Posted by Walt Smith on September 25, 2003 at 18:38:35:
There are two types of houses I buy. Ugly ones and pretty houses that need no repair not even painting.
Since you may be a rehabber there are private investors with funds for this type of investments. Most go through brokers because they do not want the hassel of putting the deal together. Depending on where you live in Fl. I might be of some help to you. Reply to me private at my e-mail address.
Ugly house: The house did not even have a roof. It was just 4 walls sitting on a lot. I purchased it for 10.0000. spent 22,000. rehagging and sold it three months later for 62500. I have done this over and over and over again over the past 15 to 20 years.
All money for these deals came from a private investor. I have never put one dime of my money into a house. I bought one house that took 2 years to sell it and still came out with 14,000. profit.
Pretty House: People call me who are in trouble and need to unload. Some need to move now, some have already moved. Some have two mortgages not worth more than the property it self. People deed these properties over to me and I take them subject to the mortgage. I have them pay three months in advance when they leave before I start making the payments.
I have never invested any money in these houses either,