VA Flips
Can VA homes be wholesaled without any stipulations? I understand that HUD requires you to live in the house for a year. Does VA force the same issue or is it strickly about the $? Basically, I would love to place them under contract and pass them on.
Hey Firegal,
It sounds like you are a little new to the wholesaling biz. Just starting out, make some money, but also make some friends that you can wholesale to again and again. Find an investor in your club who is serious and is willing to work with you a little. Let them know what is going on and what kind of deal you have. Let them know that you want to work together on some more deals and that you have a great deal for them and you need to make 5k or 8k or whatever you decide. An experienced investor does not care how much you are making as long as they are going to make a good chunk of change.
If they say 5 or 8k is too much, go to somebody else who does not care. Get the realtor to narrow the range on the comps though. They should be able to tell you within several dollars per foot what properties are selling for in the area. Good luck.
Also, when someone makes a comment like "cash talks", get the buyer lined up with a price of say--170k then go to the seller and tell him that you can give him 140 or 150k. Let him know that you have a buyer lined up and ready to buy from you (dont tell him how much, just that this is your business).
**Update****
One of the members of my RE Investment Club and I worked out a deal and an offer was faxed to the owner today. He is supposed to get back to us tomorrow, but sounds like he is going to accept or counter.
I received a written agreement to be paid $5000 as a "referral fee" from the RE member I am working with when the deal closes. Not bad for first deal!
Thanks for the imput and suggestions.
i am a beginner also but still learning. from what i have learned you do not need a realtors license for this. my plan to use an option contract but find another buyer to assign my contract to for a fee. you are basicly finding a buyer the seller without realtor commission!
Ok, well that makes sense.
So, I found a cheap house that is way under FMV and get it under a "Option Contract". Then I look for a Investor or Buyer and assign them the as the buyer on the "Option Contract" for a fee, is this right?
Were do I get one of these "Option Contracts" do I need to go to a lawyer and explain what I want to do?
If my concept is wrong please advice.
Thanks,
Baltierra
[ Edited by baltierra on Date 05/18/2005 ][ Edited by baltierra on Date 05/18/2005 ]