OfflineDean here and back from Peru, I'm going back and forth about what to do with this house, I got a great deal on a nice house , needs just a little work, I have the bank working on financing, which all looks well on that end , but would also like to try and wholesale this quick but not sure exactly how it works, I have talked to the realtor about giving me a few hours at the house on sat. nov. 14, which i was hoping to have some advertising on postlets, craigslist, and at the local rei club, then i am to close on nov. 25, that sat , the 14 i was going to have an open house , but that is where 1 question is , What documents , forms should I have on hand? So as I do have several come in to have them fill out, How should I approach the situation, AS far as most would possibly be investors, Some would just come in as seeing a open house sign and possibly up to 40% off sign on the main street at the corner ? Or should I just close on the deal do the little rehab needed and try and sell without going the wholesale way, and wait so that I don't screw up the closeing that we already have set and get this first deal past and seek out some more info on doing wholesales deals ????? Please I could really use some help.
THANKS SO MUCH
GOD HAS GREAT THINGS IN STORE FOR THOSE WHO BELIEVE.
This is what I would do. I would put up signs NOW to advertise for the open house you are going to have in a week. I would put these signs at the farthest 2 miles from the house. I would also advertise this open house online and at your REI club. I would also get yourself a mortgage broker and let this person know what you are doing. I am sure for a small fee he/she will come and sit at your open house with documents to qualify any potential retail buyers that come through. You can also have them submit offers right then and there so if you get several, you have the option of which buyer you would like to sell to.
I would also look into finding a title company that does double closings. What you could do here is instead of assigning them the property is closing on the property on the 25th and then the same day you would turn around and sell it to the person qualified. You will make a bigger profit than assigning.
If you do not get any hits off of the open house, then I would look at your second option, rehabbing it and renting it out for a profit until you can find someone who would like to purchase it. Either way its a win win
I hope that this helps you.
Jen
Jesus looked at them and said "With man this is impossible, but with GOD ALL things are possible." Matthew 19:26
"I know the price of success, dedication, hard work, & an unremitting devotion to the things you want to see happen." Frank Lloyd Wright
"If we did all the things that we are capable of doing, we would literally astound ourselves" Thomas Edison
"This time, like all times, is a very good one if we but know what to do with it." Ralph Waldo Emerson
Thanks jenna for the encouragement and advice. I think I do need to pray pray pray, and see what God would have me to do. I also need to come up with a really good flyer and description for my ads on craigslist, and postlets. I don't know of a mortgage broker, I really haven't got my team together yet. I need to set some goals to get all this together . Also this is a freddie mac reo and so I don't want to blow this whole deal.
Thanks again
GOD IS ALWAYS FAITHFUL AND TRUE.
FOR I KNOW THE PLANS I HAVE FOR YOU SAYS THE LORD, PLANS FOR GOOD , FOR A FUTURE , AND A HOPE. JER. 29
;11
i haven't seen u on here in awhile.....this is jeff from washington....i remember a few mths back, we were talkin about gettin together and talkin investing.....have u done sum deals?
jeff