I HAVE A CONTRACT FOR A HOME THAT IS 52% UNDER MARKET VALUE IN CHICAGO[font=Verdana][/font], BUT NEEDS ABOUT 10K OF REHABBING, NOW I DONT HAVE THE MONEY TO REHAB IT, SO I WAS WONDERING IF I COULD SELL THE CONTRACT, AND IF SO WHO SHOULD I LOOK TO SELL IT TO.
There is not always a need to rehab a home. You probably wont make as much but if you don’t have the capital to do it in the first place then something is better than nothing…right?
I had a property that I bought for $10k. Rehab expenses were around $20k. Now, It’s not that I didn’t have the money to rehab it…I just didn’t feel like taking on a new rehab project, but the property was in really good condition for the price. So, I bought it and sold it to another investor I work with for $19k. I made a quick $9k and the investor got a property that once he’s done rehabbing it will make him about $30k profit or more.
This is a prime example of flipping a property.
Assign the contract to an investor for an assignment fee. To find an investor, contact all local REI groups, craigs list etc etc. Start calling and emailing people ASAP.