Help! Need creative ideas… - Posted by Mia Shmeklehurtz
Posted by Mia Shmeklehurtz on May 18, 1999 at 12:27:49:
I found a town of about 35,000 people where everyone works at the local mill. Houses can be bought for $15,000 and with $2,000 in materials (and my labor) they will appraise for $30,000.
So what’s the catch??? Okay, until a few months ago, there was no local mortgage company and the banks only wanted to lend on new mobile homes (Go figure). People there have no idea that they can by a home with a little creative financing. In the past, they had to buy with complete owner financing or save up $20,000. Note: On any given day, the local paper will list a grand total of 5 or 6 houses for sale (no financing available). There are NO signs or ads in this town that say “We Buy Houses” or “Lease purchase”.
Facts… 1) Houses can be bought below market value because of the lack of mortgage money. 2) There are a dozen qualified buyers (who don’t know they are qualified) for every house. 3) There is no creative finance happening in this town.
Question… What is the best way for me to profit from this situation since I only have about $3,000 to work with?
Do I begin buying options on houses (from sign and ad leads) to resale? Do I try to arrange double closings to resale?
How do I get control over these properties with very little money so I can resale them?
Thanks in advance.