Posted by John (KS) on January 18, 1999 at 16:16:01:
Write a contract on it quick with an “subject to approval by partner” clause, and get it signed quick. Then find a partner.
Rehab Special - Posted by Mark
Posted by Mark on January 18, 1999 at 16:03:32:
The following ad is in my local paper.Rehab Special $25,000 cash.Market value $60-65k.I don’t think I would like to flip it,I would rather use a Hard Money lender and rehab for maximum profit.My question is if I can’t get a Hard Money loan should I partner with someone who has the money to invest,I was thinking of placing an ad to find a partner something like this (I forgot to mention it needs around $7,000 in repairs) I have the opportunity to purchase a $65,000 house for only $25,000.I am seeking a partner with available funds.I do the work,we split the profit.
(I do have Rehab experience).Any and all advice is greatly appreciated.
Re: Rehab Special - Posted by Redline
Posted by Redline on January 19, 1999 at 11:41:41:
Something about this deal bothers me. I guess I’m seeing a freebie in the newspaper and I don’t understand why.
You need to find out more about the sellers - why are they offering a $65,000 property that needs $7,000 fixup for $25,000?
Could just be they want out and they don’t care - or it could be the place is sitting on a toxic waste dump.
All I’m saying is BE CAREFUL here and do some good investigative work. Finding out the sellers situation will give you the answers you need.
Good luck,
RL
Re: Rehab Special - Posted by SCook85
Posted by SCook85 on January 18, 1999 at 18:09:18:
Like Dean said if those numbers are correct you won’t have any problem finding the funds to do this deal. I would verify that the numbers such as FMV are correct and the amount of repairs. I have similar ads like that in my paper every week. I know the investors that run the ads, hell I do sometimes myslef. They usually stretch the FMV and shrink the repairs. If it is all true, sounds like a great deal. But do your homework.
SCook85
Re: Rehab Special - Posted by Dean (IL)
Posted by Dean (IL) on January 18, 1999 at 16:06:59:
If those numbers are correct, you won’t have ANY problems finding willing investors.