Posted by luke hoppel on March 21, 2006 at 16:02:24:
If you don’t know him at all, please pay attention to what Rich said in his post. Don’t just throw the deal away but verify, verify, verify! Ask a lot of questions, ask for references, ask other investors in the area about his reputation.
If you do all of your homework and do it right, it could be a great deal. If you throw caution to the wind, you may end up with something awful.
If you would like further help, shoot me an email.
Luke
possible deal - whats the best/cheapest way? - Posted by carson
Posted by carson on March 21, 2006 at 09:25:15:
I was contacted by someone out of state with a deal. He said its worth around $300k (or more) ARV and I could get it for $200k. He also said its in pretty good shape, it just needs some minor cosmetic work.
The guy im talking to is going to tie it up with a contract and wholesale it to me. Now my original plan was to wholesale or birddog to get started because i have no money, then this comes along.
I really dont think ill be able to get a HML if they have to check me out. I have decent credit (low 700s) but i dont really have an income right now. I could borrow for payments until its sold but…
Also, i dont think Sub2 is an option due to him only looking to wholesale it.
opinions? questions? thoughts?
Thanks
Easy… - Posted by Luke Hoppel
Posted by Luke Hoppel on March 21, 2006 at 09:46:09:
I would verify this deal and ensure that the numbers being used are correct. If you find out all the numbers are good, simple partner with someone that has some cash and split the profits.
Re: Easy… - Posted by Rich
Posted by Rich on March 21, 2006 at 14:09:09:
Do you know this wholesaler? Have you had some good deals with him? How do you know what he’s talking about even exists? There are a LOT of scam artists out there. Be careful.
Re: Easy… - Posted by carson
Posted by carson on March 21, 2006 at 14:13:07:
No i dont know him at all. Im not going to give him anyhting or do anything until I can take a look at the place.