OfflineI have a great lead on a property that has been vacant for quite some time (the owner lives out of state). Taxes are being handled by a 3rd party and are not deliquent. While the yard is being maintained I have no idea of the internal condition and if it is being maintained in any way. I do know based on comps ran this morning, that houses in the area have managed to appreciate and if I were listing the house I would suggest a price of $215-220ish for a quick sell. There was a re-fi in '03.
Here's my dilemma: I plan on approaching the buyer but would like to maximize my profits on this transaction which means I don't want to just list it and receive the now reigonal standard commission of 3/2% in this buyer's (buy & hold) market. I do not have any money to work with at this time. Any suggesions would be greatly appreciated. I'm still looking for my first deal.
Thank you~
Happy Investing,
Kathy
What would you do if you knew you couldn't fail?
Hi Kathy
What buyer are you planning to approach? Is there one already interested? (With any suggestion I give on this, I will be learning myself). Are you wanting to reassign or buy & flip? Is the seller wanting you now as the listing agent? You are in a unique place, as a real estate agent, to have options the rest of us might not have. Perhaps the first thing you want to do is talk with the owner, win his confidence, get some information, and then you can decide what is most to your advantage. If he/she could afford to have the house sit empty, maybe he/she is in a position to offer you financing on the downpayment or all of it. If you have prequalified yourself at a lending institution, you will know how much you have to work with. I'll be very interested in knowing the outcome of this. (No matter how much experience you have, you can ALWAYS, ALWAYS learn something new.) Thank you for sharing and I wish you the best.
Rina
P.S. Congratulations on your new job!
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Kathy,
I was just re-reading your post. So this is not a house intended for the market, you've just been aware that it's vacant? I would say go for it, call the owner, see if they're interested in selling. I haven't done it myself yet on one, but what could it hurt? The worst they can say is "no". Since you know what it's worth, it could probably be a win-win situation for both of you. Don't try to rip him off or anything, just make it fair for both.
Good luck,
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
I have actually gotten good at approaching the owners of properties not up for sale...lol...and I just got another one yesterday. She really does have advantage being real estate agent but she needs more confidence in her self at this point. Hold your head up and GO FOR IT!
Anita
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Anita's right, Kathy. You can do it! Just use your nerves to your advantage, excitement instead of anxiety, and go for it!. Just think how you'll feel with that first one under your belt!!
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Thanks Rina & anitany for your replies and you're both right, I just need more confidence in myself and how ironic that I was just listening to one of Dean's CDs where he speaks about Dream Killers--those people in our lives that speak negativity into your life and cause you to doubt yourself. It seems all my life I've been surrounded by several Dream Killers but its time to shake them off once and for all. So again I say thank you to both of you for your encouraging words! But I'm also concerned about the reigonal market. I believe its becoming saturated with investors because there are so many great deals which is why I was trying to 'Think a Little Different' from the others and try this.
Rina,
I meant to say 'approaching the owner.' I would love to flip bcuz I'm sure it hasn't be renovd since it was built in the 70s and a renov would boost asking price about another 10-15K. I do not have funds to do so making an assignmnet the best option I guess. I thought about approaching her (the owner) to propose a partnership to flip, but since she doesn't appear to be in dire straits I think I'd have better luck convincing her of an outright sell--less hassle.
Anita,
Do you have a secret mantra you recite before approaching an owner who really may not be looking to sell?
Happy Investing,
Kathy
What would you do if you knew you couldn't fail?
I call them up or pay them a visit if local and say
I understand you are the owner of XYZ property on ABS Street. I realize its not on the market but have you ever considered selling it?
YES I HAVE - thats great then if you have a moment lets sit down and let me tell you what I have to bring to the table and lets see if you can find the benefits of it.
(then list their selling option and do your thing from there)
NO I HAVE NOT - Then really quick let me tell you WHY I asked if you had considered selling. Then list the benefits of their selling.
Both responses are equally open ended and no is only a delay before saying YES!
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
anitarny-you impress me more every day. Just so everyone on this site knows-we have an action taker on our hands here. Bravo!
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!
YOU FLATTER ME
p.s. did you check out the deals I posted under MY DEALS.... I have another one going up tonight as well.
Anita
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
...for the guidance...I'm working on a more pressing deal involving an assumable mortgage but I'll let you know how this one goes.
Happy Investing,
Kathy
What would you do if you knew you couldn't fail?