Posted by Rob FL on February 15, 2001 at 07:40:31:
I think the point in most of the posts below is that prior to closing some responsible party is visiting the property and doing due diligence. I have made hundreds of offers without seeing a property and even closed on a few without ever seeing it, however during the due diligence period either myself or an investor who was the end buyer did a full inspection of the property.
Buying houses from “The Desk” - Posted by Jim
Posted by Jim on February 14, 2001 at 24:51:22:
I’ve heard Ron LeGrand say that he buys houses right from his desk, He never sees them, never will, never will lay a hand on them and in fact never even attended the closing!!!
NOW HOW DO I GO ABOUT THAT ONE???
Thanks
Jim
Re: Buying houses from “The Desk” - Posted by George
Posted by George on February 15, 2001 at 10:21:25:
It can be done. Today with the net, research services, etc…as long as you are doing your due diligence.
Re: Buying houses from “The Desk” - Posted by Ben (OH)
Posted by Ben (OH) on February 15, 2001 at 04:23:43:
I have been full time in RE since May of last year. I discovered this method of buying houses “from the desk”, by accident.
I was so busy at one point last year that when my RE broker called me with a deal I told a few of my investor customers about it. They went and looked, made an offer. It went to closing, using the investors funds, I was paid on my assignment. Since then, I routinely will buy and sell this way. It makes perfect sense and MAXIMIZES your time. In fact, I’ve bought houses I’ve never seen, to investors whom I’ve never met, from Brokers whom I’ve never met (to this day).
The closing company comes to my office to sign the papers. A few days later I get a check.
I’m not sure why the other posters find an advantage, or whatever, in doing things the old-fashioned way. If the darn thing works, and it does, do more of it! What the heck is the big deal. My company, Freedom Home & Land in Ohio, is doing just that. We will buy and sell in cities 250 miles from my office in precisely this manner.
When you think about it isn’t this really what mortgage lending, or REO’s or foreclosures is all about? The appraiser sees it, the BPO person sees it, but the guy at the bank writing the check never leaves his desk! What’s the difference if we do it.
In addition, most of my flips bought in this manner are generally under $30K. Oftentimes, the houses are trashed, smell bad, missing furnaces, copper, the whole bit. My point–you’ve seen one you’ve seen them all. So what’s there to look at! SELL, SELL, SELL.
Old paradigms need to be broken. Break them and bring new ideas to the table. Good Luck.
Re: Buying houses from “The Desk” - Posted by les gee
Posted by les gee on February 14, 2001 at 19:20:25:
the three before me (mark, rob, jpiper) got it right.
do it the old fashion way and see the property. the last 30 properties in 3 yrs, i’ve done it from the desk. have a team of people that do the leg work for me and for that they get 25% of the profit up front.
You don’t learn as much doing it my way, you just get to take care of your son. Chow. Les.
Re: Buying houses from “The Desk” - Posted by Mark
Posted by Mark on February 14, 2001 at 14:03:31:
Jim I have done this but only after knowing the areas with several deals done, but at my price and believe me the offers I made were so low I couldn’t get burnt if the house was gone and two wino’s were seting on the foundation partying.
Mark
Re: Buying houses from “The Desk” - Posted by Rob FL
Posted by Rob FL on February 14, 2001 at 07:14:57:
I would bet he does this by having trained employees do all the laywork.
Re: Buying houses from “The Desk” - Posted by JPiper
Posted by JPiper on February 14, 2001 at 01:13:26:
I would suggest that you buy/sell several hundred houses the “old-fashioned way”, at which point you’ll be qualified to decide whether you should buy houses from your desk.
Personally, I don’t do this.
JPiper