OfflineWell after 5 counter offers and 2 Contract amendments, I got an offer accepted today. Its a 3 bed 1 ba house in need of lots of TLC. A few problems with the house. It has alot of unpermitted work but thats ok. We negotiated a low price down to 235K. This home is located across the street from a housing development of homes that were selling for close to $1MM a few years ago. Even with the housing crash the homes are down to 600K so thats what I'm competing with. This home is on a 1/2 acre lot. I already have a buyer to assign it to, so its just a matter of closing escrow now. He plans to demolish all the unpermitted work and upgrade the home to a 4/2 2 car garage. Purchase price $235K, Repairs and escrow fees $80-90k. Sell for 450K-500K. Comps on other homes on this side of the street are in the low $500s. Potential profit $125K.
BRE #01956371
So I take it you have the funds to make repairs and escrow fee's
Todd S
But the guy I'm assigning it to does have the funds. I'm going to collect $5000 for the deal at the close of escrow.
BRE #01956371
Id take a 5k pay day any day..... Good luck!
Todd S
Good luck DJ! Keep us posted.
I'll let you know how it all goes.
BRE #01956371
Good Luck!!!
Great job! What state did you find this deal in?
Lenee
www.allstarhouses.com
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~
Any way we could get you to tell us your secret to finding a buyer like that? Good luck although it does not look like you need any. Great job
The deal I'm working on is in California. A pretty tough part to invest in as well, but you have to search hi and low for these kinds of deals where I'm located.
SirlanceAlot....I posted in several topics on how to find buyers. Click on my name and you'll see the forum posts I've done on the subject. If I have to retype all that again, it would be a nightmare. LOL
BRE #01956371
Well done, now who else believes it cannot be done. Like in every success story, action is key. Please let us know the final result. Congrats again.
Sandra
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I found your other post so thanks man. Im also investing in California and its slow going but I can do this. Put some flyers out and only had two people respond but within just an hour and each have $6000 to put down. So I was worried about buyers when maybe I should have been working sellers. Oh well its
a process right? I will learn someday.
Rich
Buyers are the key. Once you have their info you can go after the sellers knowing you can easily flip the paper to your buyers for a fee. You'll get it, I'm in the process right now on a house and I'm working on a few more too.
BRE #01956371
It's always easier to find a seller for a house than a buyer for a house. Deals are everywhere, but if you don't have a buyer in place you might lose that deal.
My goal is to pick myself up and get on solid ground so that I can overcome any obstacle or FEAR! And that I can Help someone else to do the same http://www.realdealcommunity.com/members/profile/10706
Good job Mario...I'm a newbie working with my Uncle..So far I understand a little about investing. I do know that finding buyers first is key. Good job and thanks for the google tip...LaShaunta (thenextguru97)
tng97(thenextguru97)
http://allthingsinvesting97.blogspot.com
and I (along with everyone else) look forward to hearing the "cha-ching" when the check is handed over to you!
And, thanks for the valuable information that you have shared in the "finding buyers" area.
Mike
"Make it an AWESOME day! (Who else is going to do it for you?)" - Mike Spillman
"As long as there is breath there is hope!" - Mike Spillman