Looking To Flip In Chicago Help!
If anyone can give me any info it would really help!!
Do they use title companys there or attorneys? Which areas should I stay away from? Thanks in advanced!
If anyone can give me any info it would really help!!
Do they use title companys there or attorneys? Which areas should I stay away from? Thanks in advanced!
Find a good attorney to work with. You can always use "and or assigns" to the properties you put under contract. Or you can create an individual LLC to take title to, and then sell the company to somebody else.
Forget using the and or assigns thing. That just complicate things. Just make sure what ever contract you use, has an assignment clause in it. Then you wont have to worry about explaining and or assigns.
A good attorney will double close for you or really do any type of deal that you want done. Also all title companies have in house attorneys.
Plus in NC you dont need an attorney to close a deal. You can close a deal yourself, as long as the other party agrees and you record everything properly.
Would it be possible to sell at 245 then take your profit and offer the balance back to the buyer at closing?
If the actual price is 245k and you are carrying back a second mortgage. In some cases you can up to 5-10% above market value, to get an even better price. If i were to carry back a second, i would sell the property at 255-260k with no interest on the second. It would be the same, and add a balloon for 3-4 years.
Million Dollar homes are hard to sell (except in Hawaii). That is why Realtors still charge the same percentage to do it.
You are going to have to deal with serious holding costs. There had better be some serious profits.
Chris
Selling high end homes, you will need a different exit strategy. You will need to hold an auction. You will also have to spend at least 5k in marketing to get the house sold. You cant use your average bandit sign, unless you want to look like you are joking.
Your ads in the newspaper will have to be larger than the other ads. You will have to send out more mail than median properties. You will also need a website. 800 #. A realtor. You will have come up with a list of people that can afford the house and hit them up. They migh have family that is looking to move to the area where the property is. Maybe hold a lucheon. There are plenty of ways to get a high end property sold. You are only limited by your funds and imagination.