Rehabbers nightmare! - Posted by Judy

Real Estate Investing
#1

Posted by Laure on April 23, 2000 at 19:40:48:

I am doing a lot of L/O’s. What I have changed this year, is that I am taking them to my Mortgage broker BEFORE we cut the deal. When I get a call, I screen them. The good ones, I make an appointment to see the house and the broker in the same appointment. She tells us while we wait what it will take to fly. Then I decide, with some decent option money down, as well. I get 3 to 5k… and push for the 5k option money. This should be the time of year that things should start moving. I am also reducing my Lease term to 6 months instead of a year. Folks aren’t going to walk away from 5k in 6 months. And if they do >>>>> then even the house from hell ain’t that bad to get back ! LOL

Laure :slight_smile:

#2

Rehabbers nightmare! - Posted by Judy

Posted by Judy on April 23, 2000 at 17:44:45:

We have been rehabbing houses for several years with very good returns and not to many complaints except the usual hard work involved. Until a house we bought over a year ago that has had everything imaginable have wrong with it
Anyway its now finished and ready to sell. In the past we have been just renting out our houses but this house would not be a good rental and we want rid of it. Has anyone had any luck with the conventional FSBO marketing or would I just be wasting my time? I can list it for 3% but it seems like the market has been slow. This house is in a high price range for the neighborhood which doesnt help. I was
thinking about the lease option but we do not want this house back in a year or so. Any suggestion in how to bring
buyers in would be appreciated. We are not motivated enough to take a big discount and like everyone else would like to get the best return we can.

Judy

#3

Re: Rehabbers nightmare! - Posted by Mike O

Posted by Mike O on April 24, 2000 at 23:06:45:

Hi Judy,
I am retailing a FSBO right now. I targeted first time home buyers in my area. My city offers grant money for closing and down payment. I am getting my full asking price. The first time homebuyer must qualify under income and job requirements. I don’t know where you are located but I found this information at my city’s Housing and Economic Developement office, I have also heard some counties offer homebuyer programs. It may be worth a few phone calls. Hope this helps.

Mike O

#4

Re: Rehabbers nightmare! - Posted by Mr.Capital

Posted by Mr.Capital on April 23, 2000 at 20:30:03:

FSBO are great way to get what you want out of the property. The best way to go about this is to pick up your local phone book and call all the mortgage brokers until you have one that has a functional FSBO program. This should cost you nothing, these companies make there money when they write a loan for the prospecting buyer. Therefore you don’t lose money to a realtor, and your can pre-screen your buyer. Plus staying away from the MLS listings the realtor use opens up the 60% of the market buyer out there in the non-conforming arena.

Best of luck.