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Wholesaling houses

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 Wholesaling houses
Unread 12-17-2012, 10:47 PMJoined Mar 2009 - away - #61
poker_pimp  space
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Originally Posted by !ALLMONEYENT!
Banks are very hawkish on giving out deals to investors...right now they are holding them for the big time wall street firms so they can do rentals. We have tons of California investors buying real estate here in Rochester.....But even though the inventory is low i'm sure investors there are finding ways to survive and stay afloat. The best thing about it now is that you dont have to stay within your own market...you can use your computer and touch other places and still make some money. I know a guy who was making deals from his home in Cali and was flipping properties in Buffalo. Its always about being hungry and adjusting to your competition and beating them....Right now the competition in my town is crazy! Bandit signs and CL ads all over the damn place! So now I'm adjusting looking to buy and flip since everyone wanted to buy and hold.
Yeah your right. Im an agent also. and the fam been investing for a while we like to buy and hold get the 25% plus return on the money and we happy.
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Unread 12-17-2012, 11:47 PMJoined May 2006 - away - #62
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Originally Posted by poker_pimp
Yeah your right. Im an agent also. and the fam been investing for a while we like to buy and hold get the 25% plus return on the money and we happy.
Well if your fam is ever looking for other investment opportunities, I have great property managment connections not to mention we have outstanding prices and profit potentials. your making your money back on a lot of these properties within a year and a half easy! Rentals going for 25k or less with rents going as high as 850-900 on a single 3-4 family rental...multi units ranging from 650-700 all day long. The out of state investor has made Rochester their real estate playground!

Email me anytime
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Unread 12-18-2012, 07:45 AMJoined Jan 2004 - away - #63
Duntaz 21 heat pts21 space
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Originally Posted by TheOpulentOne
A license is required only if you want to be an agent/realtor.
honestly even though I know a license isn't need for flipping houses I'm still going to get one just to have more access to that world & and being more familiar with the game in dept.
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Unread 12-18-2012, 02:33 PMJoined Feb 2008 - away - #64
40ozHenny 37 heat pts37 space
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How do these work with foreclosures? Usually I would figure the banks arent trying to get rid of the properties for such a discounted price, and the people who fell behind on their mortgage to begin with cant sell it cause technically they dont own the property, the bank does.
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Unread 12-21-2012, 12:02 PMJoined Aug 2011 - away - #65
nbrock 15 heat pts15 space
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Wassup..anybody got good news..anybody been keeping up?
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Unread 12-21-2012, 01:15 PMJoined Jun 2007 - away - #66
ham00di 30 heat pts30 space
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Don't know about the US much, but I can give some advice from the UK. I personally don't do this but one of my really close friends does this, he actually has a friend that works in a mortgage repossession side of a bank and gets tip off's of people that are about to go under and he goes in and basically buys the houses for next to nothing, but he has loads of investors so he never actually pays just swaps contracts! but he does have money to settle if he has to.

It's hard but very good money, if you can get a good team together then work together and all of you does one part, for example:

You: Finds investors/buyers
Partner 1: Works in a Bank
Partner 2: is their only if you have to settle (don't know the laws in the US but here in the UK once the timeline has ended you have to settle or lose your deposit.)

Good luck, if I can help anymore please PM me.

I'm actually in construction myself, not in the UK but Iraq.
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Unread 12-21-2012, 01:17 PMJoined May 2008 - on now - #67
SlickJ101 16 heat pts16 space
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Originally Posted by 40ozHenny
How do these work with foreclosures? Usually I would figure the banks arent trying to get rid of the properties for such a discounted price, and the people who fell behind on their mortgage to begin with cant sell it cause technically they dont own the property, the bank does.
Really depends on what kinds if any liens there are against the property as far as I know.
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