Am I on the right track? - Posted by Hal

Posted by B Dixon on April 19, 2002 at 10:53:22:

One way is to ask them to fax you a copy of their pre-qual/pre-approval letter. Once you’ve gotten control of the property you can give them the address and let them go see it. The main thing is to control the property first. Then only give the address to the folks who are qualified. Don’t worry about them moving in yet, just let your investor know that you have qualified folks who are looking for properties like this. Run an ad stating “rent to own” or lease purchase etc, low down payment, easy qualifying … and you’ll get alot of calls.

Am I on the right track? - Posted by Hal

Posted by Hal on April 05, 2002 at 13:48:50:

I have an investor who will buy properties to flip with me after minor rehab is done. I find the property usually listed by a RE agent or broker that needs work. He wants me to get it under contract. In addition, he wants me to find a buyer for the property before we initially purchase it. To pay the after rehab price. He will not finance the deal unless the after rehab buyer has been approved to buy.
Once this contract is in hand he will buy the property cash and resell it to the new buyer splitting the difference with me.

My million dollar question is how can I get someone to purchase a property with the sale sign still on it from the original agent to buy from me before rehab because I have a contract on it?

He says this would help investors looking for investment properties with little cash get income properties.

Is he on the right track?


Re: Am I on the right track? - Posted by B Dixon

Posted by B Dixon on April 05, 2002 at 17:03:55:

Run an ad in the paper with this home’s features (but without the address). Get their information. Offer them owner financing/lease purchase or whatever. This will be your buyer’s list to work from. Once you’ve got around 4 folks that are prequalified, put the house under contract. Inform the investor that you’ve got qualified buyers ready to move (be sure to get copies of their pre-qual letters and their timeframe for purchasing). Then manage the timeframe from your purchase closing, to allow at least 45 days for the work to be done, and schedule your sale closing. write back if you’ve got further questions.

Re: Am I on the right track? - Posted by Kyle

Posted by Kyle on April 13, 2002 at 17:33:46:

I understand that you run an ad in the paper without the address, but how would you get prequalified buyers ready to move in before even seeing the house.

What happens when potential buyers call and want to see it?

Re: Am I on the right track? - Posted by Hal

Posted by Hal on April 05, 2002 at 19:25:17:

Thanks for your help, this message board remains a success because of helpful people like yourself.