myEmpirePROQUESTION – “Does anyone have experience with wholesaling to a buyer who is getting conventional financing?”
First of all for those who may not be familiar with it, wholesaling real estate is the art and science of finding a deeply discounted property via mass marketing…
Locking it under contract
Selling the rights to the contract to an END BUYER for a lucrative fee.
The END BUYER ideally would be a CASH BUYER.
In fact, the gurus teach to find cash buyers.
That means someone with their own cash who is simply investing it in this property to flip for profit.
However in recent times, there have been other financing options such as hard money lenders, private money lenders and many other creative financing strategies.
Finding Cash Buyers for Wholesale Real Estate and Building a Buyer List
That’s easy.. In fact this are 3 quick ways
1 Visit your local REIA; they hang out there
2 Skiptrace the buyer list of all cash transactions in your local target area; its public records.
3 Post your deals on craigslist and collect email addresses with phone numbers
That’s quick 3 ways to explore for you.
But when you learn how to marketing digitally and build a list from it, you will be exposed to more people.
Many of them want the deals and will pay more if you can facilitate financing with conventional mortgages loans.
Personally, my first 25 deals was not financed by any of the above.
They were financed by way of conventional financing aka conventional mortgage loans.
But there are minimum of these 3 conditions necessary to be met in order to have a chance as the bank approving a conventional loan for wholesale deals.
1 House must be in a livable condition
2 Double closing is preferred to contract assignment provided there are no title seasoning requirements.
3 Investor friendly title company with experience is necessary.
Enjoy this video.