Hello!
I have a few a parcels of land that I am currently wholesaling.
I was wondering if anyone has been able to wholesale to an end buyer with the end buyer getting a loan? I am having trouble finding a buyer for buildable lots.
@jaydensdad7317 by “ wholesaling”, do you mean assigning the contract without taking ownership yourself?
yes and they pay me an assignment fee.
I would be able to sell wholesale properties much easier if the end buyer can get financing.
I'm striking out right now with cash buyers.
@jaydensdad7317 if you're trying to assign contracts for land deals, I think you'll have two things working against you:
- Most conventional lenders will have policies against financing properties purchased via assignment
- Most conventional lenders won't finance vacant land parcels in the first place
Every wholesaler I know (whether they're wholesaling houses, land or something else) relies heavily on having cash buyers lined up to buy their properties, not people who need conventional loans in order to play ball.
You might want to find some of the local builders and give them a call to see if they're interested. I know @karljames has had a lot of luck assigning contracts this way: https://retipster.com/054-karl-james
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@retipstersethmy biggest problem is that because Massachusetts insisting as populated as other states i hit all of Mass and i have a list of new home buyers, rv, tiny home, camping, loggers, developers but i have no properties in their area and most towns are very strict with the land uses.
But I may have found a way to have so.e loans accepted.
I am going to try (if needed) to do a double close and I will get a transactional loan for the day to pay for the purchase (any loan under $75k is a $850 fee). Not all loans will accept this but I have a better chance this way.