OfflineI just got a offer accepted on a Property for 165 even and the property is worth 192. I have it lined up with a agent to lock the propeerty up under contract some and I don't have a buyer. What exactly is it that I do in order to make sure I get the property, lock up the property and find a buyer in the time length I need in order to profit? Please help family.
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However the agent may ask if you have a buyer in line and if you don't they may not want to be bothered.
It might be even worse if you lock it up and can't find a buyer; the agent may not work with you for wasting their time.
Would they be willing to sell at a lower price because $27k isn't much elbow room most investors would be interested in especially if there is renovations to be done
Don't mean to sound negative here, but if you have been reading and studying like we all preach, you should have a buyers list started. You should have also looked to join a REI club to network with other investors to market any deals you might have have to them.
On the other hand,if you have access to funding, you have the deal. I would make sure you have some escape clauses built into the purchase agreement in case funding is not available and you have no buyers.
These are steps that we preach to newer students everyday of the week and I am not getting on you for wanting to do your first deal. I am just saying that you need to be prepared when a deal comes along....Jan
Jan ,Elix are telling the hard facts, that's why we keep telling everyone to read,read,read,ask questions and read some more.Get all your ducks in a roll before you tread these waters.
Don't ruin your reputation before you get started. NO DEAL IS BETTER THAN A BAD DEAL, AND WORD SPREADS THAT YOU ARE JUST TALK AND CAN'T DELIVER.
People will tell one or two people about something good, but they will tell dozens about a deal.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
its a first time homeowners deal
Find a family that wants to make roots and you'll have yourself a deal
If and when you do, you need to have an "escape clause" or a reason you can go
back to the negotiating table, something that says, "This contract is upon my partner's Approval." That way if you check out the house again as an
'inspection' and something isn't right, you will go back to the bank
and re-negotiate that price, which bring the "upon my partners approval"
to light. It's almost like you're gonna pay retail at the current price. What
I'm getting at is there's not enough meat on the bone. The market will only
support so much when buying a property. (:
that's not a bargain, unless you're a retail buyer looking to live in it yourself. If you're planning on assigning this property, you're going to have to bring those numbers down to the wholesaling price ranges. Let's say that you do lock up this property for $165K and somehow, eventually make it to the closing table. Well with closing costs, that price tag is going to get a bit higher than $165K and if there are repairs needed to be done on the property then that's more money out of your pockets. Example: Paid $165K for home-closing cost 6k. already that's $171K at closing. Next there's any repair work to be done, more than likely it's going to be over 10K depending on the damage(leaky roof,mold in basement so already you're up to $181K. Still looking good to you????
Good luck buddy!
Bryant Slade