check out this program / web site.
From what I get it deals w/ buying retail and makeing money on it.
Just wanted to see if anybody has tried it or knows anything about it.
What I get is a link to a dead site.
Da Wiz
This is what I found, the site, and one called “www.sell90.com”, appears to have been setup in Sept 05 but domain names look to have been registered in May 05, whichever the ‘owner’ has either closed the site or didn’t re-register the name, or he could have bought the name from a third party who didn’t re-register, however it happened as both domain name registrations expired in June.
As to the purpose, well this is what I found (from July 2004) :
“I just started a system where a seller gets driven to my website and sees how I operate, then they fill out a form online and my website automatically (and immediately) sends them an offer, down to the purchase amount and terms.”
The writer goes on to say :
“The type of offer made is “untraditional” as far as investing goes, lol. We offer two types of deals. One is 90% of the asking price, then we actually find our buyer, qualify them, and have “them” buy the house, with us in the middle. Of course, 90% of a $250 house leaves plenty of $.”
And then :
“The other way is “gasp!” we offer 100% of the asking price… BUT… they have to give us terms by keeping the mortgage in place (like a sub-to) and wait for their equity until we sell it. Of course, we’ll negotiate them down 1st.”
The person writing this (on an investors forum - not REI Club) was trying to sell the system to other investors.
I can’t say what happened, but to me it just doesn’t look like a very good idea to say things like …“Of course, we’ll negotiate them down 1st” on a public forum, any potential seller who does a little research is going to find it and immediately cross you of their list of potential buyers.
Maybe that’s why the site(s) now appear dead!
Dave N
I know of this program. To me, it’s a ripoff of people with less than perfect credit. They offer to buy a home at 90% LTV, then finance it 100% with a cut for the lender, the investor, etc. Here’s the problem:
They charge the applicant anywhere from $350-$600 to “credit qualify” them. Let’s say you take 10 applications in a month and 2 are accepted. The lender has made over $3500 (minimum) on your turndowns and you have made a lot of enemies. If this private lender has 20 of you out there, he’s making $70,000 per month on turndowns.
There are plenty of good deals without looking for these get rich quick schemes that will end you up in hot water.
Da Wiz
true,
I guess like they always say, no way to make money buying retail…