What if I get a deal?

[Tony Hernandez]

Hi BP,

After reading the ultimate beginners guide (awesome resource by the way josh and Brandon), I've moved forward with commitment and doing something. I posted on Facebook to all my friends that I was going to start a REI business (commitment) and started telling my personal network in my target market (do something) that I want to help people who think they need to get out of their house and don't want to put it on the market for whatever reason.

My goal is to help folks who have few options on their home and don't have time, energy, etc. to sell retail. Those that do have the time to sell retail I will refer to my agent. The market here is hot and people should get the most out of it they can, in my opinion (this helps me build trust and credibility).

The question I have is, what do I do if I get a deal where I can get the property at a good price (read below retail) and they need to close in less than a week? I'm not a cash buyer. I have a friend with cash but I don't want to involve friends and family in my first deals to protect this relationship?

So what world be good strategies to acquire such a deal?

[Brian Gibbons]

Here is a "cheat sheet"

Pretty Houses, no equity -   sub2 -> rent out,  lease 2 own;   wrap -> rent out, lease 2 own  lease option -> assign

Pretty Houses, 20% equity - list with agent; sub2 and note ->rent out, lease 2 own; wrap -> rent out, lease 2 own; lease option -> assign

Pretty Houses 20% - 95% equity - list with agent; sub2 and note -> rent out, lease 2 own; wrap -> rent out, lease 2 own; lease option -> assign; lease option and sub lease-sub option, possible equity split

Pretty Houses - 100% equity - installment sale, payments to seller substantially less than market rent; Possible 2 Notes, do a partial sale at a discount of front end 60 payments on 1st note

Minor Rehabs - Joint Venture with the Seller (give note for equity, pay off note after resale), JV with Money Partner

Major Rehabs - Wholesale Contract; JV with Money Partner, Hard Money Lender, Private Lender IRA Loan, Use your IRA Loan

@Steve Vaughan may want to add to this.