Member
Joined: 2009-04-22
Points: 120
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Name:
dharius lawton
Location:
atlanta, georgia
About Me:
Real Estate Investing has been a dream of mine for many years, now. I know that the real way to wealth is through buying and selling homes. Dean's infommercial caught my eye one night. I'm glad I bought the books; this is the time to act on your dreams and by having others to be supportive is great!!!
Interests:
avid sports fan; soccer, baseball, and golf
How do you work with Distressed Property companies
I've found some companies that find or have properties for sale. One company sends me information on homes for sale each week. The letters go something like this:
Purchase Price: 30K
ARV: 80K
Earnest Money: $1500
Cash Buyers Only
The companies say there is a 3% seller financing included in the sales price. My question is how could you present an offer; when price is established. They have not wanted to allow assignments without security and that the home will actually sell.
If anyone can shed some light on this process it can be very helpful, for all of us.
I thought this would be a good place to start because the price is feasible if the area, geographics, and comp can support a good return; once due diligence is done on each property. These comapanies also try to bundle multiple deals. For example:
6 Homes
20K each (if bought togeher) for 120K
Cash Buyers
Close in 10-days
My questions are specific, so that I can get my head around what type of strategy to use.
Thanks