Comments on: The Flip VIPs Trip http://www.flipthiswholesaler.net/2009/08/the-flip-vips-trip-2/ Wholesaling Real Estate Blog Sat, 11 Feb 2012 16:26:30 -0700 http://wordpress.org/?v=6481 hourly 1 By: Stephani http://www.flipthiswholesaler.net/2009/08/the-flip-vips-trip-2/#comment-2648 Stephani Sat, 12 Sep 2009 18:46:20 +0000 http://www.flipthiswholesaler.net/?p=2083#comment-2648 Hi Tony, Most of the deals I've done were priced too high, too. I make offers lower than list price on properties that have been sitting for awhile, and that's how I get a lot of my deals.. If your partner is putting up the cash to close the deal, then yes, I would say a 50/50 split is more than fair. Another option is to use a transactional funding source who will fund the deal for you as long as you have your buyer lined up. They charge a fee for borrowing the $, but it will prob be less than what you are paying your partner. You can also get a free proof of funds letter from them to submit with your offer. Here's a link: http://fundthiswholesaler.net/proof-of-funds/ HTH, Steph Hi Tony,

Most of the deals I’ve done were priced too high, too. I make offers lower than list price on properties that have been sitting for awhile, and that’s how I get a lot of my deals..

If your partner is putting up the cash to close the deal, then yes, I would say a 50/50 split is more than fair.

Another option is to use a transactional funding source who will fund the deal for you as long as you have your buyer lined up. They charge a fee for borrowing the $, but it will prob be less than what you are paying your partner. You can also get a free proof of funds letter from them to submit with your offer. Here’s a link: http://fundthiswholesaler.net/proof-of-funds/

HTH,
Steph

]]> By: Tony Zamberlin http://www.flipthiswholesaler.net/2009/08/the-flip-vips-trip-2/#comment-2647 Tony Zamberlin Sat, 12 Sep 2009 18:41:53 +0000 http://www.flipthiswholesaler.net/?p=2083#comment-2647 whats up steph?? i have a question. i've got everything pretty much lined up now! have access to mls, know how to pull comps, but just need to get an reo deal!! the ones here in anderson, sc. priced too high and no good deals on mls the last few days. I have a partner that puts up the earnest $ and pof and cash to do the double close, but he want half the deal once we sell it. you think thats fair?? also what pof do you use?? if i can get this maybe i can do my own stuff without him. thanks in advance. whats up steph?? i have a question. i’ve got everything pretty much lined up now! have access to mls, know how to pull comps, but just need to get an reo deal!! the ones here in anderson, sc. priced too high and no good deals on mls the last few days. I have a partner that puts up the earnest $ and pof and cash to do the double close, but he want half the deal once we sell it. you think thats fair?? also what pof do you use?? if i can get this maybe i can do my own stuff without him. thanks in advance.

]]> By: Stephani http://www.flipthiswholesaler.net/2009/08/the-flip-vips-trip-2/#comment-2470 Stephani Sun, 23 Aug 2009 15:56:59 +0000 http://www.flipthiswholesaler.net/?p=2083#comment-2470 Hey Bruce, The color and design of the banner at the top changes every so often from gray to pink. So, no, it's not your imagination. :) Thanks for stopping by, Steph Hey Bruce,

The color and design of the banner at the top changes every so often from gray to pink.

So, no, it’s not your imagination. :)

Thanks for stopping by,
Steph

]]> By: Bruce NJ http://www.flipthiswholesaler.net/2009/08/the-flip-vips-trip-2/#comment-2468 Bruce NJ Sun, 23 Aug 2009 12:33:31 +0000 http://www.flipthiswholesaler.net/?p=2083#comment-2468 Did your change the color of your dress on the blog or is it my imagination? The design is great for this blog. Bruce Did your change the color of your dress on the blog or is it my imagination? The design is great for this blog.
Bruce

]]> By: Russ L http://www.flipthiswholesaler.net/2009/08/the-flip-vips-trip-2/#comment-2456 Russ L Fri, 21 Aug 2009 18:10:45 +0000 http://www.flipthiswholesaler.net/?p=2083#comment-2456 Seriously Jerry, Gino's east is much better than geridonos, dont get me wrong geridonos is good but Ginos is better, oh and itialian beef sanwiches are way better than philly cheese steaks :) Seriously Jerry, Gino’s east is much better than geridonos, dont get me wrong geridonos is good but Ginos is better, oh and itialian beef sanwiches are way better than philly cheese steaks :)

]]> By: Jerry http://www.flipthiswholesaler.net/2009/08/the-flip-vips-trip-2/#comment-2447 Jerry Thu, 20 Aug 2009 20:21:12 +0000 http://www.flipthiswholesaler.net/?p=2083#comment-2447 Thats a BOLD statement Russ. Now I have to go to Ginos just to see if you are right. Thats a BOLD statement Russ. Now I have to go to Ginos just to see if you are right.

]]> By: Stephani http://www.flipthiswholesaler.net/2009/08/the-flip-vips-trip-2/#comment-2444 Stephani Wed, 19 Aug 2009 20:17:23 +0000 http://www.flipthiswholesaler.net/?p=2083#comment-2444 Yeah, sorry I missed you guys. I was in the suburbs with my Mom until Friday morning. Next time.. Yeah, sorry I missed you guys.

I was in the suburbs with my Mom until Friday morning.

Next time..

]]> By: russ L http://www.flipthiswholesaler.net/2009/08/the-flip-vips-trip-2/#comment-2443 russ L Wed, 19 Aug 2009 19:40:33 +0000 http://www.flipthiswholesaler.net/?p=2083#comment-2443 Steph, You should have went to Gino's east, better than Geridonos. a buch of us titanium folks whent there. Maybe someday will be like the flip vips when we grow up ;-) Steph,
You should have went to Gino’s east, better than Geridonos. a buch of us titanium folks whent there. Maybe someday will be like the flip vips when we grow up ;-)

]]> By: Stephani http://www.flipthiswholesaler.net/2009/08/the-flip-vips-trip-2/#comment-2442 Stephani Wed, 19 Aug 2009 17:42:04 +0000 http://www.flipthiswholesaler.net/?p=2083#comment-2442 If you don't plan on closing on the property unless you find a buyer first, your best bet is to make the offer using a letter from a transactional funding source and putting a financing contingency in your offer. Then, if you can't find a buyer, you can still get out of the contract using your financing contingency because they will not fund your deal unless you have the end buyer lined up. Make sense? Keep in mind, though, that your offer will carry less weight the more contingencies you add. Also, if you start backing out of deals you will quickly ruin your reputation with the listing agents. If you don’t plan on closing on the property unless you find a buyer first, your best bet is to make the offer using a letter from a transactional funding source and putting a financing contingency in your offer. Then, if you can’t find a buyer, you can still get out of the contract using your financing contingency because they will not fund your deal unless you have the end buyer lined up.

Make sense?

Keep in mind, though, that your offer will carry less weight the more contingencies you add. Also, if you start backing out of deals you will quickly ruin your reputation with the listing agents.

]]> By: Stephani http://www.flipthiswholesaler.net/2009/08/the-flip-vips-trip-2/#comment-2441 Stephani Wed, 19 Aug 2009 17:35:04 +0000 http://www.flipthiswholesaler.net/?p=2083#comment-2441 I don't think I understand your question. Do you plan on closing on it if you can't find a buyer? I don’t think I understand your question.

Do you plan on closing on it if you can’t find a buyer?

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