I have located an incredible REO. It just went on market. I know for a fact that this place will sell fast. It sits on 4.5 acres in an affluent community in N.Y. The houses around are selling for 1.5 to 3.5 mil. This place is listed for 799,999. I really don't have any $ (about $50k) in a line of credit, but thats it. This house is an obvious tear down, unlivable.
How would I proceed? I have possible $ guys, but they only give me 1-2% for finders fees. I want to do this one myself. Is there any chance of making this happen?
Lock up the deal yourself and then assign it. You can make the fee YOU choose (ie. $200,000up) for passing it on to an investor. Many contracts can be locked up with as little as $10-$100. Why should you only make 1% when you can make much more if you have control of the contract? That's the key to making more cashola!
Let me know what happens.
Good luck and God bless,
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