hi everyone,
stepping into the wholesaling frontier. if you have a seller responding to one of your ads out there…you know the “i buy houses cash” signs.
if the seller has alot of equity in the house and not behind on payments, but wants to move soon as possible.
what technique would work best in this situation. what does it mean “pay cash” for your property?
my first thought was lease-option, but my goal would be to wholesale this property.
thanks
When I say “All cash, close in a week…”, it means I bring a check with me drawn against my bank accout. Usually the hold-up will be getting the closing scheduled and getting the docs done. In true REI lingo, it generally means that you are not going to ask the seller to finance any of the transaction. Sellers generally don’t really care where the money comes from, as long as (1) it’s legal and, (2) it’s not from them.
Keith
Being able to offer cash can be a big advantage because that means you can close faster and many times the seller will take less money for that convienience.
In order to “pay cash” you need to have lines of credit or a hard money lender that moves fast. Or, money sitting in account somewhere. Paying cash is exactly how it sounds. No need to wait for loan approval.
You can wholesale to a buyer who pays cash, but usually as a wholesaler you need some time to find a buyer so you can’t offer to close as quickly.
hi,
thanks…certianly what i expected. its all about other people $$$.
in this situtation above, seller has alot of equity…not behind payments, but does want to move fast. and i couldnt offer all cash.
what could be a win-win offer, what technique could work?
cheers
Why couldn’t you just take his house sub2. You put the property in a land trust and then pay his mortgage. Once you get your buyer, sell them the house, pay off his mortgage, and keep the difference. Gets the property if your hands and him moved out so you can push it onto a wholesaler…
Or just get an option to buy on the property and if you have a buyer lined in a few days, dump the option onto him.
That is what I would try and do…
right, not a bad idea especially if the seller doesnt need alot of cash upfront.
im also considering doing a simple assigment of contract. get the property for a decent discount and help them market and sell it and i just sell the contract to a new buyer for quick cash.
it really helps going on this board, alot of brainstorming goes on, makes everyone think and learn at the same time.
thanks