Wholesaling In The Chicago Area?
Im a begginer, I was just wondering if anyone has done any wholesales/flipps in the chicago area and what steps were taken to get the deal and close the deal. Any info will be helpfull on wholesaling. Thanks
Im also looking for investors to flipp the properties any good place to find investors???
no
just buy at a low price and sell it at a higher price.
How about just going out to the house and meeting the person. Get the obligatory tour. If you liike what you see and hear along the way, make an offer. Is this the first home you ever bought?
Hey gang, thanx for the suggestions. This business of RE investing is pretty intimidating, I wish I started years ago. Better late than never.
More than likely you will need to have an agent write a contract.
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this should help [ Edited by starterneedhelp on Date 06/24/2005 ]
hello vguess
when you bought the properties ,did you have to go through a broker ,and do you know any broker, agent, etc..that
takes -offer to purchase w/ assignments clause.
need steps
1. offer to purchase (get it under contract)
2. next
yes wish you much luck
and thank you very much
is there anyway you can tell how much equity , there is in a house before you get it under contract?
again thanks [ Edited by starterneedhelp on Date 06/18/2005 ]
OKAY,
I wouldnt get into a double closing with this. I do wholesale deals all the time. What i do is assignments. You need to find another solid rehabber who uses either cash or hard money.. then you write up and assignment and have it notarized. after this you dont do anyting except wait for your check.
Where is the house? what part of CT? i may be able to help,
Ryan
Ryand,
The duplex is in Manchester.
If I assign it wouldnt the new buyer be aware of the original price I paid? How can I justify the margin Im asking?
Thanks for the advice...
RYAN
where do i find these rehabbers w/ cash or hard money
I am working on two in new haven and one in west haven CT.
Harriet
hey guys,
Well there are a few different ways to do it. I put properties under contract for x amount of dollars. Then i sell for Z.
here is an example of my typical assignment.
get property under contract for 100k. I know that the property is worth 195k after about 10-15k in repairs. I then "sell" the property for 120k. I then tell the buyers (rehabbers) that i want to assign it because i would rather not double close and its easier for the both of us. They agree. I then draw up an "assignment of contact" for 15k (because they talked me down 5k). This way they do not care because you set up a price and they are accepting to buy at that price. A good rehabber doesnt care what you are making as long as it fits his criteria and he knows what he has to get it for.
As far as finding them...I have found that they come a dime a dozen. Go to the CTREIA meetings and meet people. I found one near me that rehabs about 30 properties a year and will buy anyitng i put in front of him. I actually did an assignment with him a couple of months ago where he didnt even go into the house. He had his wife drive by it and he said "Ill take it!"
I guess the main thing is that you find a good rehabber and network. I have done about 4 or 5 assignments with the same guy now and thye all go smooth. I know exactly what he wants and i know what i want. I name a price and he says yes or no.
yeah i dont think i can do anyting way out there for you. I can give my buddy a call who lives in Hartford and see what he can do if you want to send me an email (not a pm)
thanks, Ryan[ Edited by ryand on Date 06/19/2005 ]
I would ask around to local brokers that work w/ investors or network at local REI clubs.
Sure, you can buy it yourself, buff it up, and then resell it if you have the financial resources to do that.
You could also assign the contract during the escrow period.
So what kind of money do you think you wnat for this deal. Is it a commercial deal and is it currently leased. [ Edited by NancyChadwick on Date 06/26/2005 ]
It is a residential deal and is not currently occupied. please contact me at **Please See My Profile**