Posted by SCook85 on August 22, 2000 at 08:26:39:
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what to ask other investors - Posted by Paul a different one
Posted by Paul a different one on August 21, 2000 at 16:44:31:
Hello TEAM.
I am getting together with another RE Inv. I intend to flip properties to him and his partners. They purchase 5-10/month. I would like to establish him as one of my primary investors to flip too. So my question is: what kind of questions should I ask him that will enable me to tailor my “hunting” specically for him?
Re: what to ask other investors - Posted by SCook85
Posted by SCook85 on August 22, 2000 at 08:24:52:
I’d reverse Phils order a bit and get right to the point to find out if they are real or not.
“We are a group of investors who purchase between 5 and 10 homes per month” is pretty much standard across the country. There are thousands of investors who have this on their business cards (who may purchase 1 a month-if that), who have read scripts with this in it and say the same thing to everyone.
I only bring that out because as I read your post it was what jumped out at me. I felt like I was reading another one of those business cards.
Anyway, the first question I would ask is how quickly can you close. A real buyer will answer somewhere in the range of 1-7 days if the deal is good. It is always nice to have more time so that you don’t have to rush things, but I would settle on the right deal tomorrow if it were presented to me, and so would any other real buyer.
If you get by this first part, find out where they like to buy, what type of rehabs they like to do, and what there formulas are for determining offers.
Happy investing!
Steve
Re: what to ask other investors - Posted by phil fernandez
Posted by phil fernandez on August 21, 2000 at 21:28:19:
I would ask what criteria they would buy property at. Are they going to fix up the property for resale or hold? How much of a discount do they need. Do they have the funds to close quickly and what is their time frame. How many deals have they done in the last twelve months.
This will give you an idea if they are real or not.