I found a partner, suggestions please!!! - Posted by pete
Posted by pete on May 13, 1999 at 14:11:16:
I have found an investor who will put up all the money for real estate transactions. The requirements are stringent, but the money is there. I must buy at no more than 65% of the “fair market value.” This is exciting! The only thing I have to do now is find the property. I have to provide the following information:
fair market value
Description of property
What I want to do: Rehab, Flip, Sell, Refinance
I have found a realtor who is new, like me. He doesn’t have experience with investors. However, he is willing to work with me. There are a lot of things that he doesn’t know. I told him that I believe in loyalty and let’s see what happens. One of the areas that I have a hard time is finding the “Fair Market Value” of a prperty. I get some printouts, but they only include the asking price. He doesn’t seem to know how to get it or what it is. I need this information to submit to my investor/partner. The nice thing about my partner is that price is not a hinderance. Also, we can close in less that 30 days. What do you all think? How would you handle this situation? What other methods can I use to get FMV? Would you work with another realtor/broker? Is there anything that I’m missing? I’m interested in your responses. THANKS!