OK so here's the deal with me. I'm pretty new, read 2 of Dean's books which Im starting over again, consistently put out flyers and building a pretty nice buyers list but seem to be a little stuck. So far, the first 2 properties. I.I tried making offers on required a nice little lump of cash for a down payment on contract. This involved money I didn't have so I didn't go ahead with any of those deals. One of the sellers told me that it is going to be very hard to assign deals in New York because most sellers require money when signing a contract. Another thing I'm worried about is property inspection. Inspection from a bank is going to be required when an end buyer is buying with a loan.
We all know that most properties that are being sold 30-50% below retail are going to have issues and are going to need money to fix. This is what scares me. I would hate for a bank to deny a loan to an end buyer because of this. I'm aware that having cash buyers in place would be my best bet, however that is not always going to be the case. Right now at this time as I'm trying to build my team, I'm also searching for another investor who is somewhat experienced to work with ne on my first deal when I'm ready. I must say though that this has been a very exciting and positive journey for me thus far and I haven't even made any money yet. I compare my knowledge now to about a month admgo and I am extremely satisfied. At this point in my life there is onlywinning. I wont lose cause I can't lose....this is my state of mind. I would also like to thank everyone in the DG family for all the tine spent on helping all who are new to the business. Sorry for all the misspelled.words. I'm typing on my phone..LOL
OK so here's the deal with me. I'm pretty new, read 2 of Dean's books which Im starting over again, consistently put out flyers and building a pretty nice buyers list but seem to be a little stuck. So far, the first 2 properties. I.I tried making offers on required a nice little lump of cash for a down payment on contract. This involved money I didn't have so I didn't go ahead with any of those deals. One of the sellers told me that it is going to be very hard to assign deals in New York because most sellers require money when signing a contract. Another thing I'm worried about is property inspection. Inspection from a bank is going to be required when an end buyer is buying with a loan.
We all know that most properties that are being sold 30-50% below retail are going to have issues and are going to need money to fix. This is what scares me. I would hate for a bank to deny a loan to an end buyer because of this. I'm aware that having cash buyers in place would be my best bet, however that is not always going to be the case. Right now at this time as I'm trying to build my team, I'm also searching for another investor who is somewhat experienced to work with ne on my first deal when I'm ready. I must say though that this has been a very exciting and positive journey for me thus far and I haven't even made any money yet. I compare my knowledge now to about a month admgo and I am extremely satisfied. At this point in my life there is onlywinning. I wont lose cause I can't lose....this is my state of mind. I would also like to thank everyone in the DG family for all the tine spent on helping all who are new to the business. Sorry for all the misspelled.words. I'm typing on my phone..LOL
Thanks,
Mike
You can either look for opportunities or make them.
http://www.deangraziosi.com/real-estate-forums/investing-journals/75933/...
http://www.maxwellpropertysolutions.com/