What do you think about this idea… - Posted by Robert(AL)
Posted by Robert(AL) on February 24, 1999 at 21:43:50:
I read Joe Kaiser’s post last night regarding “The Prehab” and I came up with the following idea. Please let me know what you think, I am a newbie trying to find a niche.
I would like to offer an owner of a distressed property a lease/option in order to gain control of the property. After aquiring control, give the property Joe’s “prehab” treatment and begin to offer it for sale as a “handyman’s special” with owner financing. When a suitable buyer is found, I would exercise my option to purchase and close with a simultaneous closing. To come up with the necessary cash to close my end of the deal with the seller, I would need to sell a discounted note to a note buyer. This is where I could use some help. How do I find a note buyer and how does the process of selling a note usually proceed?
This seems like a definite win-win situation for all involved if it is feasable, the seller gets rid of a burden, the buyer gets a house that he could immediately build some sweat equity into, and I could make a handsome profit.
I would appreciate any input you may have.