also the business you describe tells me you're not afraid of dirt or hands on work.

Hello everyone!
I have been browsing around in BP for a month and the advices provided and the discussions are just awesome.
I am a completely newbie and very interested in doing wholesale.
Very interested yet worr...

On the other hand I would disagree with Kyle about running down to $5,000 cash.

I did deals all over New England.I'd be interested to hear if you're walking in with it in-hand or if its being requested when you present and offer and if its being requested then by whom and does it also accompany a deposit.Sorry to jump in on your thread with this but I'd like to know.If its helpful to this convo I don't think we ever made a decision with the client on whether or not to accept an offer or negotiate based on the depth of the buyer's pockets it always had to do with how much the asset was on the books for weighted against the potential for further loss.

They are very hands off.