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#1 by guitardrummer87 on March 12th, 2010
If you can get an REO under contract, you can get the broker to add your investor’s name to the contract through an addendum (tell the broker he’s your business partner). You sign a separate contract with the investor stating you will quit claim deed for a price. Investor brings funds to closing. House closes in both your names then you quit claim deed out of the house for the contracted price. No double closing fees. Haven’t tried it yet, but will do it before the new year (hopefully).-Chris
#2 by TeachMeFlipping on March 12th, 2010
All sounds great, the bigger issue is that your investor can get access to the same properties bcx most REO’s are already advertised online and once he starts his due diligence he will see the listing history of that property which may be ok but your investor has to be on board totally which may not be that easy to do.let us know how it turns out”The best deals are the ones that you put under contract from your marketing and you control who knows about it”The Flip Man
#3 by Milan3463 on March 12th, 2010
So you dont wholesale reo’s or do shortsale wholesales?
#4 by TeachMeFlipping on March 12th, 2010
the only thing i’ve tried to do is some bulk reo stuff but never tried to wholesale reo’snot saying it’s not possible, just not my thang
#5 by yolij1 on March 12th, 2010
I’m going to contact you about the mentoring. You answered my question whether prospecting for properties online vs finding the deals offline is more effective. good tips.
#6 by TeachMeFlipping on March 12th, 2010
call me anytime
#7 by thugr0meo on March 12th, 2010
renovating REO/foreclosures with private money is the best way and allows you to earn bigger profit than wholesale..but with no cash or credit, wholesale is the best BEGINNER way to start and earn your way up…best wholesale deals are from your own marketing!!!
#8 by TeachMeFlipping on March 13th, 2010
true
#9 by vcredle on March 13th, 2010
Once you have a contract assigned can you assign it again?
#10 by TeachMeFlipping on March 13th, 2010
Yes, you can do a double assignment but follow the deal