AMERACO
Got an information packet from Ameraco today. Not interested at the moment, deployment got pushed up but I am curious as to what this company is all about. Possibly for future usage.
Jim[ Edited by killenjw on Date 04/13/2004 ]
I am interested in information about Ameraco. Did you ever try their program or does anyone else know anything about them?
This can be determined by you and your perceived value of the property. If you get a property under contract for say, 100k, and you know its worth 200 after repairs and you think that a rehabber would be willing to pay 120k for it, then call around and try to "sell" for 120k.
After they agree they are interested in it at that price tell them that it will be easier for the both of you to use something called and assignment and tell them their sale price will not change but you will make an assignment for the difference of what you are paying and what you are selling it for. I usually just explain to them that we can either Double Close or do an assignment but its to the best of both of our interest to just do an assignment. At that point they usually just say okay and dont really care. Draw up the assignment and have them sign it. I dont even tell them what it is until they read it and see for themselves because it doesnt really matter as long as they are getting it for what they are willing to pay.
The most i have done one for so far was 21k and my buyer had no problem with it. Rehabbers usually use hard money or cash (which is essential to assignments).
Good luck,
Ryan
Not that i know of. Like i said, I have done a couple of assignments for about 20k and i have not had a problem. Find somebody who buys tons of properties and has a good relationship with their lender and flip to just them. This will make thing go smoothly and will make thing much simpler.