OfflineSo basically, I went to a seminar with my mom about a week ago and I am ready to start NOW!! Well, truthfully I wanted to start the minute I got out of the first class 
So, I am 15 years old (starting early! lol!) and I am trying to find my spot in this industry. I recently found a property that is worth approx. $700,000 BUT the owner of the property passed away about a year ago. So I did a little research and I got the phone number to his grandson. (which my mom called a little earlier but he didn't answer) It is in pre-forclosure and the defalt amount is about $20,000. I need a little help on what I should do... Is it even worth getting involved with? My mom is also a realtor and was thinking well, if I cant do anything with it as an investor, then maybe I can list it as a short sale.. I'm not sure though... Any thoughts? Thanks!
Just starting! *newbie* *newbie*
Posted on: Fri, 10/15/2010 - 21:21
Just starting! *newbie* *newbie*
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- by a_vieira
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a_vieira,
Welcome to DG! Glad to hear there are other young people getting started at this. I started reading Dean's books when I was 17, I'm now 20 so you aren't alone! Some questions though:
1. My first question would be if you and your mom are planning on partnering up at this? Or are you trying to go solo? I think you might have to partner with your mom until you turn 18 if you plan on doing this on your own for legal reasons.
2. Also, what seminar did you visit?
3. When you say the default is about 20k do you mean its behind on payments 20k? Just to clarify.
What I would first do is make sure your mom knows how much its worth by doing a CMA. Then have her make an offer on it for around 400k depending on how much repairs it needs. It's always worth taking a stab at it. If the numbers don't work for you just walk away and move on to the next!
Good luck!
Dominic
Dominic
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I Have a property that i found and found an investor but how do i introduce the property to the investor without him taking it from me?
1. does anyone have a standard contract...please help!
sorry i'm a newbie didn't mean to post that many times ):
I Have a property that i found and found an investor but how do i introduce the property to the investor without him taking it from me?
1. does anyone have a standard contract...please help!
I Have a property that i found and found an investor but how do i introduce the property to the investor without him taking it from me?
1. does anyone have a standard contract...please help!
Congradulations on your desire to succeed in Real Estate. I have a 16 and 17 year old. Its great you are working with your mother. If the owner passed away and title is still in his name it has to go to probate depending how the deed and title reads. I specialize in these types of deals. PM me and I can help you out on this. There is still a possibility to make some $$$$$$. Good Luck! Talk to you soon!!
To get something you've NEVER HAD
DO something you've NEVER DONE.
You want to have the investor sign something saying that you will be paid for services. There are general contracts within the website you can find. If not there then you can always talk to a lawyer or find something from a law website that sells contracts.
hey thanks but does anyone know where the contracts are in the website?
First of all, I'd like to start off by saying thank you for taking the time to read and answer my question. And to answer your question, yes, me and my mom are partnering up since im to young to do it on my own! lol! And the seminar I went to was in Stockton CA at..... ohh goodness I'm having a blonde moment.. I dont remember which hotel it was at but it was with Gerald Martin. Now about the house, yea, when I said the default is about 20k I meant it's behind on payments... I will have my mom do a CMA on it to see how much It's worth.. Thanks for your help! I hope I can close my first deal soon!