Buying Forclosures For People
I am a very broke, in debt college student but I do know several people in my family that would like to get into the real estate market.
I was wondering what would be considered a fair percentage if I was to do research, and buy homes from the city for my family members. (I was thinking 20% of the FMV-successful bid.)
Also, if I were to buy a house with their money, and be responsible for all the improvements and paper work so basically they have to do nothing, what would be a fair percentage of the profit (I was thinking 25-50W%).
Like I said I am very much a newbie when it comes to all of this and do want to make some money for myself, however I do not want to be ripping people off and on the other hand I do not want to be underpaid.
Any input would be appreciated.
You are right, I really HATE to do business with family but being a college student with no money and becoming increasingly in debt, I will have to deal with it for now.
If I knew someone who knew the ropes here in Chicago, believe me that I would kill to gain some knowledge. However it seems that whatever percentage my "investors" will give me I will have to take until I can obtain some capital.