(Note: Want the best system for fixing and flipping houses in the world? This brand new report exposes our step-by-step formula for wholesaling houses site-unseen in ANY area of the country … all from the comfort of your cell phone! Learn more.)
From Jamel Gibbs, Wholesaling Advisor …
You may be reading the title of this lesson title and thinking to yourself…
“Well, well, well. Mogul finally goofed. Everybody knows you can’t wholesale to FHA buyers, because it’s illegal!”
Well hold it right there, partner. I’ve actually been able to execute this sort of transaction, by creating a way to do it that’s legal.
Even better, as one of Mogul’s faculty advisors, I now have the privilege of sharing this process with you, and explaining exactly how to do it in your own business!
The Legal Way To Get ‘Er Done
So, yes, it’s true that you can’t typically do a wholesale deal with an FHA loan, because FHA’s guidelines don’t allow you to make wholesale transactions. (Bummer.)
But my team and I figured out a way to do it by playing the role of “middle man”.
I simply acted as a “broker”, if you will, by connecting the property seller and FHA buyer in the contract.
This simple process involved nothing more than (i) going to the courthouse and getting some legal paperwork handled, (ii) getting a check cut, and (iii) getting the agreement signed.
My “payment” for doing so was the note for the property, and closing fees.
Done and done!
Now, this may seem a bit confusing, but it really is simpler than you might think. And I’m happy to tell you exactly how I did this, on a deal that just closed. In today’s video, I use my own real-life transaction to break down the numbers and explain the plan for how I made it all work me…
…and how it can work for you, too.
The Game Changer
But first, perhaps I should explain who the heck I am!
As the proud owner of Mill Street Properties, LLC, I am a real estate investor who deals with properties all over the United States.
And here at Mogul, I’m kind of known as a “resident dealmaker” and wholesale “specialist extraordinaire”. But personally, I think it might be best to just say that I am real estate, and real estate is me.
I love everything about this business, and I cherish the opportunity to equip other investors who might just be getting started.
As such, I find it pretty cool that some people around here have said that my wholesaling/FHA tactic is “a game changer”.
So here’s hoping that today’s lesson can provide a helpful supplement to all the other lessons I’ve written for Mogul, including:
Now listen in as JP and I explore the simple process for how to wholesale to an FHA buyer, and why it’s so important to get in touch with the buyer’s lender in this kind of deal.
Jamel Gibbs explains how to wholesale to an FHA buyer …
{Mogul Elite: Download a transcript and MP3 of this lesson in the Power Pack tools for this lesson.}
Know that Wholesaling to an FHA Buyer Can be Done Legally – Sounds a bit nutty, but it can, and has been done. Listen to my video lesson that lays out exactly how to do it. You’ll be glad you did.
Do Your Due Diligence – Before skipping to the courthouse in sheer joy for being able to do an FHA deal with a wholesale property, make sure you’ve spoken with the buyer’s lender ahead of time and ironed out all the details regarding the FHA loan.
Ask Jamel a Question – Wanna know something about wholesaling, FHA loans or other real estate investing areas? Hit me up in Mogul
here, I’m always happy to help!
Jamel Gibbs
is also a mentor for other real estate investors helping them to achieve their goals. He is the owner of Mill Street Properties LLC and he invests in real estate all over the United States. Jamel's skills and drive were the winning combination to develop his efforts into a repeatable system. This system is now making him as well as many others tons of money.