Hello every body this is my first post so please bear with me. I am a Property Locator in the San Diego area and I have an Investor that wants to sell a Condo in San diego Ca, 92109 for 175k or more he is looking to do a lease option to buy because the price of the property has dropped. Now my first question is …
Should I try to wholesale the deal ?
How can I structure the deal so its a win win scenario for the Seller ,buyer and me ?
The address is
4469 home ave #7
San diego ca 92109
Zillow SOLD Comps
01/30/2009: $175,000
11/12/2008: $290,000
10/17/2008: $161,000
PLEASE HELP !
You always want to wholesale instead of birddog.
Tie the property up with a contract which gives you
equitable interest in the property.
Locate an owner finance or leasepurchase buyer
to assign the deal to. Collect a profit you think is
suitable for this transaction…
Always wholesale instead of birddog…
Jeff Corpuz
ultimately your goal should be to wholesale, but I say birddogging in the beginning is a good way to go until you get your feet wet. There is NO risk in birddogging and you get to learn what a good deal is the easy way. If it’s not a good deal, the wholesaler you are working for won’t want it.
So I recommend Birddogging until you are comfortable in your deal finding ability then wholesale. I imagine it wouldn’t take more then a few birddog deals to get your confidence.
This is what I’m in the process of doing.
Without all the facts on the property and with the one comp that is of any worth I’d say this is a deal to run from not just walk. Are the comps you provided in the same complex? Are they the same size? Are the amenities the same? I’d need this and a lot more info to make any kind of valid suggestion.
You will probably be better off bird dogging until you learn what makes a good deal. This market is unforgiving if you make a mistake so be careful and do a lot of studying before you jump into something.
Good Luck,
donrock
The reason why you always want to wholesale, is because you
are getting the property under contract that gives you certain
rights to that property, which in turn you can sell to another
party/buyer.
You also have more control over the deal and how you get paid,
usually an assignment of contract, release of contract, or double/
simul close.
If you plan to birddog, you’re pretty much a low paid wholesaler.
You can accomplish better results by simply tying the property
up with a PSA or option contract, and selling your rights. You
WILL get paid higher, 99.9% of the time…
HTH
Wholesale
Like the previous poster said, use Option contracts so there is no need for major pressure.
Once you have pocket buyers, and know your market like the back of your hand you could assign a regular purchase and sale contract.