OfflineI used the techniques in BARM and found my first end buyer. My problem is that I don't understand what he said.
I asked the buyer what types of properties he is interested in and he says to me: "Anything that is not more than 65% including COR".
I take it that COR means "Cost of Repair", but what is it he is telling me??
Any help would be appreciated.
Dave
__________________
Proverbs 10:22
Most likely he is meaning he doesn't want to spend more the 65% of the FMV (Fair Market Value). So after he buys it, and rehabs it he needs to be 65% or below FMV so he can make a profit!!
Goodluck,
Shaun
Thanks Shaun,
That helped me out as well. Quick questions, when locking down a deal and planning on signing the contract over to the invester, are you supposed to "rehab" the house? Or are you supposed to calculate that into your AMR (anticipated market value) and let the invester take care of the rehabs? Sorry - just new at this.
Cory
No, you are NOT Supposed to Rehab the property, that is a cost that gets Deducted from the ARV, All that your doing is.....Finding the Deals and Putting them "Under Contract", then Assigning them to another Investor, SULLY
YOUR HERO, SULLY
It is probably best to have a contractor give you a bid on repairs, and include that with the information that you pass on to the investor. Then he knows that he has a good price for repairs, even if he does not use your contractor.
Good Luck, Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
Thats for the info SULLY and Alchrismann. That was something I've been wondering about for a while now, but was a little skeptical about asking. I just googled "we buy houses TX" and had TONS of listings come up for REI Firms! I've sent out about 50+ emails to various people and companies letting them know what my intentions were.
Lets hope the phone calls start rolling in sometime soon! Could not have started taking action with out you help and support of you guys!
-Cory