Posted by Ron-Va on December 19, 1999 at 20:18:53:
Help! Need to sign contract by monday - Posted by Ron-Va
Posted by Ron-Va on December 19, 1999 at 08:52:49:
Thanks in advance for any help you can offer!!
I have a potential flip I am working on that I need to sign contract on by monday 12-20-99.
I can get under contract for $31,000.00, after repaired value of $62-65,000 and it needs about $8-10,000.00 in repairs. On a wholesale flip I should make about $2-4,000.00. If I do repairs and Retail it I could make $10,000.00 plus.
But the concern I have is they want in the contract that I will close by the end of the year. I want to flip it for a couple of thousand but if I can’t find wholesale buyer quick enough is a Hard Money Lender a way I could close that quickly???
Any imput would be greatly appreciated. I am in Richmond Va. do you know of hard money lenders for this area and do you think this is a deal worth pursuing.
Thanks and have a great Christmas and a prosperous Year 2000
Re: Help! Need to sign contract by monday - Posted by ali
Posted by ali on December 19, 1999 at 12:50:51:
would like to know in which state the property is.
Re: Help! Need to sign contract by monday - Posted by Nick
Posted by Nick on December 19, 1999 at 09:48:56:
I’m a newbie, so what I’m saying is just off the top of my head with no practical experience behind it; but nothing ventired, nothing gained.
With 2 Holidays and 2 short business weeks and due diligence and phone-tag staring you in the face; I tend to think that you are S-O-L in terms of getting funding by New Year’s Eve. Some people claim that they can close in as little as 3 days, so it wouldn’t hurt to keep at it.
What you might do, if you find something concrete that you can be sure won’t backfire on you, is offer to close using as little cash as you can get away with and a promissory note in exchange for the funds that you need but can’t get until after the 1st. You can be as creative as need be, you could make it a 15 day, 30 day, 60 day, or whatever term note you want. As long as the seller is convinced and you are guaranteed your funds.
Just remember that this is risky. If your funding source is unable or unwilling to follow through, you’re in deep doo-doo. Maybe you can put in a “weasel” or 2 to get out if it falls apart.