MY START

Good luck on your deals and I know there are lots of good deals going on in the Panhandle area. So let me know how you make out. I have properties in Pensacola area and always looking around Panama City area as well. I am from Pensacola area and have friends in Panama city area and go there alot.
You can always PM me and I can give you my email addy from there.

God Bless and much in success !!

Warm regards,

Paul T. La Moy

Hi Stephen a great way to start. My plan exactly. Read the book gather the info and take action. I realize I am just one step away now! Continued success to you.........Lubertha

Wow from the sound of it, it's such a steal at 200K, keep goin, don't be afraid to ask!!!!

Imagine that, your first deal, a potential 75K profit..

Knowledge is Power
- Pimpedoutgeese

He knows What I am and What I do... I'm going to look at the houses thursday. Unfornately I have a part time job and I'm not off until thursday, friday, and saterday. But any way I'll submitt my offer to him after i look at them. He also said that if I could find him a cach offer then he'd be estatic! Hopefully come next monday I'll have this thing locked up and by wensday a buyer from my buyers list wanting the property and by friday I'll be signing my exit clause and on my way being a millionair!!!!!!!!!!!!

Thank you everyone for your support.... Its so awesome to have support on this site. It keeps you going when your thinking about not going!!!

Good job on getting out there and beginning in Real Estate. CONGRATS, and keep us posted.

Jeremy

So I looked at the two house. Turns out thier is technically only one with a mother in law house. But hats ok just changed up my view on things. The house is in a small street with onnly about 6 other houses but the street you turn onto has two moped rental shop on each side. Making it unwantable. The perp is I can through a low offer and pitch it as a great beach home start for new home onwers or something to that effect. I also found out my three scores which the highest one is 588. not exactly attractable to banks so I can't hold it and flip it later because I'm 20 and just starting out with my credit... So I'm kinda not sure about this deal I mean I have nothing to loose because Withthe exit clause of "The buyer will pay the seller $________________ for this option. This amount will be
credited against the purchase price of the property if this option is exercised by the Buyer.
If the option is not exercised, the Seller will retain this payment"
( please tell me if this is right or not)

Any who I shouldn't have anything to worry about so why not....

thank you everyone for support because other wise I wouldn't even want to get out their and go this far. But its also for my wife and my daughter. But my wife's sister was going out tonight and we have no money thierfore we could not go. She turned to me and said "I wish we had money to go out and have fun too."

Therefor resulting in inspiratipnm

If you find a credit lender (someone that has a great credit score, maybe someone you know, chances are they will do it if you crunch some numbers and throw them their way) or a Hard Money Lender (Generally will do loans with anyone as long as the numbers AND their return is guranteed) you can very well hold the house and flip it.... I'm in the middle of doing this myself so believe me..

YOU DON'T HAVE TO HAVE CREDIT OR MONEY TO DO THIS LOL!!!!
Just a little time and research and action on your behalf...

Try to get your wife motivated to what your trying to do, support like that is priceless. Crunch some numbers and show her it's feasible, if that doesn't motivate her, besides an actual deal, I don't know what will...

Wait, now what do you mean "mother in law" house? Is that 2 houses on 1 lot??? If so that's too sweet!!! I'd try and hold it, YOU CAN DO IT, you just have to be creative!!! There's a two house/1 lot type deal RIGHT AROUND THE CORNER of where I live now, that's my next target... only wanting 64,900 while comps in area are 80K min. ::shakes heads while salivating:: I know the guy too he's an investor as well, so he might be a little more motivated with a little down payment money to be flexible...
ANYWAYS You'll be fine if you never forget your exit clauses..

You said earlier that after you make your deal your on your way to becoming a Real Estate Millionaire but that's not true, not in the slightest... Your doing that RIGHT NOW... RIGHT NOW!!!! By going out there getting knowledge and then applying ACTION... Just one step closer... I totally understand about the job, i work 12 hour shifts every other day and alternate days and nites every month. I look at it as a step toward my goal so my attitude has totally changed about work.

YOUR ON YOUR WAY!!! KEEP GOING!!!!!
And try and get the wifey involved ... what better way to get fired up!?!?!?

there and go close that deal! House with a mother-in-law suite that's excellent you can rent the main house and mom-n-lawsuite both out. It'll be great rental income for u. Just double check & triple check your numbers.

In Panama City Beach and that would be a great rental for you in the sno birds month and also the summer time if people want to be close to the beach and they dont care waht street you are on. I do believe in you and get that deal done and also be very creative and please let us know how you make out and we are behind you 100%

Warm regards,

Paul T. La Moy

Well my wife does support me its just we've been broke ever since we've had to make this move to flordia. She just worried that were not going to be able to give alyssa "our daughter" what she needs. I have one question. How do I find a credit lender and how would I pay him back? I mean I'm not quit sure why the credit lender would want to be involved?

You guys are awesome and I hope everyone here becomes an awesome real estate investor and becomes debit free and live free from being underkneath the "man"!!!!!!!!1

Finally! For those of you who have been following my journey I have finally found a real estate agent that might just work for me... She knows what I am doing and the contracts I am using!! So I told her my criteria and she is going to email me the homes I requested and if they meet up to what I am looking for then I will have her start low balling the heck out of them, and then hopefully, $$$$$.

Just for the records real estate agents can get involved in FSBO homes right?

I want to start out by re assigning homes first so I can pay off medical bills and my car so I can build my credit and make extra money to hold and flip them by using the banks money later on!!!!

One positive thing leads to another positive thing. You stay up late watching infomercials, buy a book, join a website, make a buyers list, find some sellers, find an agent, and then next thing you know your making money so fast your wandering whose banking account you hacked into..lol

The moral of my story, be like nike and just do it...

to question; real estate agent can get involved with FSBO sale. Why would you want to involve them in the transaction? If the seller refuses to pay them their commission than you become liable for paying them their commission. If you need to work with a realtor; negotiate their commission (%-amount) up front so you know where everybody stands on agreeable terms. Keep us posted!

Not really the commission would be coming out of the end buyers pocket just like my pay and the closing cost and the escrow... It just how you word your contracts on you who pays who. And we haven't discussed her commissions yet I want to see if she is what I am looking for... I was just wandering if they can call up FSBO reguarding my offers? the 25:1 strategy

I'm so glad you posted this. It's so inspirational, especially to someone like me. I am 24, and have taken the same exact steps as you... well actually I'm only on step 4...

1st - You stay up late watching infomercials
2nd - buy a book
3rd - join a website
4th - make a buyers list
5th - find some sellers
6th - find an agent

...it's great to hear about someone as new to this as me and close to my age a few steps ahead of me.... keep us updated bro!

God Bless!

No problem man. Its awesome learning all of this stuff and then actually putting it into action... Just remember knowledge is power. The more you know the more you have to your advantage. When I was talking to that agent we talked about all kinds of deals like short sales.... I'm staying away from them for a little, just for the time factor that is involved. We talked about so much real estate in a such little time period and I felt like a pro. I was able to do that by reading Profit from real estate right now and by this web site. I'm telling you thats all you really need.

Sorry for taking so long to post, some reason it didnt subscribe to this thread

Well on your way... A credit lender basically is someone with a great credit score that can get financed where you can not... Useful if your using the hold/flip/rent/refi or sell when time is right strategy. You can advertise for them or maybe a friend or relative might have good enough credit. You can always look for free with no negative repercussion to their credit score.

If you rent it out, make sure the loan you get can be covered in the rent of the property. Crunch numbers to see if you can do this and, if so, you just purchased the property using someone elses money, who's I don't know but we do know that it wasn't yours lol Then after you flip you can either refi or sell, then repay the full loan and keep the rest of it. Oh don't forget to thank the buyer or renter for paying back the loan/refi No money out your pocket again you sly dog...

WHY would they get involved... if you CRUNCH YOUR NUMBERS, lol can't stress enough how much this makes and breaks deals lol, you can EASILY get someone to lend you credit, example....

Say loan payments are 430 a month, tell lender you'll pay that plus give them 6% interest on min balance that goes in there pocket every month (family goes for that everytime lol) which is really only like 20-30 bucks pending on loan. Making your monthly pay like, 470 (feasible with lines of credit which are easier to get then unsecured loans and work damn near the same)... and if rents in your area are 500+ which is almost average for 2 bedrooms, then your not only making the payment, giving them a little cash every month, but your also cash flowing a little bit. win/win/win. If they STILL need a little convincing and your pretty certain of your refi/sell numbers, offer them a couple K when it closes/or from refi. If your numbers are right you won't have any problem with that one. Stress that they get paid for filling out an app and signing it lol. It's true. And reinforce it with a promissory note... if the lender doesn't know what it is, happily explain it to them, just make sure they know that, case and point, it holds you responsible to your word, legally.

You can use them for other strats too... like use them for a quick earnest money loan if you have a buyers list and someone interested. In the end Buyer will pay it back. Use them to finance your flip, especially if you get a property free and clear, that lets you tap into every cent of your equity after you flip it.

OK... PHEW......

You COULD bring in your REA into your personal deals... maybe that's not even a bad idea to get her even more motivated to work for you, but it's not necessary. You'd end up payin the commission, unless you structured it into your sells price. Nobody in their right mind would sign a contract stating they are responsible for REA fees if they didn't have a REA to begin with. But yea you could bring them in. Yea they could contact FSBO's.

MIGHT I ADD A SUGGESTION???

Don't pay your med bills and clear your credit up just yet... Yea I know your credit is probably gonna take a slight hit but at the MOST, only pay your car off cause then your payment for the car becomes positive cash flow in your pocket. YOUR INSANE you say lol, think of this... first off you can't use the banks as it is right? Well just cause you paid your med bills off today, doesn't mean tomorrow you can borrow. Save the profit from your first couple of deals to reinvest and make more money, so that way if you see a great deal you won't have to worry bout where the money is coming from, you have it... hard cash that will 99% of the time beat out most offers. Period. Just a suggestion... And believe me, can't make better then profit from buying free and clear. Do this and you'll understand the "we pay cash" in those ads you see in the book.

CHUCK...

KEEP AT IT!!! You already have an action plan!!! That's better then 70% of people out there!!! Congratulations! Just remember, it's just that, an action plan, need action for your plan to be complete. Call and qualify those buyers and sellers and reach out to as many REA's you think you may need to til you find the right one!!!

OK OK THAT IS... ::GASP:: ::WHEEZE::

YOU CAN'T FAIL WHERE YOU ALREADY ACHIEVED VICTORY!!!! AND YOU GUYS SOUND VICTORIOUS TO ME!!!!!

Knowledge is Power
- Pimpedoutgeese

#1 your name is awesome... different but awesome...
#2 that is some awesome info you helped me out more than ever just now... thank you so much... but I'm so confused on all the things you need to include in the rent and make it a positive cash flow everymonth... like insurance, etc. its complicated...
#3 How did you find your lender and how do you find comps?

I wasn't able to get to the site yesterday. I mean like it my computer just wouldn't let me I was so freakin mad... I was having DG with drawls lol j/k, but seriously. I am excited to say that I have a "we buy houses" guy wanting to purchase the property that I am about to get undercontract.... OR........ I have a credit lender looking into my situation as we speak.... So either way in a short time I will be making so muh la.. If I re assign it to the we buy houses guy then that'll be 20,000 in my pocket. If I buy the house with the credit lender, then I will have a positive cash flow each month and make huge chucnk when the market turns. All thanks to The DG family.... I hope this all goes according to plan if not I will just keep on trucking until I get it done!!!!!!!!!

I wasn't able to get to the site yesterday. I mean like it my computer just wouldn't let me I was so freakin mad... I was having DG with drawls lol j/k, but seriously. I am excited to say that I have a "we buy houses" guy wanting to purchase the property that I am about to get undercontract.... OR........ I have a credit lender looking into my situation as we speak.... So either way in a short time I will be making so muh la.. If I re assign it to the we buy houses guy then that'll be 20,000 in my pocket. If I buy the house with the credit lender, then I will have a positive cash flow each month and make huge chucnk when the market turns. All thanks to The DG family.... I hope this all goes according to plan if not I will just keep on trucking until I get it done!!!!!!!!!

Great news! I am happy for you! Continued success to you..........Lubertha

Ok a little more info for everyone!

Ha ha if you were talking about my name thanks lol, there's actually a personal story behind it! So its not just about a flock of geese!

Price your insurance and split it up into 12 monthly payments (verify??) do the same for your taxes and tack it on the rent.. add it on top of your mortgage/loan payments and if you can rent it out for a little more that sounds reasonable... GO FOR IT!! Call around and get practice numbers, use a couple of mortgage calculators (do a google search for it) for figures and see what you can come up with!

I believe my lender was someone that I used to work with at Burger King LOL!! We have a pretty interesting past to say the least, but when you think outside the box, ANYTHINGS POSSIBLE!!! Also you asked about Comps... Comps is how much OTHER homes are worth around your area generally, hence the term Comps... Comparison for short. You can use it in terms of houses and what not and for rents... Easy example check out the paper and see how much your average rent for a 2 bdr house/apt is. Kinda gives you an idea how much you would rent yours out for.

Make sure your lender has worthy credit! Nothing like coming so close just to fall short because of that! Make sure he has great credit score AND open accounts such as major credit cards (VISA, DISCOVER, etc...) A student loan that's up to date in payments or another loan paid in full help dramatically. After all, if your paying him to use his credit, you should know how much it will help you!

Knowledge is Power
- Pimpedoutgeese

Thank you alot pimp... lol I'm going to look at the inside of the house tomorrow probably go ahead and get it locked up and then make my decision. So how is you rdeal going by the way?

I actually gave it some thought and decided to let the deal go... There was a bow in the house and I wasn't sure if it was just cosmetic (outside) or actual frame damage and he didn't want to pay for an inspection (on a house that old it should have been a no brainer for a seller). He also didn't know if the house had lead paint on it and he also didn't want to pay for that test. Things like that can seriously mess with numbers honestly lol!

But alas, I have found another sweet deal, a foreclosed TRIPLEX RIGHT AROUND THE CORNER from where I live, I'll be talking to the Realtor tomorrow. Selling it for 5k more than the Duplex, 29,900. But the house is actually worth........ 109,000K!!!! I'm just going to go straight for mortgage and rent it all out lmao... already talked to mortgage lender, 29,900 would be about 171 not including taxes and ins... The taxes are 1575 which is 105 a month. I'll pick an average 70 a month for ins. Total is 346...

Now this is a nice triplex because it has a 1, 2, AND 3 bedroom.. all on 3000 sq ft! Heck, I'll just rent em out at 350, 450, 550 respectively. If I don't pay the mortgage off earlier (which I won't for a few months so I can enjoy the cash flow) I'll be getting a positive 1K a month in cash flow, more then enough to cover my rent where I'm at now plus utilities... plus I rent out a room where I live. I like to cover ALL aspects of Real Estate... even the small ones

We Will BOTH SUCCEED!!!!

Knowledge is Power
- Pimpedoutgeese

Congratulations it sounds like you've hit the ground running. Its great to see other young people working toward REI success (I just turned 23 myself).

Keep up the good work, you'll be a success story before you know it!

Good luck!
-Mike

Thats excellent, keep it up. I hope that deal goes thru for you, make sure to keep us updated.

Good luck!
-Mike

thank you mike and much success to you!!! We'll I think that was a good call pimp... you don't wanna risk getting your self into something like that... he sounds a little odd by not wanting to pat for the spec, (inspection). But I hope the tri goes we'll it sounds a lot better than the other one anyway.. I'm going to meet up with the manager over the property tomorrow and see if its all its cracked out to be... I went and saw the outside the other day and it was awesome. So hopefully the inside is kick butt or atleast close. He is redoing the entire house as we speak so when I get it Their will be no cosmetic work or anything to be done. Well atleast thats what he told me. But you know me I'm stil going to inspect the heck out of it. lol. Call me paranoid or call me smart either one will fit. lol, but seriously If all goes well I will call him up tommorrow and give him the offer that I think fits by inspecting the inside. Until tommorrow, this has been your daily update by,

Stephen Robasciotti.

Oh btw, how is your wife feeling about this now? Especially seeing how your looking at properties and what not.

Shes excited. Her and my daughter(8months old) went with me today to look at the houses. The mother in law suite is brand spanking new and the actual house has been gutted and they are finishing it up.

Turns out Since I have no money for a down payment I can not get a credit lender, and since i know no one that has good credit, I am not looking so good on buying and renting it out. And I called the we buy house people andthye said they assinged that house to the current homeowner for much lower price than he is trying to sell it for so that knock them out the door... I tried another we buy house person and they were just a fake. I am a lil lost right now and need advice. Please if anyone has any please help me.