OfflineI attended one of Dean's free workshops in my area about a month ago. The speaker was very motivational and issued a challenge to those at the workshop who would rise to the challenge to find their first property within 100 days of attending the workshop. I found a single family property for sale by the owner. I want to invest in this but do not know where to begin. Can anyone please help point me in the right direction? Any information will be greatly appreciated.
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it really helps us to help you if you fill out your profile page. 30 days is the one you need the most. but all would be great. click on store above. also see case studies above to see what others have done.
all the best,
WALT
I would say try to understand what you are doing first. So ideal would be to figure out what you're doing.
As for your potential deal, I would say try to find buyers , solid buyers through online marketing like craigslist or something. Also, were you able to get the property under contract? If not, then I would recommend you download the 30 day book that dean offers as a free copy. And read that, it will help you understand more. Also attend a reia meeting, this will put you around buyers and lastly, I would say find someone seasoned in your area or someone seasoned period that doesn't mind mentoring you. And when you find this person and if they can help you, you may be able to JV and both make some money from this plus learn how to do it yourself. Win-win for all.
but this is just my opinion.
~Blessed beyond measure and enjoying life to its fullest!~
To add to the excellent advice the others above have given, it all depends on your strategy. Are you looking to buy and hold, fix and flip, wholesale? There are a lot of different approaches and way to make money in RE!
Let us know and good luck!
- Tom
Here are some options:
Buy and Hold as an income property: Step 1: How are you going to finance the purchase? Cash? Mortgage? If mortgage then you need to go get pre-approved first. (2) inspect the property, (3) if you are still interested, then submit a purchase agreement (similar to the one your local real estate agents are using). (4) get an home inspection and complete other due diligence contingencies (5) schedule a closing at your local title company.
Buy and Flip: See steps 1 - 5 above. (6) Complete any repairs, (7) relist and sell. (Remember to calculate holding costs into your renovation expenses.)
Wholesale: (1) Get the property into a contract using the suggestions found on this site, (2) locate a buyer and get them under contract too, (3) schedule a double close with a cooperating title company.
What are you doing with the property? Are you assigning or buying and flipping? You have to know what strategy you have before you decide what to do. You have heard it before, know your exit before going in.
If you are not sure what your strategy is, take a step back and move forward when you understand. It is not hard to do. Simply get it in your mind what you intend to do with the property. Consider your assets. Can you do what you are wanting to do. If not ASSIGN the property if the numbers are right.
Roy Voeks
Official RE Coach
What are you doing with the property? Are you assigning or buying and flipping? You have to know what strategy you have before you decide what to do. You have heard it before, know your exit before going in.
If you are not sure what your strategy is, take a step back and move forward when you understand. It is not hard to do. Simply get it in your mind what you intend to do with the property. Consider your assets. Can you do what you are wanting to do. If not, ASSIGN the property when the numbers are right.
Roy Voeks
Official RE Coach