Advice on Property Found

I would advice that you read some of the threads on this site about wholesaling and DG's books to become familiar with his strategies. There is great information and resources on this site, but you need to look for it, read it, re-read it, and then apply it.

wishing you success,
Valerie

not really sure what you mean by comps? I have walked the property and am working on the repairs total as we speak. it is a large bank actually, but the realtor says its been on for over 90 days

I have actually read several of his books, and look everyday and search for topics and forums to read on. I just want to make sure that i dont miss anything. I am new to this and really want to make sure i cross mt T's and dot my i's. I think Assign is the way i want to go, but i am hearing more and more about bird dog. so i am doing research into both topics now. i hope to have my first deal closed soon, but advice always is a good thing. i know i have to put my dues in, and i am more than prepared to do so. asking never hurts though, especially when you have people on this site that are more than willing to help

I wish you success with this one but where do you find properties for 40K? I live in Alexandria, virginia and you can't even think about 100k homes here.

I am actually in DFW area, and this is a foreclosed home that has been on the market for over 90 days now

run comps, means find other house similar to this one and see what they sold for in the last 6-12 months. this will give you an idea on how much this house will be worth once fixed up. the avr (after repair value)

Dont forget assessing the repairs. You might want to bring with you a Handyman to give you an estimate on the repairs needed.

AHHH Thank you! yea i need to do this. i keep hearing of different tactics to use, but i think assign is the way i want to go to start out. seems the easiest/best way to get involved if you are a rookie. do you know about this or even bird dog? which do you think is the best way to go?

thanks. that is also a good idea. i have a contractor that i met who seems to have been in the business for sometime now, so i might give him a call to see if he can help me with that. thanks for the info

You will have trouble doing an assignment on a bank owned property. Banks do not allow you to do assignments. Your best bet is to birddog it to an interested investor or to do a back to back closing using a transactional funding company for funds to buy the property. Either way you need to have an interested end buyer.

thank you for the info. i will have to call and speak with you to understand a little more. thanks

the reason I adviced you to read DG's book is because of your 'open-ended question' post; you don't give any information about the property, what the FMV is, the ARV is, how much rehab it needs, what the comps are, just that it's listed for $41,900 and you ask how much you should offer and what steps to take next... well, it depends... what do you want to do with the property? do you have a buyers list ready? do you have any EM available? are you considering a double close? have you contacted an investor that you can birddog for?
Also, keep in mind that if you want a contractor to give you an estimate, he probably will charge you a fee unless you intend to let him do the rehab...

wishing you success,
Valerie

oh ok. i see what you mean. I didn't mean to come off like a smart a**. lol. im sorry. i just an very new to this and i actually dont have any comps. i will be doing research on this tonight. you have alot of great questions that i do not have the answers too. im glad you are giving me this bc now i know what to be looking for. im actually working on creating my buyers list as we speak. ive just designed my flier and will be printing them tonight/tomorrow. what is a double close exactly? im doing all this research on tons on things, but kind of feel overwhelmed by al this info. what exactly do i need to do to complete an assign? or would you recommend me do a bird dog first? just want to start building my capital, so that i can start purchasing later. thank you again for your feedback. you have been super helpful

here's a good thread on double-closing

http://www.deangraziosi.com/real-estate-forums/everything-else/19765/how...

if you want to birddog, you should find an investor who you can birddog for; you can find investors at REI meetings in your area; they would be happy to mentor you and show you what to look for; once you master birddogging, it will easy for you to do assignments. Keep in mind that it is very difficult to assign bank REO's; you have to find private sellers.

you can find rei clubs in your area on the link below

http://www.creonline.com/Real-Estate-Investment-Clubs/index.html

Valerie

thank you so much for your help. i will put this into action! i will send you a PM if any more questions