Posted by leslie on May 06, 2000 at 02:08:45:
here’s what i would do.
house 2) screen 'em yourself on the phone. let them drive by. most of the decision is made on the price/area. pick the best ones based on their interst and your screen, then make one trip. now i’ve done a lot of this, but you might prefer a p/mgr
house 1) don’t fix it. get a t/b contractor or investor type to take it as is and do it for himself, his risk and his time and money. you can offer a great benefit. how many macho guys would love to “buy fix and sell” w/o going to the bank. here is their answer. the “l/o fixer”. you will wish you had more of them.
ad: “rent-to-own fixer, make money on this one” “no loan needed fix it and sell it or live in it.” offer easy l/o terms. after they fix it they can shop for a qualified buyer to buy them out at the option price plus their mark up and pay you off.
your time is better spent … finding more deals.
leslie
TWO HOURS AWAY…but flexible…what should I… - Posted by hot-one
Posted by hot-one on May 05, 2000 at 19:56:15:
There are two houses I will see tomorrow. One is 1.5 hrs away & the other is 2hrs away.
Both of the sellers own free & clear & will agree to seller financing…
So of course I will make an offer with seller financing terms.
HOUSE ONE:
(I plan on fixin it up & either do a lease option or find a buyer for new financing)
Needs kitchen & bathroom to be redone, carpet through out and paint. Seller’s approximate rehab cost: 10k
My question:
How do I go about finding contractors to do the work from an area I totally don’t know about, pay for it, & make sure their doing the contracting work.
***Would it be a good idea to start my mortgage payments to the seller until I have my tenant/buyer???
HOUSE TWO:
(I would do a lease option/rent to own)
Totally renovated, would be a good rental property
My question:
Should I get a property manager to screen potential tenant/buyers & show the house during the week b/c it is 2hrs away.
I’ve been REI for a little more than a year. These deals LOOK GOOD and so I would appreciate any advice.
Thank you for reading!
hot-one