OfflineI've found a few motivated sellers who own multi-million dollar homes. Are these homes assignable? I don't see these homes being something an investor would be interested in. Am I wrong? Or is there something else I can do with these homes?
Thank you very much.
__________________
In Christ alone, I place my trust.
Any input on this would be greatly appreciated
In Christ alone, I place my trust.
Any home is assignable if you have an assignable contract with the seller. ( Where assignments are legal) If you can get these properties under contract for 65% of what they are really worth (what they will SELL for in this market) minus the rehab/remodel costs, if any, they could be a deal. This is the slowest moving market sector. Homes over $600,000 have the highest DOM averages. But, at the right price they will sell. Just my thoughts. Do you have any buyers that look at this price range?
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Thanks Michael. Your answer helps alot
Currently, I don't have buyers at that price level, but if these are homes some investors might be interested in, I'll definitely start looking for those types of buyers. Thank you!
In Christ alone, I place my trust.
Sure
In Christ alone, I place my trust.
Where are these 1/2 mil. dollar homes located? Zion Properties is making it work in Cali, as hers is like that.
Mouse2106:
We do have a lot of these million dollar homes selling in Vancouver B.C. Due to the Asian / chinese money coming in. It was a sellers market 6-12 mos ago but is now in an equilibrium between buyers and sellers. Deals/assignments can still be had if below market value. In absolute dollar terms a 5% assignment fee on a 100k house is 5k but on a million dollar home it's 50k. So which would you rather do if you are doing the same process and the same effort?. To me it's all mindset. My level of comfort is 400-800k homes (yes prices here are ridiculously high here in B.C.) this range is probably' equivalent' of the 40-80k homes in Phoenix. I know 1-2 million homes would be more profitable for the same effort but I'm just concentrating on the 400-800 k starter homes because it is where the volume is and second my mindset is not yet there. I'm starting and I need to build my confidence level to get there one day.
I'd say if your mindset is in the 1 million level, go for it! As long as you can go beyond your comfort level and get a great deal, you can do it. .. Same effort, different mindset.
Let's go investing at the speed of opportunity!
JM