Posted by BIGDADDY(MD) on July 07, 2002 at 09:16:27:
I agree to some degree with Brian, But, there is more than one way to skin a cat. I believe that both Mike’s would do well to read and study as much as they can about “Straight Options” this is probably the best vehicle for them starting out.
BIGDADDY(MD)
getting stuck… - Posted by mikePA
Posted by mikePA on July 07, 2002 at 08:10:31:
I have a question, maybe a naive one, but here it goes. How do you avoid the situation where you make the offer, it gets accepted, but by the time closing comes, you don’t have a buyer? I guess what I’m trying to find out is, how do you avoid getting “stuck” with a property? Can you get out of it, or is that part of the process of creating your pipeline? I understand about learning by trial and error, but it would seem having properties that you can’t get rid of would be a very tough lesson to learn. Thanks for your help.
Mike
Re: getting stuck… - Posted by Mikealso
Posted by Mikealso on July 08, 2002 at 10:49:14:
Where in Pa are you located?
Re: getting stuck… - Posted by Mr. Johnson
Posted by Mr. Johnson on July 07, 2002 at 10:42:49:
Mike 1 & 2,
I can identify with the both of you in your situations. My situation is somewhat similiar both is on the other side of the spectrum. I have plenty of individual home buyers that I have gotten them pre-approved for financing and then another source that will assist them in finding cash for down payment and closing cost.
My only problem is, I don’t have a home to sell them.
But do some some very sound advice from our counter parts in this same REI forum. I learned that needed to advertise for homebuyers and homesellers.
Do some advertising to attract home buyers that are local in your area. News papers, signs on the side of the road, and many other avenues.
Also, establish some relationships with investors near your and sell the contract to them.
Best of luck and happy real estate investing.
Hope this help.
Re: getting stuck… - Posted by Michael_NJ
Posted by Michael_NJ on July 07, 2002 at 08:27:10:
hey read my post above, I just posted the same thing!!
don’t play if you can’t pay… - Posted by Brian M. Powers(MI)
Posted by Brian M. Powers(MI) on July 07, 2002 at 08:26:10:
ideally you will never have a vacant property and you will always have your buyer lined up before closing. but sometimes things don’t go as well as you planned…the home isnt worth what you thought, there aren’t a lot of buyers looking for a home in that neighborhood, your buyer calls you 2 days before closing and informs you the financing fell through and he/she won’t be able to close, etc.
when buying a property you have to be sure that should everything go wrong and you have to hold it for a while, you have the capacity to absorb the holding costs. that is part of the risk.
BMP