Need Creative ways to BUY this House ! - Posted by Rob (Atlanta, Ga)


#1

Posted by J on December 12, 1998 at 23:03:47:

Talk to the RE Broker and see if they’ll take the commission over time, then offer to pay it.(instead of the seller) Give the Broker 8-9% on the commission and then show them other deals you’ve worked. Then ask the broker to find you more, and make them money. They will come around to your way of thinking as they see you fill there pocket monthly. Also the word will get out to other agents that you are a serious BUYER and you’ll begin to hear from others soon.
If they won’t, do what I did this summer…tell them “okay, thanks and have a nice day”, and go on to another deal.
I had an Agent contact me from one of my news paper ads this summer. She offered to bring me deals IF I would sign a contract to make her my “Exclusive” agent. I told her “NO!” and said bring me some deals anyway. I explained my criteria, and she found several properties and presented them to me. Not one was even close to what I wanted, or fit the profile. she also rejected the idea of “Creative finance”. Needless to say, She NEVER got any business from me. Then on my most recent deal, my agent was another agent from the same office of the first agent. We did a GREAT deal, and now the new one is faxing me daily with good prospects, and taking her commission in notes when needed.
I bet that other skeptical agent is a little mad. But, I’m sure she will now pay more attention to the next REI who comes her way…especially since I took half her commission on this recent deal to another agent in her office.
he he he
I love it!
I found that in my area, many agents outright reject my ideas, and are NOT cooperative. Then I began to eduacate them in my methods a little. They either learned or lost my business.
One such agent said “NO”! outright, so I taught one of the younger more opened minded agents in his office, and we have begun a great relationship. I can now trust this agent to bring me deals, with many of my questions already answered. She has learned to find out what I need to know, and then present them to me.
Example;
She recently brought me a Townhome, where the SELLER has rejected to her regret 2 previous offers. Now that sellers children have all moved out of state and she wants to follow. She owns the TH outright, and will do seller financing if she can "come up with enough cash to fly to Arizona and move her belongings."
I will probably get this TH because she will take my $3k in cash and carry the rest of the price which will be WAY below market value.
My agent also owns the two units on either side of this one, and can help me find renters. When I asked her why she wasn’t going to buy this one, she said that she knew by bringing me more deals, she would get more deals with me afterwards.
The bottom line is; If your brokers won’t work with you, or learn to work with you, FIND ANOTHER BROKER!


#2

Need Creative ways to BUY this House ! - Posted by Rob (Atlanta, Ga)

Posted by Rob (Atlanta, Ga) on December 10, 1998 at 08:26:24:

I found a house (2 bed/ 1 bath) frame in a very nice area that’s appreciating in value. The home owner sought me out from a previuos deal I did with a friend of his. Now he wants me to BUY his house because his family is looking for another house. The payoff is $44,000 and the value in this area is $60,000.

I really want this house, so please give me some suggestions on how I can get it without any money from my pocket.

thanks,


#3

Re: Need Creative ways to BUY this House ! - Posted by Bud Branstetter

Posted by Bud Branstetter on December 10, 1998 at 09:16:11:

One choice is to do a note deal. Unless you want to qualify yourself find a buyer by offering owner financing. The monthly payment amount will depend on their credit. Sell the payments on an 82% first of the appraised value. You will net enough to purchase, pay closing and make it to the convention. You pocket their downpayment and the note for the difference. If the seller wants cash over an existing mortgage he can get a little. Your post insinuates that you can get it for the balance.

L/O or contract for sale may also be applicable depending on the cash needed and the motivation of the seller.


#4

Re: Need Creative ways to BUY this House ! - Posted by Rob (Atlanta)

Posted by Rob (Atlanta) on December 10, 1998 at 13:19:54:

thanks, Bud
I got more info. from the seller. They don’t necessarily need alot of cash. They will take anything they said ($500 -$1,000) They just want to sell it, and go to another home. Also They just listed it with a real estate company on monday the 7th for 6 months. Now what do I do, because it’s a GREAT investment home !