ive had deans latest book for about a week finished it and had been doing my research since day one. A freind of mine has partner'd up with me and has an agent.
He's pre qual'd for 160,000.
I FOUND this house which is in preforclosure, listed at 174,990. been on the market for about 4 months. and is in really good shape. Checking a few sites the average FMV is about 201,000. and theres a few houses thats worth 4-500,000 around it.
i plan to use the IEE and have my partner buy the house.
i can get him to lock the price with me for around 135-140,000. then sell it to my partner for a bit more. and we split the money i recive for finding the deal, and he refinance after its his.
i figure making a profit with the IEE will give us money back sooner...thank selling it to him for the price i orignally locked it up for.
does that make sence?
should i do it this way?
if not what is best?
is so...is 135,00 a reasonable offer??
also should i even include his agent in the mix? he shot down my 25:1 concept in a hurry.
i just want to get the most amount of money possible but really just want my first deal to work...plus im not to knowlegable about the cost of closing...so if i sell it to my partner for 150,000 with his 160,000 loan would he have enough to close???
please o please o please help. i wanna make an offer asap.
thanks a bunch.
impossible is nothing!