Posted by Brian W(IN) on February 10, 2000 at 15:54:16:
In your Purchase Agreement with the seller, it has a line where you can put the closing date. Just give yourself at least 60-90 days to close. You really don’t want to wait too long because the seller will probably get angry because you took his/her property off the market when they agreed to sell it to you. If you have several investors/buyers lined up already and you have a great deal, it won’t take long before one of them will be calling you to purchase your contract. Hope that I have answered your question.
Posted by R Oldham on February 10, 2000 at 12:24:43:
How do you tie a property up to market it to investors? I know to get a contract with the seller and all that. My main concern is having enough time to find someone willing to flip it to. What if it takes 2 or 3 weeks to get an investor to sign off? I don’t want to end up buying the property and getting my own hard money loan. I don’t have much money or credit anyway and rehabbing scares me.
Posted by Ray S(FL) on February 10, 2000 at 17:31:20:
The key to selling really fast, that is what it sounds like your concern is, is finding a “Real Bargain”. If you tie up a property that is a true deal, then it will sale. Quick. At least mine have.
If someone wants a contingency in the contract then they are not a candidate to purchase my deal. The last thing you want to have a contract and then your buyer back out and get their earnest money back.
Posted by Pavon Bailey on February 10, 2000 at 14:32:25:
Mr. Oldham:
What I would’ve done first is read the Classified ads and called the ads under the “We Buy Houses”, “Real Estate Wanted”, “Wanting to Purchase”, etc. Find out their criteria for buying houses. THEN go out and tie up the house under a contract, call them, and say that you found a house that matches their criteria. Ask them if they would like to see it. Chances are, they will because you did all the legwork for them.
Since you have a house tied under contract, finding someone to buy it may be a bit more difficult, but it can be done. I have investors lined up to buy a house, but I don’t have a house to sell to them YET! smiles Anyway, if something goes wrong and you can’t close, guess what happens? Lawsuits? NO! Threats? NO! All the seller can do is keep your earnest money deposit, that’s it. You may lose $10-500 (depending on how much you put up as an earnest money deposit), but it’s a lot better than tying up $90K or $100K for a house that you can’t sell.
I know that you will do fine because you have hope. At least you have a house to sell to make that killer profit. I have buyers lined up, but nothing to sell. I’m trying to find a house for them. (hee hee!!!)
Good luck and happy investing!
Pavon
PS: Look under Jackie Lange’s article “Beginner Quick Flip Primer I and II” That article will help a lot!
Posted by Brian W(IN) on February 10, 2000 at 14:31:08:
Use the new Search Function on this site and do a search on “Flipping” or “Wholesaling”. Looking at the resulting messages and posts should explain everything that you need to know about flipping or wholesaling properties. Also you could look at the many messages which are in the “How To” Articles section on the left side of the page. Hope this helps.
Posted by R Oldham on February 10, 2000 at 14:47:20:
I have read the articles and have some buyers lined up. They are taking a little longer than I hoped to make a decision. It is subject to an inspection, but I don’t want to back out if I can avoid it. I am not ready to do a rehab right now.
Posted by R Oldham on February 10, 2000 at 14:44:48:
I have read the articles several times and many q’s on the newsgroup. I didn’t see any exact answers to my question so far. How do I tie it up long enough to resell it? Even with buyers lined up, it still takes some time doesn’t it?
I have Ron Legrand wholesaling course, and the way he does it is this, put the house under contract, schedule close 30 days later. Give them a small earnest money deposit if any, but in Ron’s specific contract, there’s a paragraph that states the buyer can’t be sued for specific action, meaning, if you decide not to buy the house, the seller can do nothing, but if the seller decides not to sell the house, he can be sued. Most sellers will skim right over this anyway, and those that see it won’t care. That’s mine and Ron’s advice.