First Lead, I Think????

[housebuyer1]

Hi everyone, I really need somee advice from someone. I got a call tonight from a gentleman that is looking to sell 20 rental properties in my market area. He is asking 625k for all 20 and wants my help finding a buyer. These homes all rent from 800-1200/mth . all homes are currently occupied. My problem is that being a new bird dog I dont have very many investors as of yet. This lead doesnt fit any of their profiles as to what they are looking for. I really dont know what to do. Please help.   housebuyer1......

[justin0419]

Math tells me this is an average of $31,250 per door.  With rents ranging from 800-1200/mo and they're all occupied, you should have people clamoring over each other to get these properties.  Start contacting RE lawyers and title companies in your area.  See who has property and is still buying property.  These are GREAT cash flow numbers.  Is there a lot of deferred maintenance or are they in bad areas?  Are there any large property management companies in your area?  If so, call them too.  Look at for rent ads and get the addresses.  Run the addresses thru public records to find the owners.  My county has that online.  Then do a search for that owner's name.  Most people who own property will own multiple rentals, not just one.  You may have to split this up as there may not be many people around who can swing a deal like this all at once, but you should be able to find buyers.  There's always craigslist too...
If this guy is using you to find a buyer, you need to get an agreement in writing so you can get an assignment fee.

[housebuyer1]

Thank justin for the reply. I was hoping you would see it. I didny know my first lead would be a 20 home deal. Im a wreck. These homes are in my backyard almost and I know the neighborhoods arent too bad. From what I gather this gentleman is the owner of all 20. He is sending me the locations should get tomm.  He wants to dump at least ten in a package . assingment fee? Not sure what that is.   housebuyer1

[justin0419]

That's good if these are in decent areas...really good prices.  I think you should check out some stuff in the Bird Dog/Wholesaling forum.  That might help you out.  You're not a licensed Realtor, so you can't sell these properties to someone for a commission.  You can, however, get them under contract and then assign the contract to someone else for an additional fee.  There's guys on here who do this stuff so you should find some good posts about it.

[housebuyer1]

Thanks man, Ill check that out. If I do find a buyer I can turn him on to this deal cant I? The owner posted this deal on craigslist and Im worried someone my go around me or get to it first.

[housebuyer1]

I guess I just scared that I wont find a buyer after I put it under contract. Being new to this I Know that Im not financially able to aquire this deal . Not wining , just concerned.

[fittednappies]

Just do what you think is best. No regrets.

[bossladyjack]

Are you considering assigning the contract yourself? I'm new to this too but contract assignment fascinates me. All I know is the wording has to be impeccible (self and/or assigns) and you must include an escape clause!!! If you cannot locate a buyer to assign the contract to, you need to be able to get out of it easily. I don't think you'll have trouble finding a buyer with a deal like that, so get on it! Good luck.