OfflineHello, I am super-exited to get started with real estate. When I get past the excitement I also feel a bit overwhelmed because I don't know exactly where to start...
I went to drive around an area close to me near Houston, TX and found several properties that appeared to be FSBO or being rented by owners. My only goal was to get a feel for the market.
This is my plan, but PLEASE help me correct it if it doesn't sound good.
1) Find an investor-friendly realtor
1.1) Explain what I am doing and get a list of 35-50 properties: Starter homes that: have been listed for 90+ days, are vacant, or listed AS-IS
1.2) Ask for list of 10 - 20 properties sold CASH around this area past 90 days (to build cash buyer's list)
1.3) Ask about good mortgage brokers in area
2) Find a RE lawyer that handles assignments
3) Build cash-buyers list by checking Craigslist, checking bandit signs around area, list from REA
3.1) Contact buyers to see what properties they are buying
4) Filter list from REA looking for signs of motivation and for properties matching my cash buyers
5) Put in offers
Here is what I am not 100% comfortable with...
- I of course am scared to mess up along the way and get in a bind, so I need to know how to protect myself trough agreements...
- What are the two clauses that should be included in the sales contract I will assign
- When does the earnest money come into play, how do I keep from losing that money if I cannot successfully assign that property?
I hope the DG family can help, and if there is anything I can do for you guys come to me (I know a lot about marketing online... so that may be something I can help with.)
THANKS!
Guillermo
I would start by contacting FOR RENT signs and or listed in your local paper.
Find out if they are investors and ask them if they are interested in other properties?
If they are ask them for their contact info!
You now have a Cash buyer!
Now go purchase some bandit signs and put them out.
Watch you phone ring.
Lock up the deal using the Formulas that Dean is teaching.
ARVx.65 minus repairs minus your fee= your purchase price.
Jay C
this site offers much wisdom from experiend & success rei.
join @ the hip with a few &/or attend rei meetings in your area
Thanks! I have a few buyers in my list now... I will be calling REAs soon.
REI meetings are a good idea. I'll see how to fit a few of those in my schedule.
-G
Find out if they are investors and ask them if they are interested in other properties?
If they are ask them for their contact info!
You now have a Cash buyer!
Now go purchase some bandit signs and put them out.
Watch you phone ring.
Lock up the deal using the Formulas that Dean is teaching.
ARVx.65 minus repairs minus your fee= your purchase price.
When I drove around I noticed a few FOR RENT signs that looked nothing like those from REAgents, so I figured those my be "For rent by owner" properties... my idea was that they may be renting but they may be looking to sell. I like the idea of calling and checking if they are investors.
So basically calling rentals could help me find motivated sellers or Cash buyers. SWEET!
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Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
so others here can network and help you. MIke has given you the link above. People here are much more likely to help you, if they can see who they are working with. Looks like your list is good and the answers to your questions can be found on this site as well, such as have and or assigns as well as writing your contingencies. People vary in what they put as their contingencies.
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
I would have your agent you are working with to send the cash solds list from 2011 cause the assessor is not very fast @ recording the transaction very fast.
Matt B
you don't need to explain to your realtor what you're doing; just tell him/her that you will be putting in about 25 offers every week and you will be paying cash; ask if they are willing to do that for you-if not, look for another one...
When you submit an offer, and the seller accepts it, that's when you have to provide the EM, normally.
When you put in your offer, you put in a '30 day inspection period' clause. That will be your exit strategy in case your buyer doesn't come through and you're not able to find another one...
wishing you success,
Valerie
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You're starting off great.At least you have plan.I think you should decided rather you're going to look for buyers or sellers first.Have your attoney look over your contracts and go from there.If you know 5 most important things to do when you wake up and cross them off as you go you wont have a problem.And dont be afraid to mess up even the greatiest make mistakes these are the people we learn from.