Ok, I have a few questions but first let me explain the
scenario. I have been reading a lot the past few weeks
have finally decided to take the plunge. I have taken
ads (free) and generated some leads, both buyers and
sellers. The one that interests me is a buyer who
place FAST for school. Problems…
- It is three friends, so can I sell to all three?
Would it be better to convince them to put ONE person on the
note and title? If they say no, is that a deal beaker?
- They want to move the MH. I am assuming they know
that is costly AND they have a place to put the thing.
Still investigating though.
- If they have to move it for 3k, how the heck are
they going to afford a down payment?
- Their price range is 4-14k, which is pretty high for my
My idea is to do some sort of option, lease option,
something to tie up a property that meets their
criteria. For example, can I approach a seller of a 8k Mobile
home, offer 300 bucks to tie up the property for a month.
They get their pad rent paid, so I think a motivated seller
MIGHT go for it. I take the option at say 5k, but I could do
much higher IF my risk is only 300 bucks. The yield would
be tremendous if I can then sell for 8-9k on a note with
I am trying to be creative is the bottom line and NOT
plunk 8k into my first lonnie. That is not the “system” so I
will not buy any place over 3k or so. I WILL however, look
to exploit any opportunity I can to match up a buyer and
seller in a creative way.
Any ideas on how I can tie up very little money yet get
these 3 people into a property around 8-10k? If I put
an option out to purchase a property in the next months
time, it’s an option, so if it expires am I out the earnest
money? Would I have to lease option? I feel like that would
be unnecessary given this whole thing should only last 2
weeks. Also, I gotta be darn sure the property im looking at
works for those three, or I could be stuck leasing a 10k
mobile home? Ideas?