OfflineHere's the situation I could have: I live in Mass. and met an investor online from GA. She has 2 duplexes she is offering for 54500 each. RealQuest had them valued at 82000. 1 unit is already renting for $450/month and she has another tenant lined up for June 1. If I locked these up at this price, would I then go on CL in Georgia and start advertising to assign them for $5000 each building? Being so far away a double closing is out of question. Can I do assignments through faxes without having to go to GA myself?
__________________
Starting out I suggest you look at your investment properties yourself. No one takes care of your money like you do. Build a team of trusted people in those areas you are investing in. Those internet sites that offer valuations are okay for giving you ballpark pricing, but Never make an investment decision based on them. They're just not accurate enough. You can do closings and assignments long distance if you choose, mail, fax or overnight the documents to the closing agent. Do all your homework to be sure it is a workable deal for you.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Decide how much you want to cash flow from it, or someone else would want to cash flow for that matter.
Personally, I don't think $450/mo will cover the asking price, but that is off the basic info you provided. I could be wrong. I would offer a lot less. See if they counter.
Don't get attached to the property, and if you have a issue with low balling the person then forget the property all together and start with another - particularly REOs - no one can feel bad about low balling a bank for Pete's sake.