All Forum Posts by: Account Closed

Ive heard from several people doing RE investing (using various methods) say that you need to be selling the property before you even get the deal from the seller. Ok, great, so how does one do this ? I mean, lets say you really want to attempt to sell a property to a retail customer. The property in question, you are getting from a distressed homeowner that just needs to move on. What process can you take to ensure you dont get stuck with something you can neither sell nor rent ? Id rather not get into being a landlord at this time, and would rather sell the property outright, even at a deep discount. However, I want more than just the wholesale price. Im not opposed to selling to a rehabber or anothe rinvestor, but would rather simply sell to a retail customer at a deep discount (relative to my price).

So for example, let say I find a property that I can get the deed to, has enough equity to make it interesting. Then I manage to sign a contract with the seller. Thats when the fun starts - one area ive though of is having a list of realtors that work the area im in and have them bring me buyers in return for a commission.

The downside to the above is...holding time. What if the agents/sellers dont come for 1, 2...6 months, even though the "average" time on market from your research told you you rholding time might be at most, 3 months.

your thoughts ?

Randal

Thanks everyone. I think that for myself, just starting out I want to be there when they call, so for now I will just use my cell number. I ordered up some signs and vehicle magnetics from banditsigns.com with my cell# on them. If things start going well maybe I will look into getting a different number.

I have a regular day job, so Im not home to answer calls. However, if I use my cell# and start getting lots of calls it could rack up my minutes easily. If Im not answering the calls however, the potential seller might move on to another number they see. So I guess the real question comes down to whether or not do I want to risk loosing a potential sale by having them go to voice mail during the day. The answer is, at least for me, no. There, problem solved. I will just start out small with 25-50 signs and see where that takes me.

wish me luck

never mind, should have done a search first. found everything i need right here
http://www.biggerpockets.com/directory/real-estate-marketing.html

Im thinking of putting out a few signs. What kind do you use and how much do you pay per dozen or so ?

I was under the impression that the lender holds the actual deed. How can the "property owner" sign over the deed if the mortgage company holds it ? Someone commented to me that when you have a mortgage, you have a "waranty deed" but not the actual deed/title.

The ultimate goal here, is if I stumble upon a property that the seller just wants out because of various reasons, and their is equity in the property, how can I gain controlling interest. Enough so that I can turn around and re-list the property for sale to a retail customer.

Also, what if I need to hold it for 2 months or more while repairs are being done, wont I have to get financing to pay off the existing mortgage ?

If I bought a house "subject to", leaving the original mortgage in place, and getting the deed signed over to me, can I then re-list the property and sell it ? If so, will my purchase price be disclosed to the new buyer ?

Can anyone recommend a book or two on finding properties that the owner is in bankruptcy but about to be kicked out ?

What forms does one need to get filled out to get the property transferred to you ?

What other steps need to be done ?

Other than asking the seller/owner directly, how does one verify how much is still owed the bank ? Is ther ea document you can have the owner sign that allows you to ask the lender this information ? Is this information public record ?

If Im going through a list of properties to choose which to potentially make an offer on, Id need to know how much is still owed.

ideas ?

Has anyone purchased a property, for example, at a deep discount (pre-foreclosure etc) from someone who "just wants out and to start over", but without yet having a buyer ? If you were fairly new to RE investing, were you scared you could get stuck with a property that wouldst sell ? Im in the Dallas - Fort Worth, TX area and the RE market here hasnt suffered the same as other areas, but its definitely not the same as it was a few years back.

The strategy that appeals to me at this point, have yet to make my first deal, is to buy cheap, have some people I know do the fixup/finish work and then sell to a retail buyer via craigslist etc, or an agent that brings buyers.

What im afraid of is getting stuck with a property that wont sell.