I have recently done some advertising and came upon a few sellers that have 20 - 40 properties each, looking to retire and will owner finance properties they have for me. While I would like to purchase as many as possible, my funds are limited and I was thinking maybe I could wholessale a few to raise capital to reinvest. How would this work? I am thinking I could sign the contract, then find a purchaser who would then pay the 10% down and also me assignment fee. The properties are below market value, fully rented in good condition. I am thinking this is not the typical wholesale deal, as the seller is financing, and that may be a good selling tool. If I can not find a buyer then I would just go though with the purchase, so my contract with the seller would be pretty soild with no contingencys. Has anyone done this before? :idea:
You could act as more of a bird dog type on this deal and fish around to see who would be interested in the deal, then if you find potential buyers make sure that you collect a 'finder's fee' somehow (usually works best outside of closing).
Quite possibly too the seller may pay you a 'finder's fee' as well. Might talk to him.
Put them under contract to purchase. Find a buyer and then cancel your contracts and have the buyer and seller go direct, for the entire amount, including your fee, with you attaching a lien invoice to the contract for that fee.
You mediate the down payment and terms between the buyer and seller. Once an agreement is reached, the title company can prepare the note for the seller, and close the deal. They will cut you your check for the equivalent of the lien. One of my students has a deal just like this, just on a smaller scale - 4 houses. Closes Monday.
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