prequalification letters and MLS offers - Posted by carson

Real Estate Investing
1

Posted by Clint on March 22, 2006 at 13:01:24:

Turn off late night tv, and go get a job. Get some cash, learn to bird-dog. Learn to wholesale. Good luck.

Clint

2

prequalification letters and MLS offers - Posted by carson

Posted by carson on March 22, 2006 at 10:38:58:

I need to start making some offers so I can wholesale. Problem is I dont have any money or a real income. Wheres the problem? How am I suposed to get a prequal letter from a HML with out any funds etc.?

Will a HML give you a letter even if you cant perform? Assuming they know the plan and I will try to send my buyers to them?

Thanks

3

Befriend a mortgage guy - Posted by Luke Hoppel

Posted by Luke Hoppel on March 22, 2006 at 13:35:35:

I was in a similiar situation. Basically I need a pre-qual letter for something I couldn’t afford. My plan was just get in under contract and assign the contract. One of my good friends owned a mortage company and I asked him to write on up for me. It doesn’t commit the bank to do anything so it worked out for us. I have a feeling there may be a couple downsides to this but besides the agent getting mad at the mortgage company, I don’t see what it is.
I got the contract, assigned and walked away.
Good Luck,
Luke