A motivated investor/ seller

Mention to him your intentions with the assignment method or ask if he would have a problem with a finders fee either by individual home or in a bulk sale

I know he wants 40k but ask whats the least he's willing to accept

If he prefers that you get buyers, make sure before you divulge any info, you get their POF and a bank statement

I am in agreement with elix on the pof and bank statement. This business can be cut throat, so before you waste your time with potential buyers, call their card and ask for pof and statements. If they are players, should be no problem. If they balk at the request, move on. Good deals don't last forever...Jan

I'm a bit confused? Your hometown is in Cleveland correct? The housing market there is bad if not terrible in terms of housing. In fact I bought two houses there for 15 grand and could not sell them at a profit and ended up taking a hit on the deal. Cleveland is similar to Youngstown Ohio - another area where I bought a house for 6,000 and literally took 2,300 for it 18 months later.

I only share this because there are people out there selling homes using owner financing with a small down payment. What they're doing is buying homes for 6-12 thousand dollars, collecting an 8 thousand dollar down payment from someone and then selling the home as if it were worth 50,000-60,000. It's not that I'm trying to be a pessimist here, those that know me know that I'm far from that. I would just take caution and maybe investigate 5-10 properties at different locations and see if there are boarded up, have yellow caution tape around the doors, broken windows, in a bad neighborhood etc. Yes there's money to be made here but at the same time, you can get burned if you're not careful. The best question to ask yourself in any transaction would be this, "Is this a place I would want to buy for my mom, dad, grandparents.." OR "Would I want to live here?" If you answered no to one of those questions, you may want to kindly pass on the deal.

Keep us posted on your decision and what you end up finding.

thanks for the advice i'll be sure to get the proof of funds and a bank statement as you mention

You are very Lucky. Lock them up and ask to give you time to close. Be very detailed as to how much should be the ARV and cost of repaires etc. Make sure you lock it up before you market them. Good Luck. Blessings to all. LA

I already did my research on the properties and the investor and it's legit
all of them have the repairs done on them all ready and i looked at all of them
in person and some need only paint job .i just sent him a email with the prices i
can get from my buyers so im waiting for him to email me back . and thanks for the advice i'll make sure i will lock 'em up

....on the "would I buy this for my parents" criteria, but I see where you're coming from

very one of my houses I would live in while I was in college, btu not now. Plus, most of the houses I bought were at bargain basement costs and nothing close to what I would live in otherwise.

One of my main 3 questions is "is this the type of area where I can easily rent this place out if a tenant suddenly moves out???"

Lock 'em up! Search and work hard, contact everybody on this site and more to get them moved. Find out what each one is worth. Since it's your area you can even look at them. You'll be a hero and writing about all your success.

Regards,

thanks i already did my seacrh on them and look at them in person
they need little work on them if any and thankyou i will contact everybody
that i know to make a deal happen hopefuly i will be a success story on
the site if not with this deal another one and best of luck to you also MxChica

just talked to the seller and he wants me too get 3 out of the 10
for the prices i sent him im about to fax over the contracts to
him i will wait til monday to do that but dont know how about faxing
over the contracts should i fax them have him sign make a copies sign
the orignals and fax them back over with my signuture i need some
help on that part can anyone help thanks in advance

just talked to the seller and he wants me too get 3 out of the 10
for the prices i sent him im about to fax over the contracts to
him i will wait til monday to do that but dont know how about faxing
over the contracts should i fax them have him sign make a copies sign
the orignals and fax them back over with my signuture i need some
help on that part can anyone help thanks in advance

Very confused about part of the first sentence; is he agreeing to the offer of 3 of the 10 homes???

Send him the agreement for him to sign FIRST, have him fax it back to you to sign and then send back to him

YOU keep original

yes he is agreeing to the offer of 3
of the 10 homes.he still has 10 more homes on the eastside of cleveland that i have to research and make offers on i told him some time next week for the other ten so maybe i can get some lock up and so your saying after he faxes me the ones i send he make copies of that sign and send him the copies and keep the originals?

Send him the agreements, one for each property, either via fax or pdf. I would do it today. Ask him to sign and date each and return them to you for countersignature. I don't know how many pages the contracts are, but once he has signed them he only needs to return the signature pages to you. When you receive them, sign them and return a fully-executed signature page for each contract to him.

He doesn't need to make copies of what you send him. He only needs to sign and date them. Given that you are doing this via fax or email, there really aren't any originals involved.

However, I would follow-up and send him a set of originals tomorrow via FedEx. Sign and date these before you send them and ask that he countersign and date them and return one fully-executed original for each property to you. Since these will be hard copies, they are originals. It's always best to have originals on hand should there be a dispute down the road. Let him know in your cover note when you send the fax or email/pdf that you will be following up with hard copy originals for his signature.

Sounds like you've got yourself a great deal. Congratulations!!!

I have a senior friend whos been working with a real estate agent on a short sale. This friend knows ive been studying and getting ready to begin a new way of life. I have not revealed my real estate investing plans because I didn't want to jinx anything. The plan was to get through my first deal then begin telling my friends what ive been working on. Jim (my friend ) told me that its been almost 4 months and still no close has happened on his short sale ( condo ). He's already provided POF and is ready to Bag it if nothing closes by end of this month.Should I step in and be his savior? My whole game plan was ASSIGNMENT DEALS WITH CASH BUYERS ONLY FOR NOW. Could this be OPPORTUNITY KNOCKING ?? . Need some advice. thankyou

Thanks for the advice i already faxed over the contracts i had to do it 3 times
cause i messed up . but now im kind of stuck because he just sent over this in a email :We can later or tomorrow.

We are going to want to use our title company and want $1000 earnest money to hold the properties deposited with them. $1000 for all three is fine, a title exam and a city of Cleveland disclosure form needs to be done so it’s about $300 a house, we just need to make sure we are covered, also without a deposit there’s really nothing to hold the house. My title company is Title Co Title Agency. My contact is Chris Barnes, his email is #####@.com

Thanks,

Michael

now im stuck cause i dont have $1000 for earnest money
i dont know what to do now can you or anybody help
me out with some advice im down to my last $14 dollars

i sent over the prices for the east side properties that my investor / seller has this is what i sent

$16,890 plus closing cost
$20,730.00 plus closing cost
$24,400.00 plus closing cost
$38,080 plus closing cost

$27,904 plus closing cost

$29,342 plus closing cost
$18,940.00 plus closing cost
$16,730.00 plus closing cost

$23,630.00 plus closing cost

$ 24,470.00 plus closing cost

look over the prices and let me know if you got the contracts

thanks and take care

and this is what he sent me back like two min ago
got the contracts. the only one would be 174, I could take that. but I have a mortgage I need to cover so we would need to close 139th and 114th first or at the same time.

148 is under contract already

i faxed him the contracts for his westside properties about 15 min ago
so thats the comment about the contracts i asked him to let me know if
he got them anyway im completly stuck and dont know what to do
can any one help me out with this one

Bex,

I know its cool on here and all, but never send full addresses on this site

Suppose someone else is reading this and they have a buyer who would invest in Cleveland and they read that he will only take a few and puts contract on the others and takes your deal from under you??? Thats at least a potential of 6 homes work of fees you wouldn't receive

Never assume something like this wouldn't happen

thanks i just edited that comment
by the way do you have any advice for me on maybe
making this deal happen
i was thinking myself to tell him tommorrow that
i will talk to my buyers and see what they say or
that i dont put down that type of money down for earnest money
what do you think ?

Most sellers are going to require something down so that as its taken off the market they will be compensated in the case you don't close and 'waste their time'

The best thing I can say is to make sure your buyers are set to make this a go and look out for more buyers and let them know about the houses not that you have deals pending on them

pitch the other properties to other potential buyers but never give an address until you know they have the cash available to purchase. Demand a POF and bank statement attached. Make sure both have the same name and not the name of his/her cousin who's part of the business or silent partner, etc