finders fees

That's great your taking action. Did you get a list of information that they need? Type of properties, how many rooms etc... Then as far I can tell ( being a newbie myself) You start looking for exactly what they want, at the discount they want and get it under contract. Look online, put up flyers, set up an automatic voicemail inquiring the specific type of property you are looking for in the area you need. go driving the area for fsbo's. Try a stradegy if it works keep it, if it doesn't move on to another one, try, try, try, one will work out great.

I'm sure you will make your first deal in no time, sometimes it's the walk of faith, just taking the first step. Good luck ! Tammy

thanks tammy,

yeah i did get a list of what they want. i found what i believe is a great property at a great price.and it is exactly what hes looking for. but the only thing that concerns me is the area its located. its a very small town with nothing going on. so it might not be a great investment. but what do i do from here? do i send him the link to the website its on? or go take pics myself and email them to him? i guess what im asking after i find a matching property, whats the next step? thank you

You need to find out what areas he wants..if thats cool then you go see the property if all is good submit an offer,once thats accepted sign a purchase agreement with the homeowner,and assign it to your buyer...you have to get it under contract so he cant just go around you...best of luck

Hello everybody,
If you are going to bird-dog,Then you should get an written agreement between you and your buyer.Ask your buyer about what kind of contract they use for leads,if they say they do not use one,then that gives you an idea of what to expect.Don't get me wrong...You can bird-dog by a hand shake!

When you get that great lead for your buyer...You might want to think about locking it up for YOU!

Randy

hey im thinking i would like to lock it up for myself only because i now know that the house is worth probably two maybe two and a half times what its going for. its going for 67,000 and it dropped 8,000 over night. but it needs alot of work probably atleast 15,000, but i know that in good shape its worth 130,000 atleast. so as far as locking it up for myself what should i do from here? i dont have money right now and my credit isnt the greatest. i mean im going to start the next book tonight and do some more research on foreclosures because thats what this is but if anyone has an idea what i should do it would be appreciated. thank you

Since you don't have the money for the fix up and your credit is not so great, I think you should lock up the property by using the "Assignment of Contract" method...pass it off to your cash investor or buyer, make your profit and repeat the process until you have enough money saved up to do your own fixer upper. In other words, I think, for now, you should focus on "wholesaling"...it can be very profitable. Good Luck.

Don Angelo

If you could find someone that had good credit are cash get them to partner with you. They put up the money, You do the work and split in the end.

Randy

thanks guys. ill do one of those 2 things. i might be able to get someone that would want to partner but for now i think i just might do some assigning of contracts until i get going and be able to do it on my own.

Can someone clarify this for me? ok, this property is listed for $220,000. It is an REO. Say I throw an offer to buy for 30% less($66,000) off the asking price which will bring the price down to $154,000. Assuming FMV is the asking price, so does that mean $66,000 is the instant equity? can someone explain this to me in layman term? if so how do I get this or most of it in my pocket?

If you are trying to buy a reo You need to check. Some places will not let you assign this contract.

Randy