What to do next? - Posted by Shenesa

Posted by LeonNC on May 19, 2000 at 10:00:35:


If you want to flip it, make sure you have it signed up before you call the Realtor. I don’t know what your relationship is with this Realtor but I know that Realtors are in the business to make a profit. Personally I would get it under contract for at least 30 days. I would then proceed to market it myself so I could have my own database of investors to call next time. If it gets down to the wire then maybe you could call the Realtor. Aggresively market the house for at least two weeks without the realtor and depending on what’s going on, THEN I might CONSIDER calling the Realtor.


What to do next? - Posted by Shenesa

Posted by Shenesa on May 19, 2000 at 08:40:27:

I came across this house doing a drive by. I called on it and the owners are asking 15K for the house. The owners are elderly and was renting out the house. It is a sfr with 3brs, 1ba, liv room, dinning rm, kitchen and 1 car garage. The house is in good condition, and is in need of painting and a few other odds and ins, which will equal less than $500,if that. The reson why they are selling is because they do not want to be landlords. The house has no mortgage but they owe about $1700 in taxes. I did a check on houses that sold in that area and they average from $40-60k in the past few years. I believe this is a $$$$$ deal!

I already know what I want to do with the property. I want to get a realator involved that I have made contact with that is familiar with creative investing and has imvested in properties before. She has contacts with other investors who looks for properties of this type. I want to put it on market for 35K and flip it to another investor w/dble closing. The owners agree with all the terms in the contract and I will be giving them a $100 deposit. My question is, should I get the agent in on it asap,who is also a broker with access to hard lenders? I believe this will move quickly if another investor gets wind of it.

Your advice greatly appreciated.

Shenesa, NY