Motivated Seller Called About His Out Of State Property.
Hi all,
This guy calls me from seeing one of my bandit signs, he says he has a 3100 sqft. vacant property in another state that he "needs" to get rid of...the appraisal came in at $206k which is what he's asking for it, I talked him down to $180k.
I only want to assign an option on the property for 2% ($3600) of the selling price but finding it hard to locate a buying/investor since I'm in Illinois and the property is in MO. any suggestions on how to get this deal done?
I've already contacted the Real Estate Investors Association in MO...left message.
Thanks, Clif
P.S. The property is listed there and has been for 7-8 months...but at a higher price. The owner tells me he can pull out of the listing agreement at anytime.
_________________
Always Think Differently From The Masses and Always Believe In Yourself, If you think you can or you think you can't, you're right!
[ Edited by pbodys on Date 04/29/2004 ]
For what it might be worth,
1) Establish a real estate website (e.g. ddmproperties).
2) Get good pictures from different angles of your property.
3) Place 3-5 signs at the property sight, directing people to your website.
4) Advertise the property with your website address in 1 or 2 of the local newspapers nearest to the property.
5) Line-up 5 or 6 buyers for a single showing of the property.
6) Close.
[ Edited by captime on Date 05/10/2004 ]
[ Edited by captime on Date 05/10/2004 ][ Edited by captime on Date 05/10/2004 ]
Advertise it here
Hey guys,
Thanks for the input but you obviously havent's seen my profile...
I currently have 2 websites, the property is in MO...so I won't be out there putting any signs up or taking pictures...I thought I mentioned that the house was listed...(pictures already there).
The house is also listed here, have been for 1 month...
However, thanks for the suggestions
Clif 8-)
[addsig]
pbodys
What part of MO is the property in?
Send some details, thanks!
Doesn't look like a deal. I would doubt that you will get an investor to buy this property. You are buying around 87% ltv. And on top of it all in another state.
What is owed on the property? It sounds like he owes the 180 since he had it listed higher than the appraised price to cover the listing agent's commission.
I would not give him any money for this.
Sorry, the listing price was $198k down to $192k and is willing to settle for $180k, This is not necessaryly for an investor persa...however, for the savvy investor, something can be done....how about a rental, or a cash out for $5 -10k...
With a L/O, the property can be sold for $216+.....I personally thinks its a deal if you know what you're doing....
The property is in Jefferson City..MO.
Hope this helps.
Clif 8-)
P.S. stop hating.....
[addsig]
I wish that I had more advice to offer- tried to go to your website, saidn it didn't exist- I have several properties all over the country, but the big difference is, mine are owner finance-that is what I have the most luck with when trying to "flip" out of state-you are an experienced investor so this is probably nothing new to you- Good Luck-this can definately be a deal for someone