Found Vacant House on Craigslist

I have some questions for you.

1. Do you have proof of funds? Do you have the money to purchase this home or are you trying to double close this deal?

2. If you are trying a double closing do you have your end buyer that is interested in this deal?

3. If you are purchasing this home for an investment, what are you planning on doing with the property once you are the owner?

These just some of the questions that I have for you. I don't know what your plans are for the property. But by answering these questions for me I will be able to help you further.

Thank you,

I'm looking to do a double close. An end buyer, not yet. I'm working on that. I have a buyers list but haven't yet contacted the investors about the potential deal.

In looking at your numbers I see that you did not list what needs to be done to fix up the house. That number could be your decision maker. If repairs are extensive there won't be much or any room for profit.
How long has the house been vacant? If its been a long time, you could be looking at some significant repairs. Get a home inspector to evaluate it and give you an estimate, then you can make a more informed decision!

Here are a few suggestions...I would never tell a seaaoned investor that this is your first deal. They'll take advantage of you. Talk to the seller with confidence! Tell the seller that you'll provide "proof of funds" at closing. (which you will) Also, make sure you use YOUR escrow/closing company.
Concentrate on negotiating the price first. Sounds like he trying to control the transaction.

I use a realtor or two to get a free, accurate value of the home. You'll also build relationships and learn how the value is calculated. I have found Zillow to be all over the place, either too high or too low, because they don't consider repairs.

To save money I use contractors to give me repair estimates. They are FREE! I've learned a great deal walking thru the property with them as they point out various problems. I get two or three estimates. You'll learn what the going rate is for repairs in your area.

And here's the best part... I've actually wholesaled properties to these contractors on the spot. One deal gave us a profit of over $ 50,000!
Of course that was before the housing crash, but it's a great way to find buyers!

Good Luck!!

I haven't viewed the property in person yet. So, I don't know the numbers since I haven't had a contractor do a walk-thru with me. I want to make an educated decision so I'll definitely find out the cost of repairs first.

in stating that he wants control.

I phoned my realtor yesterday. I'm still awaiting a more concrete number from him.

I have a viewing of the property on Friday.

I'll also be sure to have the contractor lined up for Friday as well. I'll go to craigslist for that.

Having 3 contractors is a great move. Thanks for that tip. I think I'll use it

What ever would be the outcome of your next transaction please..post it. Deans family like me would be very willing to read it. Again good luck...dom

Why would you go thru the trouble of talking with this guy and walk away?? Don't be afraid of him because he is a REI. Heck, he breathes air just like you and me and I'll bet he started out just like we all did. Believe me, I know your scared to say something wrong or ask the wrong question, but you gotta get your feet wet kiddo. Geez, when Jeremy and I call on deals, my heart is pumping 240 and ya know what, I say the wrong things all the time, but you know there is no better feeling like clinching your first deal. I am no REI wizard like Dean, but I have been in the trenches so if you have questions, send me a PM and I will do what I can for you.

NO RISK=NO REWARD---LIVE IT,LEARN IT AND GO MAKE A DEAL!!!

Well done in your REI search. You have to be careful, when dealing with investors and contractors. They could easily steal this deal from you. Say very little and do not give out the address of the property. You have your DG family here to give you the support you need. What you need to do is to establish a team with you. For instance, have your own contractor, who you can trust to some extent. Is your real estate agent someone you have been working with for a while? We know you could bag this one, get all your ducks in a line and make that deal happen. God Bless.

Sandra

When doing a double closing your end buyer is extremely important. You will need these buyers so that you can formulate your offer according to what they want. You did indicate that you have some buyers but are not sure if they are interested in this property. They would be the first people that I would contact and find out their exact investing criteria, what exactly they are looking for. How much profit do they want to make from each deal? That question alone will help you when making an offer. This would help ensure that this deal would be acceptable to them.

Having an end buyer first will be very important to your success. There are several great ideas here on the site from your piers, that is great! Good luck with your deal!

I really appreciate that. I promise to keep you posted.

the same thing, lol.

I want the experience, if for nothing else. So, I'm going for it...heart pumpin and all

You gave me such encouragement! Thank you.

given out the address nor do I intend to. But I will have a dg partner with me, as she's learning too.

I'm appreciative to have my dg family. What support!

I have a realtor. He's helpful but after I gave the info to him two days ago, he mentioned something against this property and went to acris. He saw that there's no mortgage, but I haven't heard back from him.

I'm considering phoning a few realtors in the properties area to ask them what the market value would be in wanting to sell a house in it's criteria, but fixed up.

I think that'll work.

I'll begin communications with the buyers and hopefully someone is interested in this area.

Thank you!

I now have 3 contractors lined up for tomorrow. I'm going to now phone a few realtors who serve the property area and request a selling price for the criteria of the property.