Is This A Feasible Plan?
Hi all,
I've done more over-analyzing and have finally come up with a plan and would like to get some feedback on it:
1) Find a lender who does not have seasoning requirements and get pre-approved.
2) Find motivated sellers by researching the public trustee information.
3) Drop off fliers to these motivated sellers.
4) Hope for some calls
5) If a call comes throught, arrange to visit the property. If the property is "qualified", sign some papers.
6) Talk to the lending institution and try to initiate a short.
7) If the short is accepted, prepare for closing.
Go back to bank, and get funds that I was pre-approved for.
9) Close
10) If needed, rehab the place.
11) Flip the property in a couple of days (hopefully!!)
Thanks in advance!
Quote:
On 2003-12-30 14:48, tungacta wrote:
Hi all,
I've done more over-analyzing and have finally come up with a plan and would like to get some feedback on it:
1) Find a lender who does not have seasoning requirements and get pre-approved.
Good idea!
2) Find motivated sellers by researching the public trustee information.
Good idea!
3) Drop off fliers to these motivated sellers.
You might want to send letters first and then flyers and then knock on their doors.
4) Hope for some calls
Calls will come if you do your marketing.
5) If a call comes throught, arrange to visit the property. If the property is "qualified", sign some papers.
Not if, When and remember to be understanding and not rush them.
6) Talk to the lending institution and try to initiate a short.
That is one way to go about it. there are lots of options, depending on the situation of the homeowner and the amount of equity in the house.
7) If the short is accepted, prepare for closing.
Also true if that is how you work that deal.
Go back to bank, and get funds that I was pre-approved for.
9) Close
10) If needed, rehab the place.
11) Flip the property in a couple of days (hopefully!!)
Couple of days...If you have cash buyers, you bet!
You are on the right track...Good luck!
Thanks in advance!
Yes you are right....you have been over analyzing.
And never "Hope" for people to call you back.
I am just joking, but I suggest you build your credit, buy a home for yourself (if you haven't done so). Build some equity (if you haven't already done so). Get a bit of cash to complete a sub2 deal or a short sale deal... and Bingo...you will be on your way. Cured from analysis paralasissyivich... what ever
[addsig]