I really wish i could write a note on my own profile so i could save it for later and add to it later but i digress.
Try this idea on for size. Go around and scout a neighborhood. Find a few houses that needs some extra attention whether they are for sale of not. Mainly run down houses on its last leg. Go to the owner and let them know the estimate of the fixes along with what the house is worth and how much you are willing to buy it for and how the problems could be more expensive in the future. You just may find a motivated seller. Once you let them know the estimate you hand them over to your partner real estate agent (whether they work for you or someone else) and let them handle the rest. It would be smart to have a nother house on standby so that you can give another offer. This offer would entail you to have them sell you their current home at more of a wholesale price and moving into one of your wholesale homes or paying you 50k to live in one of your newer homes that you may have flipped. Of course charge what the property is worth. 50k was just a random number. With this type of strategy i believe you have to show that you want to help the home owner out somehow for them to bite the bait. This is a win win. Im really into both parties winning. The Seller gets to upgrade to a newer safer house and you most likely get your house for a lower price and walk away with a profit if they move into it.
Again I am very new but thought is sounded nice in my head and wanted to see what others thought of it.
Hi welcome to the forum! You'll find what you mentioned is actually somewhat common around here. Some people find their best deals off market, but I will tell you without a solid plan you will burn ALOT of gas this way. Plus you may end up using a lot of your time entertaining and researching people that have no interest in selling. That's why it's easier to go after houses that are in or could be in trouble in the future. Make sure you read, read, read! I'm sure everyone is pretty helpful and will encourage questions but definitely make sure you check out the search feature, past discussions, blogs, and podcasts. Good luck!
welcome to the site.
Interesting strategy...but we have learned up here that anything done to improve the outside of the property or make it more impressive than the surrounding homes will initiate a significant increase in it's tax assessment. In fact we have had several assessed so high it rendered the property a tough sell &/or made a buy&hold strategy non viable. So many properties will remain looking down & out whereas the inside maybe very impressive.
However, we do find some of our best buys published in the tax arrears book on the counter of our assessors office. Take in a box of jelly filled doughnuts & they will run off copies for free.
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