thairstont

I am so ready to get started, I'm in a situation where I don't have a choice I have to be able to take care of my 2 sons.And I'm tired of living check to check My credit is in bad shape right now. I know I can do this but I don't know where to start. I keep going over my book Be A RealEstate Millionare. To try to figure out with my credit situation where should I begin. Can someone offer some advise?

Welcome to the DG family/forum as I often call it. Well, like many of us you're here for a reason and I for one am happy that you are. I would start by looking for distressed or vacant properties. Find the owner and contact them, build raport by asking what they need to solve their situation. Then make them an offer with an explanation, lock up the deal. You can do that with as little as $10. Then find a buyer for the difference of what you offered and what it's worth and make some cashola! It's that simple, of course you have to assess the property and do the numbers, but it actually is that easy. You don't need credit or money to do this if you do it right. Do your homework and you can't go wrong!
Feel free to read the other posts, start at the 'start here' posts because many of the questions you have will most likely be addressed already.
Good luck and God bless you,
Elena

Thanks,Elena

I am have been bragging about the DG family I read the post for you,Anita and others and it just keeps encouraging and making me feel like I will overcome any obstacle. I believe buying Be A Realestate Millionare has been the best thing I've done for myself. And the bonus is I am meeting a ton of like people who share a wealth of information with each other. That's priceless.

God Bless you,

Tina

Well we're glad to have you here and look forward to seeing you succeed in your rei journey.
God's continued blessings to you,

Elena

Hi Elena,

Please help. I have been advertising Lease purchase/options on craigslist. Since my credit is not great I will be putting buyers and sellers together and charging the seller a fee. Last night I finally got a response from a buyer who has a 4 bedroom 2.5 baths and is selling for 185K. He said the House appraised for 201K. My questions are how can I run the comps and the comps for the remt I don't have a realtor in place yet. Also as far as downpayment how does that work? How much should be be down? By the way they are asking 1500.00 per month. I know par to f the payment credit toward the downpayment but how is that handled alsoDo I need a tile compnay in place?

Thanks

Tina

You have to make sure the numbers work. Just because he said that's what the comps are doesn't mean that's accurate. Do you know a realtor? Ask them for the comps, if not there's a couple of sites you can go to get them. Also, another way is cruising the neighborhood near the house and getting all the numbers off for sale or rent signs and asking the rents and prices of the homes there, that's the BEST way to get the info first hand. But if you don't have the gas, time or patience use the websites. I know they're on another post somewhere but I don't know where and I don't have access to my notes as I'm not home right now.
As for the down payment, you can negotiate a lower price with the owner or a pay half now half later (after you get your tenant/buyer) and ask for a lower payment. It's all negotiable, so negotiate the lowest payments and down for YOU so you can have a margin to raise it for YOUR buyer/tenant. YES, you absolutely need to use a title company to keep record/track of the transaction. This keeps everyone accountable as well.
Good luck,
Elena