Babsie

We have a couple of reasons we want to purchase a shelf corporation. One reason is my partner and I have really maxed our credit by purchasing an education/coaching package to learn all we can about this business. We don't want to purchase properties using our own credit. Also, some of the sites I've been on have stated they require a 720 fica score to purchase a shelf. Neither one of us has a score that high. Do you always need good credit to purchase a shelf corporation? Thanks for your advice, Sincerely, Babs Wagner

My partner and I have decided we want to buy more rental properties. However, we don't have much cash to do this, so we've opted to get into wholesaling. We took some training, and we've got quite a few vacant properties logged. We're getting our contract finalized with our attorney, and then we're ready to start contacting homeowners. We have some rehabbers on our investor list, but not a ton. We're still contacting investors to see if any are interested in properties. We have been told this is a fairly easy way to get cash. Anybody have any experiences with wholesaling? We're from the Albany, NY area. Thanks, Babs Wagner

A lawyer at this stage is imperative, I would say.

Did you get your comps yet? I was able to piece some things together from public County websites, what a realtor gave me, and some investor/home buying websites, thanks to some great suggestions from people on this board and other forums. THANKS to all for the help! It wasn't easy, and some were rejected by WaMu (because it turned out some were banks just taking back the houses at a sheriff's sale for what was owed). What I submitted semi-worked on two of the houses (the banks brought the appraised value up close enough to 80% LTV, even though the houses are really worth a lot more), to at least figure out what to propose to get to the full 80% without coming out of pocket to any extent. The 3rd house was with a different appraiser than the other two, and the head of WaMu's appraisal dept. said that 2 of the comps I provided were >2 miles away (and the 3rd was a bank taking), so they kept the value at the same riduculously low number. I emailed to all of the mortgage folks involved, their supervisors, and the head of the appraisal dept. PDF's of MSN Map directions showing the 2 properties were only 0.4 and 0.5 miles away, respectively, but the head WaMu appraiser is apparently not competent enough to read a map accurately, and basically refused to do the re-evaluation. (I'm now going through my 3rd lender to refi that 3rd house.) BTW, still haven't closed. After 2 weeks of Underwriting reviewing the file (which I was told numerous times by the loan coordinator takes 48 hours), WaMu sent my file for "extended review". I'm figuring they will jerk me around until the regs change on August 1st and then say they can't close. WaMu has been the absolute worst lender I have ever dealt with. Sorry for the digression/venting. Can you tell I'm very frustrated? Yes, I can definitely tell you're frustrated. Vent away. What regs are you talking about that are going to change on August 1st?

Did you get your comps yet?

Are these units in need of repair? My partner and I are also getting into wholesaling, and 60% is great. How were you able to negotiate such a sweet deal? We're new at this, so any help you want to give me would be wonderful. Thanks so much, Babs Wagner