MAY LOSE My FIRST DEAL DUE TO IN EXPERIENCE

MAY LOSE My FIRST DEAL DUE TO IN EXPERIENCE

Baltimore, MD · Member since 2016 · 9 posts · 3 votes
Ok I'm just getting into real estate investing and a deal has fallen in my lap. However I am not experienced enough to follow through. Here's the deal I am a mail carrier and a few months ago I noticed a customer was planning on relocating to Africa. I asked the wife if they were interested in selling and she said yes but just to make sure she wanted to check with the husband. Later that evening she called me and said that her husband wanted to rent out the property. For the past for maybe five months they have had a tenant in the property, but last month I noticed an evection notice on the door. I spoke with the guy who is in charge of citizens on patrol and he said that they were ready to sell and that a neighbor was in contact with them. Today I spoke with the neighbor and he gave me a tour of the house. He told me that they old $240,000 on the house it needed $65,000 - $75,000 worth of work and could be sold for at least 390,000. How can I make this happen? Please help!
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Investor · Baltimore, MD · Member since 2014 · 1k+ posts · 688 votes
9y

"Citzens on patrol" = police academy 4 = bubba smith is madula.  Hahahahahhaha. 

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  • Severna Park, MD · Member since 2013 · 7k+ posts · 7k+ votes
    9y

    Ok  , there is a citizens on patrol group in the neighborhood . 

    ( not a good sign)

     Now the information you are getting is from a neighbor , the estimation of work is from somebody that is just guessing . So is the sale price . If the house is in Baltimore city  values change  block by block . All you have so far is speculation . Find out what the owners are selling it for , find out the repair costs , find out the comps . Then you know if you are even near a deal

  • Altadena, CA · Member since 2017 · 17 posts · 6 votes
    9y

    Hello Darnell,

    Congrats on taking the first step as an investor.  Like "Matthew Paul" mentioned do a your research on the property, repairs and comps to determine if you have a deal. While your doing that, continue to communicate and build good relations with the neighbor and the owners. 

    What is your financial situation like? Can you get a loan to buy them out? If not, do you know some motivated people to partner with on this deal? 

    If not, go to your local REIA and find out who is investing in the area and see if they would be interested partnering with you on this deal.

    Another possibility is to "Wholesale" the deal and "Assign" the contract to another buyer.

    Lastly, you can try to see if the owners would consider seller financing for a short period of time till you get the financing to buy them out. 

  • Investor · Baltimore, MD · Member since 2014 · 1k+ posts · 688 votes
    9y

    "Citzens on patrol" = police academy 4 = bubba smith is madula.  Hahahahahhaha. 

  • Flipper/Rehabber · Pittsburgh, PA · Member since 2016 · 121 posts · 60 votes
    8y

    @Darnell Alston I am assuming you are trying to Fix N Flip. If you are not in the position to buy and do it yourself and really feel strongly about the deal and you wanna stay in the deal. I would do a JV, the other option is to wholesale it but would require you to get the property under contract then sell the contract to an investor. In case you are not familiar with JV; Joint Venture, just means you partner with someone who has the money to buy the deal and you do it together.

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