Posted by keith hutson on July 12, 2008 at 19:09:37:
RTO is rent to own.
Yes we have people walking away with anywhere from 10K profit and up to 30-50 k. Not tons of them but there are enough that it’s worth taking over. Some can be negotiated with banks for short.
Florida is about to turn according to stats. I have been talking to Realtors who are seeing more activity. In Jacksonville, Court records support what I am saying, sales are good from 220K down. This is the bread and butter homes.
So, you can see when opportunities exist for taking over deals some up front cash would be helpful.
I don’t plan to use Realtors. I have a buyers website running, just launched Monday. I have had 120 visitors to the site, 12 apps and 3 that look good. One we just got approved. Then, I match them to a house. Again you can see that if I have money up front to acquire the house that may fit the buyer would be helpful.
Posted by keith hutson on July 10, 2008 at 20:53:39:
My partner and I are starting on a shoestring, we have a retail buyers site going, also with RTO. We need to acquire some deals where some small cash is needed on deals. I am not in a position to borrow and savings is depleted. However we understand how to do this.
We have buyers and RTO’s that my partner is getting prequalified (he’s a mortgage broker)so we would have buyers for the deals.
We both currently cannot do hard money. Any suggestions?
If you have identified a good market, designed a good business model and a detailed business plan, and then taking serious action, then the money will likely find you.
However, your post is pretty sketchy as to what you do, what service you offer, and let alone how you add value to whatever-it-is that you plan on doing.
Without knowing these items, I don’t have a clue. I’ll bet that what you really need are customers. It you feel confident that you’ve got enough in place to work a deal (again, whatever that would be) then I’d work like heck to market and promote your business by seeking and attracting new customers and groom the ones that you do have (or get).
Re: Is is really money that you need? - Posted by keith hutson
Posted by keith hutson on July 11, 2008 at 08:30:38:
I do know, and have a business model.
I have a website that I promote for buyers, RTO’s. In the first week I have had 120 visitors, and out of that 10 decent leads, 2 are being prequalified by my partner who is a mortgage broker.
The money will find me, I don’t know how that will happen. As I said, we are putting signs out for buyers, promoting on classified sites and then the newspaper. The idea is to locate potential buyers or good RTO’s. If we had up front money we could have several homes ready to go as we aggresively market toward buyers.
I find deals that are awesome. There’s one now that if I could cure the back payments etc for $6,000 on a house with a potential of 40K equity. Now, yes we can do some assignments I guess but it would seem to me that with that kind of profit potential there would be “money people.” I just don’t know how to find them.
You cure the back payments with $6k and there’s $40k in equity? How do you get the equity out? Isn’t the homeowner going to want his equity - or do you actually have people with real equity walking away from equity and handing you the keys? Now you have to find a buyer - or hire a Realtor to find a buyer, which costs money. Not to mention other closing costs. $40k can disappear rather quickly.
Is your market like the majority of the US right now and in a decline, or is it still OK?
BTW … what does “RTO” mean? retail occupants? real twisted owls? running toads over?