I have two questions.
Has anyone taken the classes from Wealth Intelligence Academy http://www.wiacademy.com/ ?
I’m currently in a 3 day workshop (they touch on some info but mainly plug their more expensive courses from Wealth Intelligence Academy). One of the senarios they talked about was the following.
Mr. Jones has a property he’s willing to sell me for $100,000 and he’s willing to do full owner financing. The fair market value is $140,000. I tell him I’ll pay him cash at closing which will take place in 90 days. I write up an agreement which has all the details but it also says that I can assign the agreement to anyone I choose.
I then place an ad in the newspaper or talk to a database of buyers I have and say that I have a property that I will sell that is $30,000 below fair market value. (I’ll be selling it at $110,000 and be making $10,000). I get a check from the buyer for $10,000 and have him take over the sales agreement in which he pays $100,000 to Mr. Jones.
This all sounds great but how easy is this to do? Is it easy to find sellers willing to drop their price so much? And is it easy to find buyers willing to buy so quickly? What about all the closing costs? Do I have to worry about any of that?
My problem getting started is that I know the devil is in the details and I need to know exactly how things are done or what can go wrong.