Offlinehey everyone i just have a question about a property i just found. its a foreclosure. its a really nice 2 story house and 2000 sq ft and its going for 67,000 but it needs probably 15,000 dollars to fix it up. it needs new carpets and new paint inside and out but i think i could get it even lower than what theyre asking due to how much work needs to be done. and i also know the property fixed up is worth 2-3 times more than what its being sold for. i got in touch with another investor that said they would pay a finders fee but im after looking at it and knowing how much profit will come from it im not sure i want to let it go just for a commission. and i would really like to lock it up myself if its possible. i dont have great credit and not much money so i guess i would just like to know what i should do from here? thank you
where to go next
Posted on: Fri, 03/19/2010 - 15:30
If you can't find someone willing to do owner financing, take the money and run.
Let the investor know you have access to others, find them, get more money
Find more investors
Repeat lines 1, 2 & 3
Pay down your debts, fix your credit score
Put a % of every deal you get away for savings or/and downpayment
Get your own home
Hope it helps
make sure you do your home work, get the comps, if its agood deal, lock it in, find a invester who will be willing to go for 5o% of the profit
The one thing I would recommend is to make sure you don't lose the deal. This is on thing that I leaned thought the success academy. It really makes a lot of seance to be sure to get something out of the deals instead of being greedy and trying to hit a home run. I don't know if you are involved in the success academy or not. If you aren't I would highly recommend it. I just can't stress what it has done for me, It would take to long to explained. But if you check our my journal it goes into more detail. Wish you the BEST of luck in your new adventure. Keep us posted.
Randy
www.adeptpropertiesllc.com
thanks guys i appreciate the help. i think i might have found someone that will partner with me on this deal. but if not then ill just take the money and keep finding more