Rehab
I've found a foreclosed home that needs some work. The bank is asking 74k which I'm going to negotiate down. Other homes of the same type are going for 187k in that neighborhood. I can't get funding because of credit and lack of income. Can anyone out there help. I'm willing to split profits.
Thanx
What state are you in??
Lance <IMG SRC="images/forum/smilies/icon_cool.gif"> [ Edited by LJT on Date 04/24/2003 ]
kmb, first let me say that if this property's ARV is around $180k, unless it requires major rehab ($75-100k) then the bank is probably not going to take less than their asking price. They won't need to, an investor will snatch it up quick. Second, foreclosure investing is a money game. You'll usually have to lay $1k down for earnest before banks will talk with you. And you'll need to be able to close fast. There are exceptions to these, but this is the norm.
As far as money investors, run an ad in your local paper saying something like: attention investors, earn 15% on your money in 6 months. The point is offer a fee % on their money and a short term. If you think that you can sell this property in 60-90 days and offer that term, then your phone would probably still ringing off the hook. Good Luck
Roger