OfflineOk, hi everyone, Im posting this cause i kind of need some help and would like to see what everyone on dg.com would think and if anyone had any advice or would like to make a comment but to make a long story short i found an out of state investor from new york that has 20 properties here in my home town cleveland ohio he says he cant travel here anymore due to an illness and needs to sell he is very motivated and offered to pay a finders fee he wants about 40,000 for each property but is willing to negotiate im going over my buyers list and im bought to send over pics and info on the houses .should i try to lock up them up on contract or just try to find buyers and get the finders fee and also he is willing to do a bulk deal in any number eg 5 10 15 or the whole 20 properties any comment advice would help thanks everyone. p.s the properties are on the file attachment
A motivated investor/ seller
Posted on: Thu, 04/22/2010 - 13:59
Hi, are the houses close enough to where you can go drive by and check them out? Look up the comps and see if they are worth more than what he is asking. And see how much he would want for all of them. Depends on what you want to do, but if you can lock them up and make some money that way then I think that'd be the safest way to make some quick cash.
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
this is true by locking up the properties you can make quick cash that's the easy way to this one
MaryJane
The question posted before is useful. Are they in a similar area? Can you travel very closely?
The second comment is also great. If they are for sale put an offer on the properties so that you have them tied up then you have more strength in shopping them around.
Do you know anything about the seller? Are they willing to hold financing?
What is the cash flow on the properties currently?
The reason I ask is that there may be some on these forums that could or would purchase the properties.
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you could ask the seller about owner financing. You could offer him asking price plus 6% interest to carry the financing for you. He gets a monthly payment, you get a property you can rent out and make some cash flow off it.
so far. I'd see if he'd consider a bulk deal, if you bought all of them, would he sell them for 50% less? Don't ask that way though, let him give you numbers. See if you can get a 60 or 90 day escrow to assign them to other buyers. You've just got yourself a whole bunch of properties to advertise and show your buyers!
But, do your due diligence first, get the addresses and check thoroughly the comps. If you aren't sure how to do that yet, you want to try to get comps of the same kind, same beds/baths, sq ft, and area (within a mile if possible), and that have sold no more than 3 months ago. Its best to get as many comps as possible, so if you have to deviate a little or go a little further out that's fine, just get a good rough estimate. This could be a huge opportunity if the prices are right!
Best to you!