Sell Your Apartment Building – FAST!
An Interview with Jeff Mack of AmeriRecovery
Jeff Mack buys rental properties from sellers who are in a hurry- often in a quickly as 24 hours. In this interview, he explains more about his business model, and his views on the real estate economy:
Q. When would a seller come to you?
A. In life, sometimes we have to do things in a hurry – not always what we want to do, but what we need to do. Maybe it’s a personal issue like a divorce, or perhaps it’s a purely economical decision. Sometimes, they just want to stop losing sleep over it. We often close in twenty-four hours, which does a lot for a person’s peace of mind!
Q. Are you a real estate broker?
A. No. I work with a private investor. We don’t work with brokers, so the seller doesn’t incur the costs of advertising and marketing. There’s no long-term listing contract.
Q. How do interest rates affect your purchase?
A. They don’t. We don’t finance through a bank – that’s why we can move quickly. As any frustrated seller knows, there are a hundred ways to lose a deal over financing. It’s also hard to weed through prospects for a qualified buyer. We don’t have to deal with any of that.
Q. How do you chose the right properties?
A. Experience has helped us develop a formula for picking the right property. It has to be in good condition, not MLS listed and in a low crime area. We work with properties that have at least two apartments.
Q. How does the economy play into your decisions?
A. That’s a sweeping question, especially for a real estate fanatic like myself. It’s that old “know when to hold ‘em, know when to fold ‘em” thing. I know how to read the economy – I do my research. For instance, I know that more money is invested in real estate than all the other equity markets combined. The recent seven-year run up in real estate from 1998-2005 created the greatest bonanza in land values in our nation’s history. But easy money and credit produces investment winners and losers. The recent subprime loan implosion is such an example. I could probably write an entire article on these points alone!
To talk more with Jeff Mack, call 1-888-544-0407