[Sabrina Mendoza]

Sabrina Mendoza

Hello everyone,

I’m new to investing and want to start building my list of potential buyers before I start looking at properties for optioning. What kind of info do I need to know about my buyers in order to match them up with the right properties?

My checklist so far has the following items:

– Name & contact info
– Desired area (city, neighborhood)
– Type of property (# of bed/ bath; rehabs or move-in ready; foreclosures, FSBO, etc)
– Price range
– Financial criteria (cash buys OK; no money down; % of ARV if rehab, etc)

Am I missing anything?

Thanks for any input y’all can share. I read these forums and listen to the audio lessons everyday and always learn something new!

— Sabrina

[Sabrina Mendoza]

Sabrina Mendoza

Just had another thought: Is it possible to make options deals on properties being listed or brokered by an agent? I have found a few properties in lower-priced neighborhoods, but they are not FSBO. If it’s possible, how does the process differ from dealing directly with the seller? What about REO’s— I wouldn’t think a bank would be open to an options agreement, but then again they are eager to unload the properties, right?

[Hank Baltar]

Hank Baltar

As a RE investor, you should learn to work without depending on RE agents. Anyone, investor or owner occupant, with cash or financing can find listed properties. And, the RE agent will control the contract process and it probably will not be anything you want to do regularly.

To get the good deals you want, find properties that are not under listing agreement contract with RE agents. This ain’t easy in the beginning or everyone would be doing it! But once you get going, it sure beats going to a real “job.”

[Jackie Lange]

Jackie Lange

You will have a very VERY hard time doing option deals with listed properties. Contrary to common sense, banks are absolutely not open to option deals.

your very best option deals – which are the easiest to do – will be properties that are privately owned ( not listed) my best option deals were houses that were not for sale ( not fsbo) but only vacant run down houses that the owners were not even trying to sell. Those will be your best deals.

[Arcinio Arauz]

Arcinio Arauz

Have you read Jackie’s book…” RE on Steriods”? If not, start there. If you have read the book then start posting adds on CL “Looking for cash Buyers” or “Homes for Wholesale”