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