A reoccurring theme on the podcast and the forums is networking...
So my barber is looking for a place to buy around my town, in Eastern Washington State. The problem is no credit/bad credit. They are looking for an owner carry deal on a place with a few acres. Their cash flow is fine and I would like to help. I also wouldn't mind turning a profit.
I could buy a place for cash and hold the contract, but that would tie up all my money and take away from my main deal which is buying and rehabbing places to rent. I thought about selling the contract, might that be a solution? Remember, there is a credit problem.
It seems like this is the kind of thing I always read about people turning into a good deal, but I am just not feeling very creative. Maybe this would make a good topic?
@Don Coumbs , you can find a seller who is willing to sell on terms (owner carry or lease purchase), negotiate the price and terms that will fit your buyers criteria and then assign the agreement over to him for a fee. In this case, you won't use any of your cash.
You should first find out how much your buyer has available to put down on a house, and what their monthly payment budget is. The goal at that point would be to negotiate a smaller down payment to your seller, and the difference between what your buyer can put down and what the seller receives is your assignment fee.
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