Probate Property Investing – Some Burning Questions Answered
Today’s post is a sampling of some of the questions I get from my subscribers about the product.
Q: My first question is when you make on offer on a home and it needs to be fixed up does the investor purchase the home up front or after I have fixed it up?
A. Nothing like a good strong answer like “It depends” is there? If you do the rehab yourself, you will generally make more money. However, some folks, like me for instance, don’t do rehab and just flip the properties “as is” so that’s the other option you have so you can see there is no set answer. Another factor is what your investors want. Some want finished houses, others do rehab themselves so you can do it either way.
If you want more information on “investors” and other guerrilla financing questions, Ron’s 2nd book “Make A Flippin’ Fortune” can give you all you need to know. He wrote it specifically for questions like this.
Q. When I make an offer and the seller agrees how long do I have to pay the seller?
A. You will have to have your funds available at closing and the closing date is very flexible. The buyer and seller agree on a closing date and it is normally outlined in the Purchase agreement. It is generally a statement something like “Closing will occur within such and such weeks.”
Most of the time the seller wants a quick closing and the buyer wants a little more time.
If you the buyer have already built your “investor” list and you know who you are going to sell to, or “assign to” it greatly relieves the pressure on you. This topic also addressed in the Flippn‘ book.
Q. And also when you say your going to make an offer with cash does the investor know this and do they normally have that much cash to throw down?
A. Not quite sure about this question, but my investors do have all cash for any transaction I do.
That’s the beauty of building your buyers (investors) list ahead of time. You know they have the funds ahead of time.
The other advantage is that if you decide to assign the contract, you know they have the money to pay your assignment fee.
One last thing.
I am asked many times if there is a discount if people buy both the Probate book and the finance book at the same time.
My answer is “ABSOLUTELY”.
If you go to my website:
Thanks for reading!
