Possible Deal But Have Some Questions....please Help
Hello Everyone,
First off, this site is great and I want to thank everyone in advance. As you can probably tell I am new to the game, however I have been studying for awhile. I either need a little more knowledge or a good kick in the #$% to get me moving.
My Question:
I have located a property that has been vacant for about 8 months. During this time there have been 2 realtors trying to sell it, but no takers. It is in farely good condition ( considering it has been sitting for awhile) and is worth $100,000 bare minimum. It needs about 5-7k in repairs. After obtaining info from the court, the house is not being forclosed on and the purchase price was $60,000 ten years ago. I have a list of rehabbers already. I am in the process of finding the owners contact information. NOW, hypothetically, let's say all goes well and I reach an agreement with the owner and have a rehabber waiting to by it from me. If I am signing over the contact to him isn't he basically getting it for the price the owner and I agreed upon? Does the rehabber give me the difference on the side. I hope this isn't a stupid question, I am just trying to cover all ends of a deal and learn how a typical transaction occurs. Again, all replies and advice are appreciated.
Mike 
Mike, you can assign your purchase contract to the rehabber at the price you have locked up, and charge the rehaabber a fee, say $3,000, $5000, or what ever the traffic will bear... or do the rehab and sell it, if your able to? Good luck!
Ozzie
Ozzie,
Thanks for the reply, that is exactly what I was looking for. So basically I am charging the rehabber whatever I wish/or can get for finding and getting him the deal. Thanks again.
Mike
I got a buddy that does wholesales and he just tacts on his money to the cost of the house. Like, if you bought it for 60K you'd sell it to the rehabber for 65K (or whatever you thought was right) and I think it works this way, the Title company cuts the buyer a check and then cuts you a check for the 5K and the investor gets a new ugly house.
Cheers