Thoughts on exit strategy for short sold props
I have a source for leads of folks going into foreclosure who are motivated to sell their homes. However, I'm a little unsure on the exit strategy to move the house quickly with still achieving a good profit.
I've tried NO Discount selling with limited success---the houses advertised were in questionable neighborhoods so my true success potential is unknown for "nicer" homes.
Also, I have a list of about 80 local investors but most of them want a minimum of $20K profit and ability to still sell undervalue (so they can move the house quicker than retail selling).
If I'm patient at the total profit payout, I thought about purchasing the short sale myself and then owner financing to someone who could afford $10K down with a higher interest rate. They would obtain their own financing within 2 yrs. paying me retail price. Any feedback on other's successes in quick moving these would be great.
Jimbo
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