OfflineO.k I am meeting with a very anxious seller on Friday to look at 2 properties. This man seems like he has been an investor for many years. he also seems like he is ready to downsize and has offered me 2 properties at great prices. (see my post "WOW what a phone call") If all goes well this will be the first time I have used a sales agreement and locked in a property let alone 2.
Questions?
When we agree on a price I fill out sales agreement. Do I tell him I am a wholesaler ? I mean apparently this man is not a rookie in the RI field. He will be expecting something from me that is concrete I am sure.
The investor is gonna want to see the properties before he will buy how do I arrange that with the seller?
What types of things should I be looking for when I take a tour of the multiplex? What questions should I ask that will help me in assigning this property?
I must be crazy!! I am getting ready to sign a purchase agreement on not 1 but 2 houses. I have no money, no credit and well... nothing!
I keep asking myself "Are you nuts" and I keep answering myself " I can do this!"
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson
You are TCB babay! Takin care of Business! Go girl, you're right, you can do it!!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
What types of things should I be looking for when I take a tour of the multiplex? What questions should I ask that will help me in assigning this property?
The seller will probably have a sheet showing the rent, expenses, cash flow, etc. I would think that info would be important for the investor to know. I know the bank wants to see it on rental properties I'm asking to borrow money on. (sorry I forgot what it's called).
Rina
P.S. Make sure he shows you every unit before you offer. Not just say "The others are just like this one." Not all tenants treat apartments the same.
P.S.S. Good job!, by the way, and good luck!
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Thanks Elena I needed that!
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson
Have a checklist, the roof, the plumbing, the electrical, the heating, the cooling. All the big ticket items of course. Sorry, I forgot to answer that on my last post.
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
just wondering how this deal has progressed for you? Are you proceeding with it?
Laura
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
Just think, not long ago I was telling you what a thread is. Great work, lets make sure you write a post on a great deal that you went crazy over....Jan
I think its great Carol:
That you re-posted these e-mails for us first-timers who are still struggeling with our first deal. Speaking for myself, I can honestly say that this is exactly the type of encouragement I need.
I've been struggling with this deal,that I thought would be a good purchase.
What appeared to be a possible probate deal has become a game of musical chairs, just trying to locate the owner, or next of kin.
Now I am finding out the owner has deceased, the bank that formerly held the deed, passed it on to a trust company who is holding it in a ( Land Trust ?) I dont know what a land trust is, but for someone with no cash, credit or means of income, I sometimes wonder what in the world I am thinking, getting involved with a deal like this.
My original intent was to lock this property up, under contract and then flip it to another investor for a hefty profit.
Any suggestions ?
Thank you for posting this. As Dinomartino said, it really inspires me as I move forward. To see that some of the things I will be going through wont be uncommon for any 1st time investor. It's people like you that make people like us newbies continue and march on.Thanks again Carol!