OfflineI was reading the classified ads of my newspaper and came across an ad that said FOR RENT OR SALE 5BR, PETS HOUSING OK 990 MO + UTIL. lAND CONTRACT AVAILABLE. Is this an ad placed by an investor? Do u think he would be motivated to sell his property? What should i say to him when i call him being investor myself? I am just into building my buyers list and assigning contracts at the moment cuzz of limited funds and no credit. Please help
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He is indicating a Land Contract which leads me to believe he will hold a private mortgage. In cases like this the seller would usually require a downpayment. If you have the means, this is a very good way to break into the buy and hold portion of the REI world
If you are thinking of assigning this to another buyer, you should get this house under contract while in the same time start looking for a buyer. You don't want to advertise until you have it under contract. Your reputation will be at stake if you start running a ghost ad on something you have no control over. Just a few points to get you started. You need a ton more info before you can proceed...Jan
sounds like an investor and will carry note or L/O-he may other properties for sale and may want to buy more to add to his portfolio
just use your lead sheet as usual AND your investor profile form
Mike
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yeah jan i just called on the property today and found out the seller wants 135000 but it is way overpriced he even stated that to me on the phone. He has a motrgage int the amount of 118000. So theres really no equity in the property. My independent sources for FMV say its around 90000. But the guy is really motivated and willing to do anything to get rid of it cuzz he said it looks like a turde on his asset portfolio. He said he would consider L/O. My best solution to the problem would be a short sale with the bank. But im not that advanced i rei world yet. What steps should i take next or should i just move onto looking for another deal? Please help fellow DGERS
Would you want to go thru the pain of a short sale? Did he indicate that he is in trouble? It looks like he is overpriced the prop and he is upside down on his mortgage, meaning he owes more than it is worth. A L/O might work but it is hard to send you in the right direction without seeing the prop. Hey, this might be a good practice run for you. Tell him you want to see the prop and take it from there. If you go, remember this. Let him do all the talking. You will understand why when you go there. DO NOT and I repeat DO NOT make an offer. Just let him talk himself into a possible deal. Rule of thumb, He who offers a price first, lost the deal.. Good Luck and have some fun, you never know it could be your first deal...Jan
I like that & I've heard something like this from someone else. When you talk to sellers or other investors, learn to zip the lip & LISTEN.