OfflineOK DG family, newbie needs some help here - I have located a house, done a little research. Three bedroom, one bath fairly nice looking home 1300 sq. ft. Zillow's estimate is $62,000. This is a bank repo, listed by realtor. I can purchase this home for $6,000.00, but I don't have that kind of money to purchse it myself. Any suggestions on how I can make money on this house with no money to invest myself. PM me with suggestions please!
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lock this property up under contract if it's a good deal. find a buyer (you should have your buyers lined up first). you'll have to tie it up in such a way that you can walk if you can't make the deal, maybe subject to inspection and partners approval. who's your partner? your buyer. if he/she likes what they see, get earnest monies from them and sign a purchase agreement with them.
IMPORTANT: you have to control where the closings take place. they have to be in your title companies office. you shouldn't try to do a wholesale deal on this one, you'll want to do a back to back close.
keep moving forward, rob
whether you think you can or you think you can't, you're right.- Henry Ford
keep moving forward, rob
Steve, I would run to the realtor and sign a purchase agreement!! Sounds to good to be true. Did you do an inspection on the house? What is your Plan with this house? Do you have buyers lined up? You can make some serious money if their is no structural damage, but I would try to get this under contract before someone else does. Please keep us updated.
Good luck
Raymond
private money, or hard money lender. Lock it up and get the money if it is too good to pass up. Make sure you have done your due diligence.
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Any update on this Steve? Did you decide to make an offer?
- Tom