OfflineIS IT?......i just got two properties locked up under contract with a partner and ill lock them up if i get a buyer by next week....(ANYONE WANT TO BUY PROPERTIES IN VEGAS BABY?)....then we will split the profits....then maybe i can move out of where i live at?.....there both bank REO's by the way....im asking for the first one 99,9oo for it and the second one im asking 98,9oo for it!....OH MY GOODNESS!....I CAN'T BELIEVE ITS HAPPENING THIS QUICKLY?...AM I DOING SOMETHING WRONG?????
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"JACK OF ALL TRADES, MASTER OF NONE!"
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Depends on what they will actually SELL for, the amount of rehab needed, the average DOM in the area and the buyers you have lined up to purchase.
What is your exit strategy? Wholesale and double close? What amount of earnest did the bank ask for? How long is your inspection period?
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
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its all new construction ...if any rehab needs done it would be minor....DOM?.....im looking for buyers now....ive partnered with Candace Wilson he will bring me 2 homes a month while i get buyers for em and we split profits....exit strategy is i just walk away....meaning he has them locked up in his name and i bring the buyer for the 50/50 split and dont worry the partnership is all on paper....then we will double close to sell to my buyer i bring...thats how its being done...me and candace speak the exact same language....we both need 2 homes a month to move out of were we are both at!
"JACK OF ALL TRADES, MASTER OF NONE!"
Learning to Do, Doing to Learn, Earning to Live, Living to Serve. FFA MOTTO
Ben Franklin's Autobiography free audiobook download-
https://librivox.org/the-autobigraphy-of-benjamin-franklin-ed-by-frank-w...
Bandit - what are the recent comps in the immediate area, for identical properties? Also, DOM = days on the market. It shows how strong or weak the market is in a particular neighborhood.
How about the other questions Michael asked: earnest money deposit and your inspection period?
- Tom
comps are runnin g 95-112k is what is in my email ...im going to run em myself tomarow....i dont know what the DOM is on it?....ill ask that in an email here in a minute.....earnest money deposit will be made when i find a buyer....what about the inspection period????
"JACK OF ALL TRADES, MASTER OF NONE!"
Learning to Do, Doing to Learn, Earning to Live, Living to Serve. FFA MOTTO
Ben Franklin's Autobiography free audiobook download-
https://librivox.org/the-autobigraphy-of-benjamin-franklin-ed-by-frank-w...
Hi Bandit,
I'm just trying to clarify how the deal is structured, as I done a number of deals and trying to give you some pointers.
- The big one: where's the deal for a potential buyer? You said you have these locked at $98k & $99k, but the comps are $95k - $112k. So there's no real discount. Why would a buyer purchase from you and not just go directly to the bank?
- You mentioned your partner locked these deals with a bank (REO). To do so you have to put down earnest money, and then you will have an inspection period. During the inspection period you have to find your buyer. Otherwise you have to purchase the property or lose that deposit. How much is the deposit, and how much time do you have to find your buyers?
Again, just trying to help out with the structure of these potential deals.
- Tom