OfflineLast month i called a classified ad in the paper about a home sold as is. I talked to the daughter who was trying to sell the house for her mother. The property is a 3br 2ba sfh. It is owned free and clear which means there is substantial equity in the property which would attract any investor. The mother wants 50k and i got comps from a realtor i dont even work with. The problem with the properyy is it needs extensive rehabbing espescially foundational. I dont know the actual FMV or ARV value. Im going to look at nthe property tomorrow and possibly have a contractor come in and give me a true estimate of repairs. The daughter would even be willing to let me put it on contract and find a buyer since i told her my intentions as an investor. What i need help with is how should i structire my offer?, How should I determine FMV, and is there investor on this site that would be interested? PM me or help answer these questions. I want to prove my family members, my town, and the naysayers I can do it annd succedd because Dean Graziosi showed me how. It is one of my goals. Thanks DG Family U rock
First deal in works
Posted on: Mon, 12/12/2011 - 22:54
If the agent gave you comps. WHat did the comps tell you the prop could be worth? That should answer your question. Use the poperty analysis on this site and see if it is close to what the comps say. If so you know abou thow much the prop is worth FIXED up. Go see the home after you know how much it will be worth fixed. Then this way you can see how much you can make and what price you need to try and negotiate for the prop.
Once you figure that out. Option the home for 1 or 2 mo, however much time you need to find a buyer. When you write your option to buy agreemenent, you want to say you as the buyer / and or assigns.... Using the option is no risk at all, no money down, you have no obligation to buy. Since they know you will be trying to find a buyer youa re even better off. Cuz if you don't befeore said time Contract is null and viod or you can ask for an extension. Easy in, easy out. Hope this helps. You can get option agreement from www.deangraziosi.com/allforms Hope this helps. Have any more questions. PM me. Not a problem!! Just do it!!
I got my mind made up.....
www.Kingjussinvestors.com
www.jussinvestors.com (buyers site)