OfflineI want to make sure I'm taking the correct next couple of steps.
Now, my objective will be to find good deals under $150,000 using the no money down strategies. My question is, how do I know when it's a good deal. What are the clues I should be looking for?
I'm thinking about making appts to look at homes, offering a bid if it might seem like a good deal, use no money down strategy, then try to rent or short-sale before (45 days) the first payment is due.
Even if I do get to that point don't short sales take at least 3 months to process because of banks, so even if my profit was $2500, it's not that great for 3 months of work.
Also,I found a 2/2 condominium by my area for $30k, owner financed, and wants $676 including water, gas, taxes, and maintenance. I was thinking about purchasing it, and then renting it to two college roommates and charge $450, bringing a cash flow of about $224. The thing is though it's not in the such a good area of town.
Any assistance is greatly appreciated!
Use one of Dean's many tools and calculators located right here on the site. On the home page or any page, scroll down and you should see 'Student Resources' located on the bottom left hand side. I would definitely recommend using 'Total View'( Real Estate Analysis System), it has tons of very valuable information that you could use to determine whether a deal is worth pursuing.
Hope I helped,
-Gabriel Do Carmo
"You deserve to be successful"
Gabriel Do Carmo
www.gdc.usapropertywholesale.com
Thanks Gabriel!
Now my next question is about $1 houses I just found one in a nice area. I understand it's usually because the house wants to be moved or demolished.
Would this mean you just by the house but not the lot? If not then, the only way to get a deal is to buy it and place it on another let, then sell it, but moving a house costs about $20k and the buying a beneficial lot would probably cost at least $30k. Even if I sell it for $60k, it would need many repairs after the move, right?
Plus, since I have no funds and plan on using no money down strategies, the above would be difficult to accomplish.