Found a possible deal, but not a lot of $$$ what are my options?

[Jon Mason]

Hello All - I just met a guy who is retiring and has 7 rental properties in my area that he wants to get rid of.  We just sold our house (closing on 5/1) and will have $20K set aside to use for real estate investment (rental or perhaps a less-intensive flip?).  Having discovered this deal, do I have any options?  I don't need 7 rental properties right now, nor could I remotely afford 7 rental properties, but maybe there's an opportunity to make money of this deal on a finder's fee, and/or perhaps get a property (or 2?) out of it in the process.

thoughts?

[Garret Chiaramonte]

Hi Jon,

You can absolutely make finders for each property if you are able to find a willing buyer. Typically, you would go into contract with the seller and then try to assign the contract to the buyer you find so you don't have to close with your funds. Another option is to find the buyer, have the buyer go into contract with the seller though make sure you have an executed assignment fee stating you are paid a fee for when the deal closes. The closing company will make sure you are paid out of the proceeds at the closing. I'd be interested in looking at the properties that are for sale that you don't want to buy. If I buy them, we'd set up the fee arrangement in one of the 2 options I mentioned above. You'd be paid for anything we purchase. Hope this helps. Let me know if you have any other questions or if there is an opportunity to look at the properties.

Thank you