SoCal Property Finders - Posted by Rick

Posted by Rick on December 02, 1999 at 24:02:08:

I’m looking for people that can find property in exchange for a finders fee or % of profits.

Here are some criteria and preferences that I have for property that I want to buy:

  1. Types; I will look at almost any type of property except teardowns (I am not a contractor or builder), this includes SFR’s, apartments, condos, raw land, industrial and commercial. Usually the buildings are in need of at least carpet, paint and landscape but most need a lot more than that. The worse the condition the better.

  2. $'s; I can buy property up to $1M although my main interest is SFR’s in the $100-300k range.

  3. Location; My main area market is between Santa Barbara and San Diego with an emphasis in Orange County and surrounding areas, but I will look at anything Central and Southern California including San Francisco.

  4. Margins; I need to buy a property at least 20-25% below market.
    I know this sounds like a big discount but I find about 15 per year on my own.
    Usually these are from people that don’t have the time or money or both to fix it themselves.

  5. Misc; I would prefer to buy directly from the owner but I also like property that has been on the market under 1 week or is a REO that has not been rehabed. If a RE agent finds it for me I will obviously list it with them. If the deal looks good I will look at it immediately and make an offer the same day if possible.

  6. Compensation; depending on the deal I will pay between 2-3% of the purchase price or a flat fee. Usually the amount is between $5-10K.
    I am not looking for employees or independent contractors just good deals.

If you have anything that looks interesting or have questions please call me at 1(714) 267-0526,
Rick Hall