Posted by Emerson on December 21, 2002 at 12:24:05:
Ok, so you buy 20 of these houses at 90% of FMV, what is your exit plan for these properties?
I have a list of buyers with commitments. Im very close with my mortgage companies.
Why do you need someone to do open houses for you and if having someone do this, there goes more of any little profit left in the deal?
This is only if the house is outside my local area.
Can you expand a little on what your offer would be for a $200k house using your scenario?
The offer would be $180,000.
Are you offering all cash and is there a limit to how many houses you want to purchase?
Yes, I can go into contract with 1-2 a week.
Can you explain how you will earn a profit from these with only 10% off FMV? Seller and my end buyer split minimal closing costs. Buyer has his downpayment. Aside from other minor things that may arise I would be looking at 10-15,000 profit.
I suppose a big question I have is are you really only looking for 10% off FMV, or are you also looking for other things in order to buy it for 90% of FMV and maintain a profit from the exit?
No 90% is all I need.
1 family homes @ 90% of market value. - Posted by Emerson
Posted by Emerson on December 21, 2002 at 02:59:19:
I am looking to buy 1 family homes @ 90% of market value. These homes need to be in good condition and be worth between 200,000-$300,000. I am looking to purchase in New Jersey or other areas where someone would be willing to manage my open houses. Does anyone know where I should start looking for something like this?
Could it be as simple as putting up a billboard in the area you want to buy in?
Don’t list your house and wait for a buyer!
I will buy your house today!
Call xxx-xxx-xxxx
Someone willing to list their house is going to have close to 10% of the price devoted to commissions, taxes, and closing costs; so offering 90% of FMV when the seller doesn’t have to pay these should be easy.
That is if that is your plan. 90% from your offer does not include any concessions you are also thinking of padding into the equation.
Ok, so you buy 20 of these houses at 90% of FMV, what is your exit plan for these properties? Why do you need someone to do open houses for you and if having someone do this, there goes more of any little profit left in the deal.
Can you expand a little on what your offer would be for a $200k house using your scenario? Are you offering all cash and is there a limit to how many houses you want to purchase? Can you explain how you will earn a profit from these with only 10% off FMV?
I suppose a big question I have is are you really only looking for 10% off FMV, or are you also looking for other things in order to buy it for 90% of FMV and maintain a profit from the exit?
But to answer your questions, advertise seems like the likely starting point.