I have a couple of deals cooking, but need advice on one of them. Ok, I have this single family home in a suburb of Chicago. Aurora, IL the home is dated and I know that it has potential. The seller contacted me and informed me that it went through the probate courts and ready for sale. It’s free and clear and I am looking to wholesale it off to an investor. The problem is that most of my investors buy in the city and not 30 miles out from the city. The area is nice and largerly a latin community, how would you approach this situation? The seller attorney sent over the contract today, how should I go about this one?
I agree with Nick. Also, don’t discount the investors you know…and if they’re not interested in that area, there’s always a possibility they know someone that invests in that area. Networking in this business is a phenomenal thing!
pjm,
Do you see the golden nugget? I’ll bet it’s seller financing! Why don’t YOU keep the property?
If it’s in a Latin community and you want to sell it, then get a translator (check at local title insurance and escrow companies) and put out an ad in Spanish and English. Keep it simple. Put up picture flyers in your local bodegas and laundromats and hand them out at flea markets. You can sell that puppy if it’s good. Don’t forget the first time buyer money, good until Nov. 30. Now hurry!
If your goal is to wholesale it, go ahead and try to wholesale it. You may not know many investor buyers there, but I’m sure they exist and you can find them by announcing the deal once it’s under contract.
Unless, of course, there’s actually something wrong with the area that would make even local invstors not want to buy it (not just investors in the City that don’t want to go that far from the city regardless).
I wouldn’t buy and hold it if it’s in a predominantly Spanish-speaking area. There’s enough deals out there closer to you and without the added hassle of using an interpreter.