Help Please -Can't Get Anyone To Buy The Property........

Hi Destrie,

Where are you located? What city is the house in?

Margaret

The property is located in Riceville, Iowa.

Destrie

Destrie I'm assuming you've advertised the home all over the place. Or adveritised for buyers too in Craigslist. It sounds like something a rehab contractor would take. That's the kind of buyers that kept answering my adds in Craigslist. That's been the only kind of buyer answering my add. Their about ready to move on to their next home. Put several ads up. Just word them differently.

Sorry I don't have enough knowledge base to have an answer just throwing thoughts your way in hopes you get something out of it.

Best of luck Destrie

Barbara

Destrie,

Unfortunately there will be times that you will have a deal that just wont move. I actually have one now in NJ. Great deal... ARV $185,000, needs a full rehab cost $60,000 my asking price is $53,000. But I cannot get anyone to buy. I have had allot of bites but no buyer. I have 5 days left on the contract and will have to let it go. So it happens to the best of us. Just make sure you have your exit clauses in place on the contract.

I would suggest advertising for a cash buyer in your local newspaper.

Also I have recently started a Wholesaling group on facebook.com http://www.facebook.com/group.php?gid=141747357898&ref=mf and have started a recruitment of Wholesalers from every state to join and post their deals. The buyer response has been huge in the group. So if you are a member of facebook maybe go to the group and post your deal.

These are just thoughts... Good Luck!

I have a local contractor that gives me the estimated repairs.

Ex. ARV 90.000.00
Repairs 35,000.00
My Fee 10,000.00
Closing Costs 200.00

Profit: 44,800.00

Maybe if you get too desperate you could go back to buyers and lower your assignment fee. Sounds like it might of been too close to a break even for your buyer for this area.

Well then this is really a good deal! You still have over 30 days to sell this property... Relax!

I'm getting nervous that it won't sell. Since I had two buyers come to the table, and then back out, it's making me nervous. This will be the first deal that I have done, so maybe I'm too uptight...lol...just joined

Destrie

Destrie,

Have you thought of buying the deal yourself? I mean it sounds like a good deal and for $5,000 plus rehab for a total of $40,000 invested sounds like you could make a nice profit. Granted it is not cash now in your pocket but you could get a hard money loan and have cash later... nice cash.

You should consider it seriously.

I have...however I am seriously broke. My husband and I where thinking about getting the property on contract...and then going and rehabbing ourselves and then either selling it outright for fast cash, or selling the house on contract.

Destrie

Remember... No Cash, No Credit ... no problem. Do you have any hard money lenders in your area? If not I can send you some contacts.

Get a hard money loan that will cover all of your acquisition costs including settlement costs and your rehab costs. You can do this!

This could change your current financial situation in a big way enabling you to do more investing once the property is sold after you flip it?

This is how millions of people have started in real estate and made a fortune. I say GO FOR IT!

I'm scared to death to get into it like that. I have all of the "what - if"s going through my head. I know that is way out of my comfort zone. The assignments where out of my comfort zone. I don't have any hard money loans in my area that i know of. If you can PM me, that would be great.

Destrie

I agree with carol, 5k is not bad to buy it and rehab it, if you can carry the bill. also go to an rei club meeting ,bring flyers with the description of the house and rehab estimates, pics would be great too if your able to put them on the flyer. put the flyers on a table where everyone walks in for the meeting for them to take.( of course make sure you phone number is on the flyer lol. There are a ton of free sites to advertise on also. see if you can put a flyer in a home depot or lumber yard where investors may go for materials.
hope that helps
Richie.

It sounds like they are passing up a great deal! Great news is, yes, you have a LOT of time! Destrie, I'm with Carol on this!! Get the money and go with it!! I'll send you a hard money lender contact I have who gives 100% of the purchase and rehab. If you do go the hard money route...get started with it ASAP just to make sure your ducks are in a row to get the money etc...as sometimes it takes a little time initially.

Keep us posted on this one! Sounds like a great deal!
Cheers!
Louisa

it is a good deal, 35k is considered a big rehab. If you don't have the experience you don't want your first taste of rehab to be a big project. Destrie, call all the WE BUY HOUSES signs. Tell them the deal you have. Most likely they are wholesalers themselves. Tell them if they bring a buyer to the table you will give them 4k as their profit. If it truly is a good deal the wholesaler will have a buyer for you within 48 hours. Also, try going to your local REI club and advertise the property.

KimmyJ
Press on...

I just got off the phone with a contractor that needs a big project for his crew during the winter go keep them busy. He went and looked at the property and likes what he sees, so I have to meet with him Friday to have him sign the purchase and sales agreement. Hope this one sticks...lol

Destrie

Good luck with this potential deal. If it happens to fall through try posting bandit signs in the area that you make up. It could read "must sell home immeidately call today to steal this home" with your number or drive the area and look for some "We buy homes signs and contact some area buyers. I hope this deal works out for you. Believe and Achieve! - Joe

Is the property eligible for FHA 203k loan? If it is, advertise it as such, to attract rehab contractors to purchase the house from you. Look into what community block development grants are available in your area. Find out if there's a time frame the how home owner has to have lived in the home to be eligible for your county, town or municipal community development block grant program for home owners. Then you can advertise it that way letting prospective buyers know about the program and their (CDBG) eligibility requirements.

Good luck, Destrie! You're doing it! It takes some courage to simply put that deal under contract. One day I will have that courage. Keep us posted.