Posted by Rob U (IL) on February 19, 2001 at 08:43:05:
Thank you for the vote of confidence. I wasn’t sure if it would be legal or not. I appreciate the input.
Rob U.
Asking for help!!! - Posted by Rob U. (IL)
Posted by Rob U. (IL) on February 18, 2001 at 18:57:40:
Here is what I am wanting to do. I need to know if this is legit or not. I first want to find some buyers, in my area it will probably be first time home buyers. Then I want to find a home for these people via a real estate agent. Next, try to get the buyers qualified for a mortgage through a bank. I will offer the seller a price well below the market value and then in turn sell the house to the buyers for the market value of the house. If need be carry a second note myself.
I have also thought about using Graystone Mortgage to help get buyers qualified but I don’t know if I can get first time home buyers for too much over $50k.
I need to know if what I am planning on doing is legal and also what would my next step be after getting some buyers and sellers lined up?
Re: Asking for help!!! - Posted by Charles Steed
Posted by Charles Steed on February 18, 2001 at 23:30:33:
Rob-
What you propose is not only legal, it’s smart. All you’re doing is compiling a buyers list. You might tell a potential buyer that you’ll be marketing a house in the near future and take his/her name. Then, you try to get a house under contract at a wholesale price. The method doesn’t really matter.
You can use a realtor, call FSBOs, place an ad, scout your market looking for vacant houses, call FOR RENT ads and ask if the landlord might be willing to sell…all of the creative methods that are discussed on this board. Oh, as for this method being endorsed in a “course,” (as though that would or wouldn’t lend credibility to a good idea) Ron LeGrand just about bases his entire flipping strategy on the premise of having buyers ready. This is a great plan. Go for it!