A Lot Of Rehabbers In Detroit, But Where Can The Wholesalers Be Found?
Hello..I am fairly new to this site and I have learned so much since I joined. I have bought and rehabbed a few homes, but I just jumped right in without a clue as to what I was doing a few years ago. I know see that there is way more to REI than just rehabbing. Over the past few years, I have connected with a lot of rehabbers that buy homes with cash and fix them up for rental property but good deals seem very scarce in this area.. I have yet to run into the real estate investors that have a lot of nice fixer-uppers for sale at a wholesale price. Does anyone know where the best place to meet the people that have the good "legitimate" investment deals in Detroit?
I am looking to start wholesaling in Detroit. What area are you looking for? What is your price range? I can help you find what your looking for.
I do appreciate all of the posts thus far. I see so many lists with tons of houses on them. Most of the houses end of being dumps or the asking price is so ridiculous for the condition that they are in, that it starts to get a little frustrating, especially when you have a network of people that will buy 4 or 5 houses at a time to rehab. By joining this site, I see that there is an art to establishing an inventory of properties and connecting with the people that have the proerties to sell to rehabbers. I wondered why I seemed to be having a difficult time locating good deals. Well...if there is someone out there that would like to step in as a mentor and move some inventory in the Detroit -metro area, I would be will to work a deal with the profits. Thanks again for the posts.
We wholesale about 1/3 of our houses... My logic is that the 30k i make over what I buy it for although its not the total amount available if I would rehab and sell it retail recycles back into my capital pool so I can turn my money faster... I try turning the funds 4 times a year and discounting affords me that ability...
I would suggest you start calling every sign you see that indicates they buy houses and make a deal work for them...
Also visit a hard money lender, they always have deals the want to get rid of... they aren’t in the business of selling at retail they just want their money to work for them...
Last place to pick up a deal is to offer a seller more money to carry paper, make them your partner in the transaction..
[addsig]
Sounds like a simple option agreement to me.
Just will bigger numbers. the only question you need to ask yourself is can the property be sold for more then the 1.1 million.. maybe 1.2 or 1.15. If so you can make the difference. IMO , it would require you doing a double close.
i agree with james a option contract sounds like the answer...but whatever you do do it quick!
You are trying to think creatively on a property owned by a bank. Banks are some of the most uncreative institutions. If it is on a loan type specifially "in the book" it will almost definately get turned down. Nobody at a bank has authority to approve a loan that is not in the book.
The propety is listed MLS. As your realtor or the listing agent if the property has been listed before.
What tax payments are you talking about - property taxes or was there an IRS tax lien on the property?
Brend