All Forum Posts by: Paul Amegatcher

So there are a lot of moving parts to you question but yes you can buy a house without an agent.  It is the best way to buy.  Here are a couple of questions and answers for you:  

1. Is the house you want to buy listed for sale by owner or is there an agent involved?  If there is an agent involved then they will be representing the sellers interest.  In that case you can still pursue the purchase but you will never deal with the seller it will always be with their agent.  The sellers are also contracted to the agent if the agent is marketing their property so the agent cannot be dropped per your previous comments.

2.  If it is a for sale by owner then you will be dealing directly with the owner.  You do not need an agent to represent you.  You will need a good real estate attorney to draw up a purchase contract so your interests are protected.

3. Once you have a signed contract you can then present that your banker for the loan process this assumes you are already pre-approved by said banker.  The rest of the steps should fall in line.  I.E home inspection, appraisal, insurance, title search and closing.  Good luck.

Paul Amegatcher

@Brent Coombs I always take title but I'm different. 

@David White  Here are some steps to building a buyers list.  

1. Market the property on craigslist. Do not use the address in your marketing. Use key words similar to this example: I'm selling my equitable interest in a 3bd/2bt/2car SFH located in ABC school district. ARV is $100K. Property needs $20K in repairs. Asking price is $50K. This ad on craigslist list will generate enough interest if it is a good deal.

2.  Market the property on Biggerpockets market place forum.  Use the same key words as the Craigslists ad.

3.  Go to fiverr and buy a cash buyers list for the specific zip code.  You can get a list of 100 cash buyers for any zipcode for $5. You can also get this info from a realtor if they know how to pull the data.

4.  Network with other investors in the area.  Call we buy houses, drive thru neighborhoods looking for people rehabbing houses.  Ask them if they are looking for more deals.

These four points should get you all the buyers you need.  In the real world most wholesalers have a strong buyers list of 2 to 5 buyers.  Keep your head up and keep forging on.  This business is not easy but the reward is great.  Good luck.

Paul Amegatcher

Your answers can be found in this post:

https://www.biggerpockets.com/renewsblog/2013/05/03/driving-for-dollars-bible-part-1/

how are you marketing your Properties? Sometimes it's as easy as a Craigslist Ad or posting the deal for sale in an investor forum.

Thanks for all the input guys. My specialty is buying distressed property at a low value and then reselling either wholesale or retail. This deal came across my desk and I did not want to throw it away without having other investors review it. Based on all your inputs I'm definitely going to walk away but I appreciate everyone thoughts and advice.

Thanks for the stern warning @David Faulkner

@Darren Budahn

There is no equity except for the difference between the rental income versus the mortgage payment.

Need some advice from the group. I was offered a home by an owner that no longer wants the house. He still has a mortgage on the home. The original loan amount was for 70k about 10 years ago but the home is probably worth 45k on a really good day. He offered to have me take over his PITI payments of around $400. Original mortgage is an adjustable rate mortgage. The home will easily rent for about $700/month. I'm not a creative financing guy but this seems like a deal that may work for some other investors. Need ideas on how to proceed. Thanks.

Have you tried marketing it on Craigslist or zillow as an investor special for $8000.  You may get some bites.  Or you can sell as owner financing for investors to try and get rid of it.  This should help limit your loss.