BiggerPockets

Hello Everybody,

Not sure where to post this, sorry if in wrong forum...

I recently started a topic (I Took Action) in the Starting Out forum about me putting up bandit signs. I have received 4 calls already 3 of them were tire kickers, but one call I received today caught me off guard. The message was from a woman wanting to buy a house, my bandit signs say " I BUY HOUSES" not houses for sale so I thought she could be a landlord or flipper. I called her and starting asking her questions from a buyers question sheet I had put together, she informs me that she has already found a property she wants to buy and wants my help to buy it...WHAT???

She tells me that the property is a FSBO and that they are getting a great deal on the property and wanted to know If I could help her and her husband buy it. She informs me that the property is worth $110K FMV but the people selling it need to sell in a hurry and are willing to let it go for $60K. They need time to get financing together and wanted to know If I or someone I know could buy the property and seller finance it to them for 18 - 24 mos until the get there financing in order to cash out the investor.

I told her that private money is cost more $$$ than bank $$$ and she seemed to understand that, so I said that I wouldn't make her any promises but I would ask around and see if this is possible and I would call her back either way if I could or could not help her.

Has anyone ever had such a call??

Can Anyone do this????

If so I'm in the local area of the house so any info you would need I would be able to get you the info.

Do you guys think I should leave this alone because I'm no loan broker, or get info from the people that are selling the property and see what there story is...I need advice.

Thanks,

Alex

Michael,

Once I got off the phone with her I had a bunch of questions I should have asked, so I made sure to write them down and when I talk to her tomorrow I'll be able to see if my idea will work. I don't have $60K to buy the property for them but thought someone here might be interested.

My idea is to see if the sellers need cash now or are they in a position to finance it them selves. If so maybe I can get the sellers to sell on a lease option to the lady that called me and I can get paid a consultant fee as in ( option consideration money) and make it a win, win for everybody.

What do you think?

One problem though, I have no experience doing options. Sorry I know this is in the wholesaling forum.

Thanks,

Alex

It's definitely harder to think on your feet with a call like, this but I would first of all make sure this is not a scam and someone trying to sell you a lemon. Check the property condition and also definitely make sure the numbers are what she says. Good luck.

Thanks for the help,

I will call her later today and ask some questions that will shed some more light on the situation. From what I was told the house is in great shape ( will see) and the woman who called me is wanting to buy the house as her and her husbands retirement home. I was thinking that if the sellers need some cash, I need to find out how much because the buyers might have a nice size down payment or ( option consideration) money to help them out with there situation.

How would I go about pitching this to a hard money lender?
What info do they need to make a decision?

Anyone know a hard money lender that might be of assistance...? I have yet to meet a hard lender.

Thanks guys, I look forward to your reply.

Alex

Alex
Protect yourself. Sounds like you won't be a pricipal in this transaction and are expecting compensation. Make sure you don't provide "services" that require licensing in OH. Also, keep in mind your personal liability if things go whacko and someone ends up unhappy.

Hey Guys,

I think I'm going to just let this go, I will just tell her that I'm unable to help her out. This seems to be over my head at this point plus I do not want to get caught in the middle of a deal gone bad. I would like to get the number for the sellers and see if I could either wholesale the house or buy it on terms with lease option or a sub 2 only and if only everything checks out.

Do you guys think that it would be a bad move on my part to try and get the phone number for the sellers and call them to make a deal?

I have not been able to locate a local REIA club, I have searched online and even asked around and people look at me like what are you talking about.

Anyways thanks for the advice,

Alex

I would definitely try to reach the seller..the buyer has no chance and sounds like the seller is very motivated. Is this deal in Pourtsmouth I take it..if it were a little closer to Cincy I may be willing to partner with you.

Good Luck!
steve

this deal is a LONG way from being closed. Stay on it,you still may find a way. Surely you asked the address in the first question of the phone call?? Then you have sellers names etc. Even aprox. area should give you good clue,,,otherwise call them back and ask. What do you have to lose?? sounds like a red hot seller to me!!