OfflineI'm new to this. I have confidence I can get this done.
so any suggestions and help is always welcome.
I have seen house empty and for sale by owners in my neighborhood. And the same houses then listed for rent; because they did not sell.
what would be the best way to handle something like this.
also, what is the best way to finance deals.
I have seen private lenders advertise.
They appear to be more willing; and possibly faster to work with than banks.
are they?
maybe best thing to do for now is to find an investor and
assign it to them for a fee.
it's not the find the properties that is hard.
it's the filling in the contract and arranging the finances that I need more help and confidence with at this time.
Tim
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Tim,
This has all the classic signs of a motivated sellers. You may need to educate them on lease options or owner financing. It also depends on how much money you have to work with. You should call them and pre-qualify the properties to make sure the numbers are going to work. Then if they seem to work go see the property. Recheck your numbers make sure they still work then you can start to figure out financing.
Keep in mind that these owners may have management problems that you could fix and have a nice positive cash-flow.
With contracts always make sure your escape clauses are in them. As well as AND OR ASSIGNEE.
I hope this helps.
I totally agree. What you have on your hands is the perfect lease option scenario. Get some numbers on one of houses and we will help you form a stategy.
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
Tim,
You're on the right track. Private lending is a good route to go. What would you ultimately like to do with the properties? If you want to flip them, then you could go with a private lender. I'm currently offering 12% to my private lenders if they can wait 6 mos. to be paid. Once the properties flips, you can pay the private lender at the closing. Second, if you have a LLC, then you could apply for a line of credit. My bank is offering prime rate plus 1%, and I don't have to pay anything for 6 mos. The closing costs are 1 % of the loan amount with 80% ltv. Last, you can apply for business credit cards for your LLC. Sometimes you can get 0% interest for a given period of time. Hope that helps!
Tim,
As you can see we can help you to form a plan. It's time for you to go get the information. The first deal is the hardest, but look at the help we are offering. You're not alone. Good luck and know that we are here.
Just to clarify to anyone who was calling customer service for help on a deal. Customer service handles things like billing and product questions. They are not real estate investors. Dean pays to staff actual experienced REI mentors for those who want to pay for mentorship, guiding them through their process. The mentorship is not free, as you can imagine how much it would take to get yourself to be available at a moments notice to be on the phone when you could be out making the big bucks on property. Also, due to the demand, they do not accept everyone. I hope that clears up any confusion about getting extra help to walk you through your deals by calling Dean's team. If you can't get in the mentorship with Dean, look for a local mentor or use the forums as a virtual mentor.
-DGadmin