I know of a women here in my area that is an investor she already owns 4, 2 family houses and rents them out she says that she is looking for more propeties. This is where I can't get it through my head what to do. If I find her a property how do I profit from this scenario? Right now I don't have the funds to go in and buy any house I may find. Do I just refer her to these properties and try to get a finders fee from her, this is where I get hung up, do I negoiate a lower price then what the owner is asking and sign a purchase agreement to close within a certain time and then try to sell her the house at a higer price and pocket the difference? Wouldn't she know I did this?
If she looks at the house and doesn't want it then I just let the purchase agreement lapse and Im not liable?
And how do I handle this if these properties are being listed by a realtor and not FSBO? Also which one of Deans books explains wholesaling in depth.
Russ
Hey Russ first of all read all of dean's books it will give you an outlook on wholesaling and other techniques. the answer to all of your ? is in there. but let me share some words to you. when i first started i was like you stuck but i hung in there, and still am. now the investor your talking about is still wanting properties and you can get these properties don't worry about the funds she has the them just put the property under contract and market the property to whomever just not one buyer but multiple buyers and who would want the property and take it from there. you should have an iee contract that determines what your going to do. so yes sell the property higher than the asking price from your seller to your buyer.and always do your best to negoiate a lower price not to low but just aliitle under the asking price. Jpub
You are at the right place to find answers to your questions. But you need more help than you get from any of us in a short response. Dean has free books on this site. There are also audios. Blogs. I'd suggest you try the 30 Days to Real Estate Cash first. ITS NOT HARD! YOU CAN BE SUCCESSFUL! You just need to invest some time first. Good Luck. Mary S.
You are in a great position to make some money. You have a buyer that is interested in buying more property. You already know some of the criteria of what she is looking for. She owns 4 – 2 family homes. If I understand this correctly she is interested in duplexes. Beyond this, it would be a good idea to find out if there is a specific area in which she likes to invest, the kind of profits she is looking for and what kind of rehab she is willing to do. The answers to these questions will help you in your search for properties for her.
When you find a property that meets her criteria then you will negotiate a price with the seller that will enable you and your buyer to profit from the transaction. Once the price is settled on then you can put the property under contract and assign the contract to your buyer for an “Assignment Fee”. Most investors are willing to pay this fee to have you find good deals for them.
This is a pretty good way to make a generous amount of money for not a ton of effort.
If all else fails you can always collect a finder's fee for referring her to the property.
you just got yourself your first buyer on your list with minimum effort! Now go read DG's book 30 Days to RE Cash!! It's all there, step by step. If you already read it, read it again!
Carol Stinson read "Be A Real Estate Millionaire" 4 times!!! before she did her first deal.
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
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That is a great start but I would wait until I had 5-6 buyers lined up before I would shift my efforts to finding properties. If you are searching for properties for one buyer they are in control or in the position of power. If you have 5-6 buyers who want similar properties you are the one in a position of power if you find a property that suits their needs and place it under contract.
You have one buyer which is great work now go find so more and then find deals for them.
Hope that helps.
The free way is the way to go. Use your free marketing as much as you can. I place ghost ads out there all the time and find buyers and sellers that are motivated every week. You just have to keep doing it over and over every week. Eventually you will get to the point that you can hire someone to do it for you, but starting out. Just do it every week. it gets easier the more you post. But the best part. you phone keep ringing.
I just put 3 homes under contract by placing ghost ads in the last couple weeks. They work. Just do it and you'll never look back
I always say Keep Moving Forward! Never Give Up On Your Dreams!
As Matt Larsen says "Feed the Need" - Edge 2013
Follow my daily investing journal and read about the deals I've done and am working on at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/117493...