OfflineFound a great property that is an REO listed for $54,900. There were multiple offers on the property so upped bid to $65k when I found out comps were around $120k ARV. Offer was accepted at 65K but bank wanted to impose some contingencies.
They countered with $3000 binder, $100 per diem every day after closing date if deal doesn't close on time and 5 day inspection period. I countered the bank with $1000 binder and 10 day inspection.Waiting to find out if they accept offer.I have no cash to do this deal.
Thought I would be able to get hard money loan to fund the deal and flip property but all the hard money lenders want at least 20% down . Having a hard time finding a cash buyer to even possibly bird dog or wholesale deal to!
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Matt,
It's good to know that you're ahead of the game by applying effort and giving this a shot. But Keith's right, without a little information about yourself, many of the DGer's in the family won't know exactly where your're from or how to help you out based on your location.
Don't give up though Matt! There are plenty of great sources here on DG.com and A LOT of great loving and supportive people willing to help you out. You CAN do this and this WILL happen for you! : ) Best of luck to you brother!
Andre
"You are who you are without a doubt...And what you put in is what you see out."
We cannot say this enough....a Buyer's List is Essential for those that don't have CASH. Focus on Building a Buyers List more upfront than looking for deals. Once you have a buyers list you will have a better criteria of what to look for. Using that criteria will help you determine what is a truly good deal and what isn't.
Our Recommendation is to post some ghost ads for this property ASAP....see what you can drum up. Again, this will help you get some Buyers, if not for this property others in the future.
If it falls through don't give up. This can be a discouraging business, just keep powering through. Best of Luck!
Chip & Andrea Weule
AC Investment Group, Inc.
A couple of questions.
1. Does this property need ANY rehab/remodel?
2. What did you use as Proof of Funds?
3. Have you thought about transactional funds to do the double close when you wholesale? Check mine out below.
If you don't have a buyer in 5 days(inspection period)give it back to the bank.
Don't list an address in your goast ads!
Good Luck!
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Nothing else to add...
Michael, Chip & Andrea, and Keith have given you the best advice! Read their posts thoroughly-it's all there...
wishing you success,
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Thank you everyone for the advise. I am new to the program and to posting (this is actually my first for this site). I did not see a Bio page but I will find it and fill that out ASAP.
I will try some ghost ads to see if I can get a buyer fairly quickly. If not I will just let this one go and take what I learned from this into future deals.
Thanks again everyone!
This property only needs paint and appliances. Less than $5K of work.
I used the Proof of Funds letter from the Insiders Cash website.
I would absolutely try doing a double closing if I had a buyer. Guess I was just putting the cart in front of the horse on this one.
Will try some ghost ads to see if I can get a buyer quickly. If not I will prioritize and get working on my buyers list before putting out any more offers on properties.
Thanks again!
I agree with all the comments, also for a Cash Buyer, drive around where you live, Im sure you have the signs (Bandit Signs) that say "WE BUY HOUSE'S" , call those numbers, very good chance its an Investor looking for a great deal and has the CASH.
Hope this helps.
Curtis Fillers
(Charlotte,NC)