Buying Deeds
I have a guy who contacted me to buddy up with him. He says that he is a deed acquiring machine. He knocks on doors and get about 15 deeds a month. He wants to sell me deeds at 1k upfront, and then split the profits 50-50 minus his 1k. If the deal does not work out then the next deal is the same arrangement except it is 50-50 minus 2k. He is the liason with the previous owners, he will record the deed to trustee, and he meets the BPO for inspection. Basically, I do the short sell and finance the deal.
Of course I will check him out as he has done this for years with another investor who has now retired.
What are some things I should look for in the deeds that he is giving me or even to tell him that these are the types of deeds that I want to buy.
(Trying to come up to speed ASAP)
Thanks
Brenda
Brenda,
You will want to do the same Due Dilligence on them as you would for a property that you are wanting to buy. Make sure you know what you are buying. Sounds like a pretty good deal. I would also talk to the person that retired and see what they have to say.