OfflineHello DG'ers!
I really need help making this deal happen, if possible. So I met this project mgr for an investment group we exchanged info a while back, she texted me about a house that one of their investors has, she's helping him sell it because he lives out of town.
Its a 2/1, he wants 9k and there are about 10k in repairs. The ARV is 35k. We want to wholesale it to another investor. The owner needs it gone asap and is unwilling to let us get it under contract, he just wants a quit sell. So I was thinking we could offer it to antoher investor for the 9k and somehow get paid outside of escrow for maybe like a 2k fee or so. He has another buyer who will give him the 18k he wants but the owner will finance that himself, he will take that offer if he doesnt get a cash offer soon. Please, any and all suggestions are welcomed!
Many thanks
Nicole JOhnson
nicoleryane
Working diligently to make that first deal!
You need to get it under contract first. if you don't lock it up he can turn around and resell the house. Don't waste too much time here if he doesn't allow it. You need to have temp control over the house to assign it. All kinds of things can go wrong here if you don't lock it up first.
Hey Fredrick, I was trying to get in touch with you a while back about a short sale someone called me about in your area (you and I had met at the REIC mtg in Baton Rouge)
Anyhoo, so you're saying lock it up, but he won't allow us to do that. He wants someone to come with 9k cash tomorrow no later than Monday or he will accept the owner financed deal. Should I just move on? I asked about being paid outside of escrow because seems like I read that someone, just finding deals for other investors for a small fee and not being paid in escrow, however, I dont know where I read that and don't really have time to look through all my resources.
Thanks for your immediate response!
nicoleryane
Working diligently to make that first deal!
if you don't have any buyers lined up on your buyers list already, then I would move on...
On the other hand, if you do have an investor who is willing to buy this property cash, all you need to do is get your investor to sign an non-circumvent document, agree on a fee to pay you, and you can show him the property and let him buy it from the seller, and pay your fee separately.
wishing you success,
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Hopefully, my reply won't have arrived too late.
Since the seller didn't want to tie up the property with a P&S, you could have used a flex option to establish controlling interest in the property while also allowing him to continue to market his property. You could void your option if he decides to go with his other buyer before you've found your end-buyer. You could exercise your option, go to contract, and assign/double-close the deal with your end-buyer.
Another option that you might not have considered is offering to help the seller to sell his note if he opts to go with the other buyer.