I am a newbie and doing my first real estate deal. The seller has accepted my offer. Now what do I do? I live in Nevada and the seller lives in New York. I also want to flip this to an investor. What is the best means of finding an investor to sell this property to? Any detailed information and help/advice is greatly appreciated.
Thank You
you don’t have a buyer for the NY property? prospective buyers? How long is the offer good 30,60 days and how much $ did you put down if any?
What do the numbers look like? What’s it worth, what is your contract price for, how much in repairs?
Is the property in Nevada or NY?
Put ads on Craigslist, put out handwritten signs in the neighborhood where the property is located (ignore if property is out of state), call all the we buy houses signs/ads, go to every real estate meeting and pass out flyers, go to the auctions on the courthouse steps and pass out flyers to the investors, call all of the landlords who have properties for rent in the area and ask if they want another rental at a good price…
Lots of ways to find buyers. If you don’t have any lined up, you have to hustle…
Steph
I don’t have a buyer yet for the property. No prospective buyers. I have put and ad on craigslist and backpage for the Buffalo Area. The offer is good for 30 days. I put $10 down.
The property is worth $250,000. My contract price is for $105,000. It just needs Kitchen cabinets upper and lower and the kitchen floor tile installed (the seller already has the tile and grout but doesn’t have the time to do the work).
The property is in NY.
I will look in the buffalo newspaper link he sent me and contact the people that have properties for rent.
If you know of any investors in the Buffalo, NY area let me know so I may contact them.
Thank you for all of your information.
Kevin
Kevin,
How sure are you of the value?
A deal at roughly 45 cents on the dollar shouldn’t last long. How much are you asking for it?
I don’t know much about Buffalo, but I thought real estate prices there were dirt cheap. Is this a high end home?
Steph
I am very sure of the value. Homes in the area are selling for $83/sq ft. This is a very large home. 6 beds 3 baths, could be 7 or 8 beds as a couple of the rooms are used for storage and an office.
There are not many homes in the area this big or with the amount of sq footage. This home is 3500 sq ft.
It could sell as high as $275000.
I am asking $150,000
Yes Real Estate is cheap in the Buffalo and surrounding areas.
Kevin
What has the response been so far?
If there is no interest, you probably need to lower the price.
Start calling investors/wholesalers in the area and ask their opinion- they might even have a buyer, and you could work the deal together.
Good luck,
Steph
I would:
1.Contact realtors in the area and ask them for buyers and let them know you will pay them a fee if they bring you one.
2.Find out what local papers their are and run ads in the paper
3.Contact mortgage consultants in the area and find out if they have any buyers looking for a deal
It’s all about leveraging relationships.