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Forums » General Real Estate Investing » Have a buyer before you contract a subject 2?

Have a buyer before you contract a subject 2? Subscribe to Have a buyer before you contract a subject 2?

5 posts by 5 users

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Troy Michaels

Real Estate Investor · Atlanta, Georgia


Forum_avatar_avatar-seminole

Icon_minipost Oct 09 '09, 12:25 PM

Is it best to have a firm buyer for a property BEFORE you purchase a property subject 2, so that you dont have the holding cost of paying the mortgage yourself?

Edited: 06/26/2010 at 10:00AM


Jeffrey K.

Real Estate Investor · Milwaukee, Wisconsin


Forum_avatar_avatar-koenigjl

Icon_minipost Oct 09 '09, 12:36 PM

Have a list of buyers and an plan B so you dont get stuck making payments. Also get it at the right price and have enough money incase something does not go exactly to plan.

Edited: 06/26/2010 at 10:00AM


Tiger Sun

Real Estate Investor · Weston, Florida


Forum_avatar_avatar-tyger

Icon_minipost Oct 12 '09, 06:51 AM

Have to agree with Jeff. Make sure your assets are covered. ;P

Edited: 06/26/2010 at 10:02AM


Nick J.

SFR Investor · Scottsdale, Arizona


Forum_avatar_avatar-motiv8td

Icon_minipost Oct 12 '09, 08:02 AM

Troy, don't mind my selfish promotion but if you look at my signature you can see I have a solution to your questions.

It would be very wise to have buyers to 'wholesale' a sub2 to, this way, you would get an assignment fee just like any other wholesale deal without having to worry about making any monthly payments.

Also, I usually get at least 30 days until I am required by contract to make a mortgage payment which allows me plenty of time to execute my exit strategy.

Edited: 06/26/2010 at 10:02AM


Bryan Hancock

Real Estate Investor · Austin, Texas


Forum_avatar_avatar-bryanhancock
Pro

Icon_minipost May 30 '10, 12:04 AM

Originally posted by Jeffrey Koenig
Have a list of buyers and an plan B so you dont get stuck making payments. Also get it at the right price and have enough money incase something does not go exactly to plan.



It really depends on the transaction. If the deal is thin then you can try to get the seller to make a few payments to buy you some room after you take title. Having a ready-made buyer if you need to move quickly often isn't feasible and would kill the deal entirely if it was a requirement.

Edited: 06/26/2010 at 01:00PM

Small_bullseye_capital_logoBryan Hancock, Bullseye Capital Real Property Opportunity Fund
E-Mail: b.hancock@bullseyecap.com
Telephone: 1-800-577-0401
Website: http://www.bullseyecapfund.com
I help busy people profit from real estate


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