How Can I Secure This Deal?
Here is the Deal:
ARV: 75000.00
Purchase Price: 55000.00
Repairs: 3000.00 (Fairly good condition)
Now the numbers might not make this deal possible but I approached the seller by offering to place an option on the house. (The owner does not want to go to a realtor because she does not want a contract so securing her with a sales and purchase agreement would not work for me.)
If I can secure the property this way can I flip it to someone who is going to move into it and get a mortgage on it? First of all, Can I put tocether a double closing and will the bank be ok that I am involved. If So and I can get this buyer under contract w/ a sales and purchase agreement and schedule closing w/in 60 - 90 days for them to get approved for a loan what happens to my contract with the buyer if the seller finds a buyer who can close faster? [ Edited by EddiePicasso on Date 04/05/2005 ]
Looks like you are mking it more complicated than it needs to be.
Find an investor with liquid asset,
secure with the owner a quitclaim so you are not circled around on the deal and offer it to the investor for a fair price and tell them that you will do the rehab work for a fair price plus the 3grand.
sounds simple yes?
I just did it today with a private investor/banker
and made $8000 ON THE FLIP then told them I would do th e rehab and it would cost this much an hour plus the rehab $ they agreed with joy they will make over $12,000 when done.
good luck, it may be crazy but it works.
Now you gone and ticked off the TCI gods...
or maybe it is posted in the wrong forum.