Posted by Will on October 06, 2005 at 22:13:23:
Seriously…thank you for one of the best replies I have seen on this board.
This is a GREAT board, yet still your post stands out.
where do I find a cash only rehabber? - Posted by chauntel
Posted by chauntel on October 06, 2005 at 20:52:17:
Hi there, I am very new to Real estate and was interested in getting started soon on flipping properties, I know the steps on what to do, but I need to know where to find cash only rehabbers?
Re: where do I find a cash only rehabber? - Posted by PH
Posted by PH on October 06, 2005 at 22:08:44:
What you are really looking for is established rehabbers with private money, which is the same as cash from your perspective.
I and all the other serious rehabbers I know use local private money lenders (who lend out of their IRA). Some (whom have 50+ buy sells under their belt) also have credit lines at banks.
I am sure it varies huge in different cities but most of us buy from MLS. There are about 20 local brokers who seem to handle 90% or foreclosures. That said, I am very open minded to buying from a wholesaler like you however, it had better be a better deal than i can get in the MLS.
I know for a fact that Homevesters and others who spend a TON of money and time on advertising get better deals than I get in the MLS. (the question is… Is it worth it after all costs?) I would love to have a great wholesaler who is out there putting out flyers and knocking on doors to buy from.
To give you an example, the MLS foreclosures in my area seem to have a default listing price of 21k regardless of location a condition. In areas and condition I like, I may offer 16-17k and eventually get it. I would love to have a wholesaler bring me the same deal for