Opportunity is Knocking on your flip! - Posted by Judy Miller - American Note
Posted by Judy Miller - American Note on March 10, 2000 at 12:00:50:
Tim, there are several initial factors that can determine whether or not you can obtain the money to buy the house and perform the fix-up in order to resell it, because if the answers are good ones, American Note may be able to assist you as we’ve done with other private investors and “rehabbers” in the past under a special program that only I work on in the office.
If the house is in a good area, not high crime, not inner city, etc., we are heading in the right direction for our consideration to joint venture this with you.
If you can estimate with a lot of certainty what the hard costs are for the fix-up, and if those costs are reasonable, we are still in the game.
If you have any experience rehabbing a house, decent credit of your own, perhaps some cash to bring to the table, this would make your case stronger.
If the bank is negotiable on the price since the house is in disrepair and you will be offering to take it “as is”.
Any other information that would make a strong case for us to consider making you a loan or joint venturing with you will be considered.
Given the combination and realities in your answers on the circumstances for each of the above issues, as long as there appears to be a managable risk, and a good enough upside, and you personally know how to manage the project in a quick and timely manner, and then market the property for quick resale, we may be interested in working with you.
We’ve done this in the past with varying degrees of success. Sometimes the private investor we’ve worked with did not know how to get the work done quickly and for the best price. Sometimes the private investor could not turn the property quickly enough, even though we were ready, willing and able to offer owner financing to create a swift and greater marketability. The location and movement in population in an area, whether up or shrinking, may make a difference as well.
If you would like to discuss this, please e-mail me in response to the items listed, and I will surely consider working with you. We don’t accept all inquiries on these joint ventures or loans, however, I personally sift through them and we are comfortable being active investors with good, hard-working, intelligent people, one of which I am hopeful you are.
Best Wishes, Judy Miller, President