Hello, I have stumbled onto what I beleive is a good oppurtunity. I would appreciate some feedback,as I am new at this. I am working with a company called Project Initiative.They find a property in good shape @well below market value. I purchase property using my exellent credit score and obtain a stated income loan. At closing they issue me a legal binding purchace contract with a delayed closing date of 12- 24 months.They then lease option the property.They give me the payment guaranteed 5 days b4 due date. When tenant options to buy I am of course released from the lender. Property in question will appraise @ 165,000 to 175,000. Owner only needs to get 105,000. Also @ closing they give me 10,000 for a down payment. I have no hands on at all.Does this sound realistic and doable???[/b]
Well jhart, let's look at this from another side:
I am an investor/investment company, I just found a house with $70K equity ALREADY BUILT IN. Why do I need YOU?
How many RE deals have you PERSONALLY done?
What if the person signing the purchase contract to buy from you is unable to exercise?
Since someone (?) will have signed a LEASE with you, will you have checked their credit, run a due diligence on them?
How long does it take to evict a tenant for NON-PAYMENT in your jurisdiction?
If you can't answer the first and last questions OBJECTIVELY, I think these guys will have your pants down before you even know your belt has been unbuckled!
Just my opinion. Maybe Ed McMahon is looking for you!