To Get $5,000 - Whcih Would You Prefer?
hey, i have the chance to get a home under contract and flip it for a few thousand dollars.
I want to get the deal and pay the seller in a ballon payment after the rehab is done and sold.
I thought about saying "we always write a prommisory note for the purchase price, due in a ballon payment of 13 months when buying properties needing major repairs like yours does. And we usually close in 45-60 days. That wouldnt be a problem for you would it?"
dont know if thats the right way to go about it.
what would you say?
Verbatim
Depending upon the seller that might work.
You don't say what the numbers are so I am sort of guessing.
I would say if you can do this and get $5000 from the person you are wholesaling to DO IT!
Many people will only pay you $1000 for this sort of deal. If you can get 5K get it and run. LOL Just kidding about running but if you can really get 5K you are making out VERY good.
Why don't you use a hard money lender to fund your www.rehab.Then you get the present homeowner out of your life. This way you can proceed with your rehab plan w/o the present owner hounding you for money.
Quote:
On 2004-01-20 21:06, MichaelChandler wrote:
Why don't you use a hard money lender to fund your****Must Reach Freshman Investor status before posting URL's*** you get the present homeowner out of your life. This way you can proceed with your rehab plan w/o the present owner hounding you for money.
I don't know of ANY hard lenders who will loan you 100% of purchase price and the money to fix the place up.
I am not saying they are not out there just have never found any myself.
If it is the deal that you talked about on my site, the price appears to be right. You really need to wrap that deal up an not risk losing it. If you can get them to give you terms great, if not, no sweat, the numbers looked really good.
Blessings,
Steve