OfflineI really need some advice on what seems to be my first deal. I have found a property i think is a perfect diamond in the rough.
It is a 5 bedroom REO property with a potential equity of about $60,000. I've done all the necessary background work and found it will require about $30,000 to bring it to standard.
My problem is that the bank will not accept a contract without pre-approval.
As a result of this problem, i will want to give it to an investor who will buy with cash from the bank and benefit from it as a result of my showing it to him.
How do i do that without him/her going behind me to contact the Realtor and deal with him directly. Please help because i need to act fast. By the way, i have a lot of investors on my buyers list though i'm open to investors on this site who would want to invest here in Columbus, OH
Approach your investor list with all of the details of the property except the address. Show them the numbers and if someone is interested let them know what your finders fee is. You should only be dealing with people with integrity and character. If someone goes behind your back and cuts you out of the deal then just don't work with them any longer. Trust me, most people won't screw you over. The people with a bad reputation don't last long.
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
Thank you very much for the information, but what kinds of information do i need to include in the numbers.
Once again, thank you very much.
EVERYTHING But the ADDRESS, like Matt said, you'll want to show: possible CASH FLOW, EQUITY %, and EXIT STRATEGY(i always show the exit strategy), and ANY other BENEFIT the property has, obviously you need to show the spec's too. So, when you do your E-MAIL BLAST it will look like this at the top:
12XX Leigh st.
Allentown, NY 43765
YOUR HERO, SULLY
Thanks for the information, everything seems to be falling in place. Can't wait to have my first deal sealed.
Thanks once again.