OfflineI have an add up on Craig's List for my company WW Land and I got a call today from a guy who represents investors.
He wanted to know what my business was, so I told him we do construction and remodeling and we are starting to get into foreclosures. As far as the foreclosures go, we look for properties in the 200's range that have a lien on them for significantly less. We then buy them, and either rent them out or resell them.
He said he had investors that invested in companies like my own and would be interested in putting up the capitol if we would find the projects and work them out. If we didn't want to work that way with them, they would also offer a finders fee for any project leads I sent their way.
Does anyone here have any experience with outside investors giving them capitol?
What makes me uncomfortable is the fact that an investor has complete control of the project since they are putting up the money. I would like it better if I was the one in complete control.
I might just do the finders fee thing...
how in the h@#$% do run into something like that? wow, thats great, steve, anyway either way, if you do the finders fee, thats a great way to have little to do with them and get $paid$, on the other hand see what they were thinking of, what thier ideas are? SULLY.
YOUR HERO, SULLY
I know, it seems like such a great deal that it makes me skeptical. I am going to email this guy tomorrow night when I get off work and try to get some more info out of him.
Its just that I've never heard of anything like this so I wanted to know what you all thought and if you have ever heard of it.
Thats awesome that this guy has investors that may be interested in putting up the cash for some flips......
you got financial backing, now....go FLIP!!!
Don't Wish the Past, Create the Future! - DH
hi steve
i too am in your very same line of work and looking for the same type of deal. but , try to find his last contractor and see if he got paid !!!!
Steve,
I think you should be cautiously optimistic. This is one of those times where a good attorney is worth the $. He could save you a lot and will also make you look more authentic /larger than you are to your investors.
Just talk with him see what he has to offer. then do some research on his company if you can.
You may have just found some great backing for your deals. If you are already looking to flip this could be your best way to fund your deals. Best wishes.
Steve, what area of Craigs list did you post your ad. I posted mine in Real Estate Services but did not get a bite. Did you post yours under just Real Estate for Sale or which heading did you choose to post in?
JButcher
Just have a question regarding lenders -
Real estate investment books and CDs all say about the same thing about using OPM - it isn't that hard to find a person to lend you the money for a flip. However, I'm not so sure about that. I have located over 100 foreclosures and preforeclosures in my area and have not found one hard money lender yet. Can anyone steer me in the right direction? I have already lost out on 2 deals that would have netted me over $40,000.