High Tension Power Lines
- Image via Wikipedia
So I ran into a snag with the property that I’m looking at. I took a second look at it today, but this time with one of my buyers (who also happens to be an appraiser). There are high-tensi0n lines in the backyard and apparently this will be a huge flag for a lender (FHA especially). So, even if I get a cash buyer to wholesale to, they may be stuck with the property when/if they attempt to sell to a retail buyer. This limits a buyers’ exit strategy severely, therefore it limits me.
Now that this power-line issue is clearly a hurdle, I may need to renegotiate the selling price. I need to get a bit more wiggle room on this one so that the power-lines in the back yard won’t be such a deal breaker.
Now that I’ve had more time to reflect on things, it’s now clear that I don’t nearly have enough cash buyers. I’m very glad that I don’t have this property under contract yet, because I would’ve contracted too high of a price. I’d rather the seller sell to someone else than for me to wrap the property up under contract and have to bail.
To get more cash buyers, I’m going to exploit CraigsList on a national scale. I’m thinking of using an auto-posting software, such as CL Bot Pro, to post ads about Wholesale Properties in Champaign, Illinois. Also, to complement those efforts, I’m thinking of hiring a University of Illinois grad-student to perform some extensive research on the residential real estate rental market in Champaign, Illinois. Perhaps, have the student compile some information, statistics, and record a video presentation that would be PRO-invest-in-Champaign. Post the video to CraigsList, a dedicated squeeze-page, and elsewhere on the web. I think this would do the trick for drawing buyers to this market. Actually, the more I type about this…it’s a done deal. I’m about to do it. I only have 363 days, no time to waste. I need to launch a separate website for this or perhaps just give my Schwaps company blog a makeover and incorporate these changes. Perhaps, also create an eBook incentive for the sign-up. I’ll polish this idea over the holiday and I plan to have something up by next Monday.
I just remembered that I’m supposed to be doing Accountability Mondays’. Okay, this time I’m putting this in my Outlook calendar, so I won’t forget again.
I’m out! Happy Turkey Day!
