Howdy Folks!

**hardmoneymikey** · 03-09-2009, 08:39 PM

My name is Michael, and I have been investing for 3+ years. I have primarily been rehabbing with a partner (he does all the dirty work I just tie up sellers with contracts).

But I have also done some wholesaling as well, as we cant always hold the deals.

I like to keep up with whats going on, and thought I should join some forums to meet folks of like mind, and possibly learn or teach something useful!

**Vegasloanlady** · 03-28-2009, 03:40 AM

Are you seeing more business as a result of all of these empty houses and REO properties?

**hardmoneymikey** · 03-29-2009, 06:18 PM

Originally Posted by Vegasloanlady

Are you seeing more business as a result of all of these empty houses and REO properties?

There certainly are a lot of investors searching for funding for their flips. This came as a result of a lot of private investors getting out of lending their money, or having their wholesale lines of credit frozen.

As a result we have seen a lot more inquiries over the past year than ever before.

**slavipz** · 03-30-2009, 05:38 AM

Originally Posted by hardmoneymikey

There certainly are a lot of investors searching for funding for their flips. This came as a result of a lot of private investors getting out of lending their money, or having their wholesale lines of credit frozen.

As a result we have seen a lot more inquiries over the past year than ever before.

I really never understood what exactly a wholesale line mean. Can someone please clarify that for me?

**hardmoneymikey** · 03-30-2009, 06:32 AM

A Mortgage Lender applies for a wholesale LOC with a bank. When he funds a property he would draw the money from the LOC at a lower interest rate than he charges the client.

So you fund a loan at14% and you borrow from your LOC at 6%, and you make the difference as long as the borrower pays.