Posted by Joseph Zimny on September 08, 2003 at 21:47:06:
If this gentelman wants to unload his properties then you are in a good position to use a number of techniques. If I were you I would try to qualify the properties in the portfolio quickly. Decide which properties you can purchase with OWC only, then which you can purchase with a partner, then which you can L/O, then which you can option and flip to another investor.
I realize that this may be a complicated scenario but if you take it step-by-step and can work cooperatively with this gentleman then you can avoid being overwhelmed with the task. And be realistic about how much you can handle at your level of experience and with you current financial resources.
Big opportunity but don’t know what to do first - Posted by Jamie
Posted by Jamie on September 08, 2003 at 21:33:04:
I have been reading and reading trying to learn how to get in to investing. On my first call I called a very simple add that had a blurb about investment property. When I called he told me of one house that seemed OK. I asked “Do you have any others?” By the end of the call he had rattled off 5 properties he wanted to sell and said he’d have to look up the rest! I asked about his motivation to sell and he said he’d done it for 40 years, was now 80, and has cancer. Obviously, it’s a tough circumstance for him, but I have to think this could be a wonderful opportunity for both him and myself. He told me he was open to owner finance as well. I looked up the properties on via tax records and they are lower priced, but what he is asking is within a few thousand of the “assessed” value.
My situation is that I have pretty good credit, but no cash on hand. I would love to absorb several of his properties fliping some and keeping some for rentals.
I’ve been lurking here for a while and was really hoping to benifit from your experience. Any ideas of what to do first and what approach to take?