Posted by Ken on June 24, 2008 at 18:56:31:
You can lock up a deal with an option,that would give you the right to resell the option and make a profit but if that is more than the property is worth do not waste your time.Give him a number that works for you and if it eventually works for him fine but otherwise move on.When you really find a truly motivated seller you will realize what a waste of time this has been
how can I link a seller with a buyer - Posted by john reid
Posted by john reid on June 24, 2008 at 18:43:45:
I want to ask another question regarding a post I submitted the other day. Briefly, I’m looking at a 5 unit property owned by a 78 year old man who lives out of town and who is tired of the hassle. He’s asked 275K which is I think too much for the area and the quality of the property. I don’t have the money to buy outright and I don’t have any other creative ideas. But, I wanted to throw this out. I’m still a newbie so bear with me. This man expects a high price for his property which is inflated. He might become a little more realistic with some prodding. Can I be the one to link a motivated seller with a motivated buyer? I’d like to work out some deal where I help to sell his property. But, since I’m not a real estate agent it’s not legal for me to take a commission, right? What if I paid him a certain amount of money a month to give me equtable interest in the property and used my local contacts and resources to sell the property. He’s far away and unable to do this, and I think I could find a buyer. How could I structure a deal that gives me a cut of the profit for my efforts? And how could I protect myself legally to make sure he held up his part of the deal? Am I on to something here? All constructive ideas are welcome! Thanks again guys!