Posted by Nate on March 05, 2001 at 21:57:00:
OK, I think it’s a scam. If he really can give you the funds immediately after closing, he should be indifferent between that and taking a note back for the same amount of funds.
I bet he won’t take the note, however.
What do you think? - Posted by Claude (Sacramento)
Posted by Claude (Sacramento) on March 05, 2001 at 13:47:18:
Guy calls on my ad and says he’s worked out a deal with an investor to buy 6 of his properties and wants to flip the contracts. Says he ONLY wants $900 per property (gee only $4500 LOL). Proceeds to say the investor is letting each property go for a 10% -15% discount on each. Further states the investor is a lender and needs 10% down, but will reimburse the funds right after closing. Also says the investor will kick back 3-5k per house for minor repairs.
Does this sound like a scam or just a really creative and illegal deal?
Claude
Re: What do you think? - Posted by Jeffers CT
Posted by Jeffers CT on March 05, 2001 at 15:28:42:
I’d be interested in hearing more.
If the “investor” kicks back any more money, you could just sit on the beach and sip Margarita’s.
Lemme see, I had an offer to sell a bridge around here…
Re: What do you think? - Posted by Nate
Posted by Nate on March 05, 2001 at 14:43:39:
“The investor is a lender”…it’s not a regulated lender, that’s for sure. Banks cannot be in the real estate business. Without more detail it is hard to say, but it sounds confusing to say the least. What exactly would your role be in the deal, anyway?
Re: What do you think? - Posted by Claude (Sacramento)
Posted by Claude (Sacramento) on March 05, 2001 at 15:56:58:
All of the properties are rented and cash flow according to the guy thast called me. I would purchase one property with the 10% down, get back my 10% after close then go out and find a buyer. I would sell the property with owner financing. OI would then use the 10% to purchase the 2nd property and continue until I have purchased all 6 of them.
Claude