OfflineHi I bought Deans two book 3 weeks ago I finished "Be a Real Estate Millionaire" and have 2 chapters to go on "Profit from Real Estate Now". I am in the military and going through a horrible divorce, so I decided to buy the book so I can be finacial stable.
I posted some adds and made a few offers today for 20%-30% off of the FMV and they were excepted but now I am either in shock scared stuck or something. I keep reading the No Money Down but still do not know how I can purchase these homes with my bad credit and no money. I was thinking of reassigning them but cannot find any buyers. Can someone please help me??????????? One of the offers that got excepted was a MultiFamily house 6BR 4 Baths 2,681 Sq Ft. FMV; $536,310 they excepted my offer for $359,900. I need help badly somebody anybody help me.
Did you advertise on craigslist, backpage, etc.? Also, try calling on the ads that say "We Buy Houses." Finally, go to your local REI club and advertise the heck out the property. How long to do you have before you have to kick the deals back?
I have 2 weeks, I advertised on craigslist just waiting on buyers got the sellers biting but No buyers yet I am so excited but yet so scared to fail.
Where are your properties? Which city and state? Try Linkedin.com
Yuri
-- TIME IS A TERRIBLE THING TO WASTE, SO STOP WASTING IT --
Read the marketing forum start to finish. Are these locked up as assignments, or purchase (with earnest money?) ?
If you have them under assignment then there is really no failure involved. Generally even under a purchase agreement you only risk earnest money if you can get financing and the seller capitulates to all your demands (removing all excuses) and you still refuse to purchase it.
There is no reason to be scared, the main premise of the techniques is to just put your time at risk - not to purchase houses you are putting yourself in a risky situation with.
Also, personally, I would say you should be putting offers in at 50%-60% off FMV until you know the local market like the back of your hand (what price points can be sold easily, the volume/demand, etc). The worst that can happen is a counter. If most of your offers were getting accepted at 20-30% without a counter on them you know you are offering too much from that alone.
20-30% still isn't a deal there then if people aren't biting at all. You need put in offers WAY lower - if they counter, counter there counter until it is no higher than 40% off FMV and when one gets accepted, market it. If no one likes 40% FMV, then you know you can't do much without 50% or more off FMV - which means you might need to look for another investing area if the banks won't come down that low.
When you boil it down many here will tell you this is just a game of time with a set formula. It is like playing blackjack, not slot machines - follow the system, and always start low and work higher, you can't work in the opposite direction.
The properties are in Orange county NY
Keep advertising. Offer insentives (ie new appliances, $2000 seller's assit, etc) Get creative, see if it helps.
Yuri
-- TIME IS A TERRIBLE THING TO WASTE, SO STOP WASTING IT --