Is There and Opportunity Here - ?

General Real Estate Investing
1

IS THERE AN OPPORTUNITY HERE FOR ME ?

I have lived in my Condo here several years. There are over 250 units. The turnover is nominal around 25-40- per year. Not because of the property but due to the nature and price range IE: Many first time owners, Transient due to temporary work assignments, and routine move out as careers and finances grow. The prices range from $60s – to $150s. There are 1 BR, 2 BR and 3 BR sizes.

It is in a prime location in a 6-8 million population area near a major Airport with easy access for any travel anywhere.

I am not and do not want to be a licensed Real Estate agent but I wish to legally facilitate the buy/sell of properties here. I believe that with my knowledge of the property, the individual units, my personal relationship and reputation with the residents, I can help them sell their units at a better price [less the nominal 6% real estate commission], make some profit for myself and provide a valuable service to buyer and seller.

Since I am retired - I am on property most all of the time, so showing units is easy. I am completely knowledgeable concerning taxes, comps, residents, history, Condo Documents, budgets, Dues, finances, Rules & Regs, etc. I also have a strong background in sales.

I have bought and sold some in the past at a nice profit – mainly by writing a check and paying cash – then holding and selling. This is not a practice I want to continue. No leverage. To much cash tied up. Protracted time to sale date can runs up expenses such as Taxes, Dues etc.

My judgment is that some sort of “Purchase Option” – [Not a Lease Option] may be the best approach. I have never done this and need to better learn the complete procedure.

Many on this forum are much wiser than I am so I would like suggestions on the best approach where I can to use my knowledge, skills, network connections, and abilities to help owners sell their property at a reasonable price and earn myself some money in an honest and ethical manner.

Jess

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Good afternoon Jess, Have you ever bought property and sold it before you had to pay for it. Called a double close or dry close here in Oregon. I have used it many times and it sounds like it might work for you. How long does it take a property ther to sell once they list it with the MLS service? Migh5t be a real oportunity for you to post bulletins ther saying you will buy when they are ready to sell then structure the deal so you can sell it prior to your close …Hopes this helps, Darin

3

Darin
Thanks . I will consider that. There is one issue the DOM which is unpredictable and made worse by the current RE lul.

I have to be cautious because each unit has some pretty heavy monthly dues and I don’t want to get stung by them due to a slow sale.

That was why I was considering getting a Purchase Option. Then I would sell it - do a dbll close or excercise my Option with an agreement for - say a finders fee from the seller then just do a single close and get my check for the difference.

But I’m not familiar enough to know if that would work and also provide some safety from getting hung out.

At my age - I ain’t taking a lot of chances.

Jess

4

There can be a good opportunity here. If you use an option it will give you an equity position so you can sell as the owner avoiding any realtor licensing issues. Write up the option to give you enough time to find buyer, seller pays you to relinquish option.

5

Thank YOu

Jess