but whats difficult about doing it that way is showing your list of investors the house. they are going to want to see the ins and outs of the house. and when all of a sudden you start bringing over people to look at it all the time the sellers may get a little fed up and say whats going on here. you could always take pictures and show the investors that way.
easier said then done. remember they think your buying the house not the several investors you bring over. i have done it a number of times and it definetly brings up concerns and questions with the sellers. have you ever done what you have said, or are you just relaying what you read somewhere?
Quote:
On 2005-06-29 15:01, Harlacan wrote:
Showing the property to several investors is no different than a realtor showing the house to potenial buyers.
I close in a week frequently and will be closing in 36 hours on a house that I bought last night. The mother is dying and I want the home to record in my name before there is an issue with title transfer after death.,
My title company really is the best not some large name company that is too busy to do a close in a day if needed and that is not creative.
Title in 7 days is no problem anywhere that I have ever worked. Same day or in a week it is the same title insurance.
[addsig]
well, i think the phrase "close in 7 days" actually refers more to taking title and getting the sellers there money to move out within 7 days. some of my ads say "close within 48 hours" now it is partly a marketing gimmick on my behalf but if i needed to i could prepare a deed and take title/close on a deal within that time frame. unless i know the deal is a dead ringer then i will proceed with a bit of caution as was stated above. in markets with heavy competition, taking the title asap is almost a must. even if you dont record the deed and havent brought in a loan or made up the back payments you still have "closed" because the seller doesnt have to do another thing but move out.
sorry if you thought it turned into a "rooster fight" that wasnt my intentions. only to shed a little light on the subject at hand. and even if that scenerio does pan out and you do find a investor/buyer they are not going to want to pay you untill they close. (by doing an assignment of contract) which could take more then 30 days if there getting a loan.
Thank you gentlemen for shedding some light on this subject.
I’ve been a TCI member for almost 2 yrs. and I have read some nasty arguments and some mud slinging and I would not like it in my thread.
This is a learning forum and we learn from other people and from our mistakes.
Thanks ZinOrganization, I liked this last explanation, it was more informative.
Keep the Peace
Gonzo
Quote:
On 2005-06-30 10:33, ZinOrganization wrote:
well, i think the phrase "close in 7 days" actually refers more to taking title and getting the sellers there money to move out within 7 days. some of my ads say "close within 48 hours" now it is partly a marketing gimmick on my behalf but if i needed to i could prepare a deed and take title/close on a deal within that time frame. unless i know the deal is a dead ringer then i will proceed with a bit of caution as was stated above. in markets with heavy competition, taking the title asap is almost a must. even if you dont record the deed and havent brought in a loan or made up the back payments you still have "closed" because the seller doesnt have to do another thing but move out.
sorry if you thought it turned into a "rooster fight" that wasnt my intentions. only to shed a little light on the subject at hand. and even if that scenerio does pan out and you do find a investor/buyer they are not going to want to pay you untill they close. (by doing an assignment of contract) which could take more then 30 days if there getting a loan.
They pay what they offered and the deed is recorded. Is that what you mean?
So how can you compete with them in this business if you are totaly broke with bad credit and living from paycheck to paycheck. (In the red)
Gonzo
[addsig]
Is there any way around it like flipping, at least until you can build your way up?
Is it possible???
Gonzo
[addsig]
1. You need to gather a list of buyers or investors that can and are ready to pay cash.
2. Call some ads in your local papers where investors advertise, example: "We Buy Houses, Any Price or Condition"
3. You can run your own ads saying your looking for RE investors.
4. Find a house and agree to buy it at a certain amount. Be sure to leave some profit for your investors.
5. Once you sign a contract with the seller, give them a deposit say $50 bucks. This will make the contract binding.
6. Then call your list of buyers/investors.
7. Add a few dollars to your selling price say $5000?
There you have it, You found a house and it cost you $50 bucks, Then you flip it and make $5000!
Hope Helps!
Thanks Harlacan you made my day.
Your step by step made tons of sense.
I thank everyone else who answered my question.
Gonzo
[addsig]
but whats difficult about doing it that way is showing your list of investors the house. they are going to want to see the ins and outs of the house. and when all of a sudden you start bringing over people to look at it all the time the sellers may get a little fed up and say whats going on here. you could always take pictures and show the investors that way.
Showing the property to several investors is no different than a realtor showing the house to potenial buyers.
easier said then done. remember they think your buying the house not the several investors you bring over. i have done it a number of times and it definetly brings up concerns and questions with the sellers. have you ever done what you have said, or are you just relaying what you read somewhere?
Quote:
On 2005-06-29 15:01, Harlacan wrote:
Showing the property to several investors is no different than a realtor showing the house to potenial buyers.
Thanks ForeclosureHelpNow, I just thought If this could be done legally then I would like to learn how.
You guys also have to remember that you live in different areas and what works for one might not work for the other.
I didn’t want my thread to turn into a rooster fight, I just needed a question answered and explained.
Again thank you for returning to the topic ForeclosureHelpNow.
Gonzo
_________________
"If you think education is expensive, you should try ignorance." [ Edited by Gonzo on Date 06/30/2005 ]
I close in a week frequently and will be closing in 36 hours on a house that I bought last night. The mother is dying and I want the home to record in my name before there is an issue with title transfer after death.,
My title company really is the best not some large name company that is too busy to do a close in a day if needed and that is not creative.
Title in 7 days is no problem anywhere that I have ever worked. Same day or in a week it is the same title insurance.
[addsig]
well, i think the phrase "close in 7 days" actually refers more to taking title and getting the sellers there money to move out within 7 days. some of my ads say "close within 48 hours" now it is partly a marketing gimmick on my behalf but if i needed to i could prepare a deed and take title/close on a deal within that time frame. unless i know the deal is a dead ringer then i will proceed with a bit of caution as was stated above. in markets with heavy competition, taking the title asap is almost a must. even if you dont record the deed and havent brought in a loan or made up the back payments you still have "closed" because the seller doesnt have to do another thing but move out.
sorry if you thought it turned into a "rooster fight" that wasnt my intentions. only to shed a little light on the subject at hand. and even if that scenerio does pan out and you do find a investor/buyer they are not going to want to pay you untill they close. (by doing an assignment of contract) which could take more then 30 days if there getting a loan.
Thank you gentlemen for shedding some light on this subject.
I’ve been a TCI member for almost 2 yrs. and I have read some nasty arguments and some mud slinging and I would not like it in my thread.
This is a learning forum and we learn from other people and from our mistakes.
Thanks ZinOrganization, I liked this last explanation, it was more informative.
Keep the Peace
Gonzo
Quote:
On 2005-06-30 10:33, ZinOrganization wrote:
well, i think the phrase "close in 7 days" actually refers more to taking title and getting the sellers there money to move out within 7 days. some of my ads say "close within 48 hours" now it is partly a marketing gimmick on my behalf but if i needed to i could prepare a deed and take title/close on a deal within that time frame. unless i know the deal is a dead ringer then i will proceed with a bit of caution as was stated above. in markets with heavy competition, taking the title asap is almost a must. even if you dont record the deed and havent brought in a loan or made up the back payments you still have "closed" because the seller doesnt have to do another thing but move out.
sorry if you thought it turned into a "rooster fight" that wasnt my intentions. only to shed a little light on the subject at hand. and even if that scenerio does pan out and you do find a investor/buyer they are not going to want to pay you untill they close. (by doing an assignment of contract) which could take more then 30 days if there getting a loan.
[addsig]