placing ad "For Sale or Rent"????? - Posted by Shane (N.C.)

Real Estate Investing
#1

Posted by Shane (N.C.) on April 21, 2002 at 22:46:12:

TT,
Here are the details you asked for. The house is a 3br, 1ba, vinly house in a little neighbourhood in a small town. It was built in 1980, it’s only 1,124 squ. ft., and it’s on a half an acre lot. The house is a foreclosure taken back by the bank, but a real estate co. has it that is about an hr. away from here, so they don’t really care that much about it, they just want to get rid of it, they don’t even have a for sale sign up in the yard. House has 2 yr. old windows & vinly, it only needs some paint and carpet. Asking price is $60,000, a few thousand less than a month ago. I’m figuring at the most $5,000 to $6,000 on cosmetic stuff to get it looking presentable. Houses in that area sell in the low to mid 70’s. I’m thinking about offerring around $43,000 and may go up to $47,000. What do you think? Is this a bad deal, should I offer more or less? What is the best back up plan if I can’t sell? Please give me some input!
Thank you, Shane

#2

placing ad “For Sale or Rent”??? - Posted by Shane (N.C.)

Posted by Shane (N.C.) on April 20, 2002 at 21:51:24:

I am in the process of buying a house for a quick flip, but my problem is that I’m scared I want be able to re-sell. I can’t afford to be making the payments while I try to sell it, so I need to be ready for other options. Would it be bad to place an add in the paper “for sale or rent”? That way I could at least get a renter if not a buyer. The other option would be to owner finance. Any help or advice would greatly be appreciated. Thanks, Shane

#3

Re: placing ad “For Sale or Rent”??? - Posted by Tarheel T

Posted by Tarheel T on April 21, 2002 at 15:40:03:

Shane,
Now, Just Why are you afraid? If you have a good deal, you should be able to sell 'er within the time you are waiting to close yourself.
But…

You never know…

And it is always important to have a back up plan…to implement when it is needed.
The way your post reads you are not ready to go to plan 2 yet.
Please post the details of your deal so that we can give better advice.

Best Luck,

TT (NC)

#4

Re: placing ad “For Sale or Rent”??? - Posted by JT (CA)

Posted by JT (CA) on April 20, 2002 at 22:59:24:

Here’s an ad suggestion you might want to try:

“OVERPRICED!!! Dirty carpets, leaky roof, some broken windows, must sell!!! ONLY $$$$ Willing to sell on contract or lease. Make me an offer!”

On this, you would follow up when you get calls as, “I’m sorry but I’ve already sold that house, but I have a house on the other side of town that you might be interested in, it’s about 3(or 4) years old, very clean, newly replaced carpets, just $$$.”

You have to remember, the purpose of an ad is to get potential sellers or buyers to call, not to educate. That’s a technique from “The ABC’s of Subject To.” Can’t recommend it highly enough.

Happy investing!!!

JT