Trying To Whole Sale A Loft Project
I have no idea just starting out but my partners and i would like to take about 10 lofts and try to wholesale them to our nationwide network of investors. The problem is what kind of terms or ways can I present to a builder and still make money on this deal with out using our own money? We would like to get an option to sell is 90 days feasible can someone please give me ideas.
Thanks
Either you have to be real good in with the builder or else put something out....I highly doubt a builder would give up 10 units with nothing on them for you to sell....
Ok so if we are not in good with a bilder what other ways could there be to negotiate some type of deal?
Maybe a letter of intent expressing your terms.
If hes not struggling I doubt he will work with you unless you have checks written.
Also, can someone explain to me how a contract for deed works and apply it to my situation where I still have 2 mortgages and insurance in my name?
bump...
In a contract for deed, the house remains in your name until the contract is satisfied. I purchased a house this way, made my payments to the prior owner, and he paid his mortgage with the money. I wanted to protect myself from him failing to make payments, so we set up a joint account and had automatic payments from the account. We could both check the account any time we wanted to to ensure that my money went in and only the payment went out. Taxes and insurance were escrowed through the lender and so were part of the payment. The contract was never recorded- recordation is not required.
Eventually I refinanced it and paid him off. It was a bit of hassle with the unrecorded contract, as I needed to prove that I had made timely payments for the past year, but it worked.
Chris