OfflineGuys,
This site is basically a full blown course on real estate free of charge! The information is truly invaluable. I have a few things to clear up though. Since I am not in a position to purchase RE and probably flip or rent at this time (based on my credit and no money), I am "eye-balling" the possibility of getting into reassigning properties to more financially capable investors. Take for example, I noticed an ad in my local paper today that reads "Handyman special - 2bdrm, 1ba. structurally sound, below 50% LTV, estimated $6k. Only $26,900." To the seasoned investors on here, do you see a potential deal to this? Also for the future, lets say I purchase a proper with a similar scenario with the intention to flip; isn't it true that I would have to factor in the interest added unto the $26,900 so as to make a profit? In other words, after buying the property for $26,900 and fixing it to a cost of $6000 = $32,900, I wouldn't see a profit if I turn around and sell the property for $50,000 if I had bought the property via owner financing over 30 yrs?
It is kind of hard to answer your question b/c we do not know your neighborhood. What are the comps in the area for 2b/1b with the same sq ft? Have you seen the prop? Do you really think it only needs 6k worth of work? There are a lot of questions unanswered. My advice is to just do your homework and you will know if it is a good deal or not.
And if you have not done so yet read deans book!! It is amazing and will answer so many of your questions.
And on your would I make a profit question it all depends on how long you keep the property. Just b/c you bought the property via owner financing for 30 yrs doesn't mean you have to keep the property for 30 yrs. If you buy it, rehab it, and flip it in one month you will just add all of your expenses together, pay off the seller and pocket a good profit.
I hope all my information sounds correct! please correct me if im wrong on anything!!
Thanks,
Shaun
Shaun,
Really appreciate your answer. Actually, I did read most of Dean's book and find it absolutely educational and motivating. I know I am about to do this. Just don't want to jump into the action without being confident that I have at least the knowledge to start.
Thanks.
I have been in the program for one month, and I am ready to get going. I have 5 investors that I can flip houses to or assign contracts. I have several potential houses I could get under contract. Am I on the right path? Should I just go ahead and make some offers and see what gets accepted? If one or more of these gets accepted, wouldn't it be as easy as calling all 5 of my investors and seeing which one of them wants to take over the contract?
It could be that easy. Make sure you know what your investors really want and how much they want to spend. Investors only want the best deals at the best price. Do your h/w on both the properties and your investors.
If you think it is a good deal and your investor is going to want it make an offer that is going to both sell the property and make you some money. Never forget to factor in what you want for an assignment fee. Get the property into contract and if you have never done this before you might want to have an attorney look at the paper work. Contact your investor and assign the contract over. It really can be easy and a quick way to make some CA$H!!
Goodluck!!
Shaun
Go for it! Do the numbers, write your escape clauses, and make some offers!
You can make it happen!
Rina
"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