All Forum Posts by: David Jonsson

I appreciate the entrepreneurializing spirit here. I grew up in restrictive church that promoted the idea that rich people are evil and making money is wrong. So, when I hear someone say something encouraging as opposed to instilling fear about how to go about business, I need to hear that so I can be emboldened to take action, instead of asking myself everytime if its 'right or wrong'. Thank you @Michael G for encouragement to take action in spite of those out there where want to say it can't be done.

How do I find a buyer I can flip this contract to? I have an option to buy 1.5 acres with house and shed for $218,500.

Im getting ready to put an ad on craigslist (can I use info from an old listing I found online from when it was listed with a Realtor?)

By the way, the seller found me on craigslist with an ad i posted "I buy houses, Any Condition"

But more importantly, once I find a buyer, how do i have them view the house without doing a deal with the seller behind my back? The seller just told me to call her whenever I send someone out to look at property.

I should probably secure an actual Purchase Contract with seller then flip that contract? Although I suppose an Option Contract is just as valid.

thanks y'all!

@Dion, you will be happy to know i secured an option to buy the property for what she owes. $218,500.

@Shaun, her husband got an out of state job.

Im surprised she didnt list it. apparently she did awhile back.. http://www.shorewest.com/vp/ListingServlet?SITE=SHOREW&ScreenID=LISTING_DETAIL_PRINT&cd_MLS=1339813#.UgZY39Wnaph I called the Realtor and that listing expired.

Anyway, she is motivated and just wants to be done with it..

She isnt interested in renting it because of the headaches..

If i cant flip the option, I will renegotiate a Lease Option and then do a sandwich lease option.

Any advice on how to market it to a buyer?

thanks, y'all!

greed?
slap?
take it easy Dion..
i appreciate your input. in fact, you have enlightened me as to the value of the deal. thank you.

Im guessing you are on the other end of notes and you see me as the guy trying to rip you off.

My starting point strategy is offer 70% of value based on market sale price, which happens to be about 20 grand less than what is owed.

Let me reframe the question so we can look at what Im trying to understand apart from this specific deal: Lets say the property is "upside down" (more is owed than what its worth), if loan is current, how would the market liquidate the property unless the lender took a hit? How does a 'short sale' happen if loan is current? What can I do, as a wholesaler, to move properties that more is owed than what it is worth (and worth for me is 30% equity).

Does that make sense?

i just wonder if there is any creative way to get the property for less than is owed on it.

Bill, the seller would pay the balance above purchase price if bank wouldnt take less than owed. The I would owe the seller personally on a note with that difference.

When will a lender accept a short sale if note is NOT in default? Otherwise, the seller can do a personal note on the difference? Appraised value is 283,000. Owed is 219,000. Offer will be around 190,000.

Rockford, IL is cheap. one hour south. You can buy SFH for 10-20 grand and rent them out for 600/mo. Thats what I did. Bought one for 15,000 then put in 5,000 for repairs and rented it out for 600/mo. I had that one for 10 years. Cash Cow!

is this a good ad to find properties to wholesale for quick cash?

[url]http://madison.craigslist.org/rew/3939866444.html

(i dont know how to use link button when composing the message, so you might need to copy and paste to view)

or here is the copy:

Reply [email protected] [?] flag [?] : miscategorized prohibited spam best of Posted: 2013-07-16, 1:54PM CDT

[/b]I Buy Property. Any Condition. (Madison, Wi)

Need to get rid of your unwanted house?
Are you motivated to sell?

I pay CASH and close FAST!

email me your property info, I will give you an offer.

You can start your new life!

Location: Madison, Wi
it's NOT ok to contact this poster with services or other commercial interests
Posting ID: 3939866444 Posted: 2013-07-16, 1:54PM CDT email to a friend
Stating a discriminatory preference in a housing post is illegal - please flag such posts as prohibited More info
Avoid scams, deal locally! DO NOT wire money (Western Union, Moneygram), or rent a unit sight unseen More info

Hi, I moved up from Rockford to get into this market. Nice to meet you.