OfflineI called on a property listed on craigslist. The person selling it is not the owner but an investor. He has this property under contract and must sell ASAP. It is a duplex with a 2br/1ba each unit, asking cash price is $102,000 and the estimated repair is $18K (according to him). The FMV on DG's Totalview is $240,759 and Zillow's is $252,500. I have not looked at the property yet, just online. I can not buy it myself cause I do not have the resources. I am trying to start in real estate investing. Can I do an assignment on this? Look for a buyer for him? Bird dog? Please advise. Any input would be greatly appreciated. Thanks.
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Ingrid,
Why not try calling one of the hard money lenders that some members list here?
If the property is really worth $240K, the a hard money lender should be willing to lend you 50% of that amount, or $120K.
You need to find out why this investor needs to get out so desperately. Is there something wrong with this property that you dont know about? I would check out the property im person, and not rely solely on a sattelite image on the internet.
Mark
Hi Drew,
I thought nobody cared to answer my questions. Thank you for your advice. I appreciate that very much. If I may, how much should I ask for my bird dog fee?
I would like so much to join the success academy but resources is forbidding me right now. I will have to stick to bird dogging and assignment.
Thank you again,
Ingrid
Hi Mark,
I drove by the property last Saturday and it definitely needs some work. It is listed with a realty company so I am assuming the investor has it under contract with them. When I spoke to the investor, he said $102K CASH or $65K to partner with him. He has his contractor ready to go.
Being new at this and without resources, I will just bird dog for him for now although it sounds like there is a potential profit.
Thank you so much for your help and input.
Ingrid