OfflineDecember 15th, 2009.
One day after my birthday. I had a wonderful day, enjoyed my 25th birthday with my partner and I am a very blessed man, Thank God.
I am now reading "Profit From Real Estate Right Now." I am in chapter 4, Using Automation to Cash Big Checks. I have to admit that this book has a lot of great information. I am new to REI and so far so good, I am having a blast getting all this knowledge.
Sunday December 13th, 2009 was the first day I went out to go see a house around my neighborhood and it is for sale/rent. The owner wants to sell it because someone broke into the house and stole the AC unit and he can't pay for it and he is desperate to sell the house and he has 2 others that are vacant. That is going to be my 1st offer to the seller so I can buy the house and wholesale for a profit.
If you have any comments for me, please do not hesitate to join in and say hello. I will be writing in my journal as the day goes by and will let everyone know in the DG family how my 1st deal goes.
I am tired of having a boss and getting my money controlled by others. The only way I can get out of this is by taking the first step and getting out of my comfort zone and take a leap of faith and I believe that I will achieve greatness in the REI business.
"Whatever the mind can conceive and believe, the mind can achieve." Napoleon Hill
I live in the upstate NY area and my partner Jeremy and I invest here, but anyway welcome to the DG family and your new career, I am reading your post and I have a question for you. Wait I have some advise for you. The seller says that he is selling the house because someone stole the AC unit??? Hold on a minute. that should be covered by homeowner's insurance, shouldn't it?? Big question here. If you live in this neighborhood, drive around and ask questions about this guy. It seems to fishy. 2nd, take a look a the other houses he has for rent and look at the condition they are in. I have a feeling this guy is in debt and is looking for someone to take over the problem for him. Take your time, do your due diligence. If you are still wanting to proceed, ask the seller if he will pay for a title search on his props to see if there are any liens against his houses. If it comes back clean and if you want to jump in and make an offer, than go for it. Just cover your bases. Read the book, watch this site and ask questions. Anyone here will help you and it is for free....Good luck to you Jose...Jan
Hey Jan,
The seller is very desperate to sell the house because he told me that he does not have money to get the unit fixed. He said that it was going to cost around $3500 to get it all fixed. I think you are right about the homeowner's insurance covering that. Shouldn't they?
About the liens, if he does not want to do a lien search, where or who would I call to get it done?
The 2 other property that he has is in the same street and I looked at one of them and it is in livable condition, no repairs needed but did not look at the last one. The weird thing about it is that the tennants left both of the houses he had for rent at the same time. He told me that they just left and they are now vacant. He has not put them in the market yet when I spoke to him and wants to sell all 3 of them already. The one with the AC unit stolen is the one he really needs to sell right now. I want to know, what else do I need to look into before I start my offer? I have also started talking to an investor about the house. It is a buyer that I have lined up that is doing some research on the property. I will talk with them today and will tell me what they will decide. The house has being appraised for $87,000. and the seller wants to sell it for $69,000, a single family home, 3bed, 1.5baths, 1152sqft. 3 weeks ago he put it for $72,500 but has dropped it since then. He owes $60,500 on the mortgage.
I looked at the house and it seemed like it needed some minor repairs inside on the ceilings.
What do you think I should do now? I told him that I was going to call him in 2-3 days to give him an offer for the property, today is the 3rd day.
Any suggestions anyone? What should my first offer be?
"Whatever the mind can conceive and believe, the mind can achieve." Napoleon Hill
Hi Jose, this is Matt Larson. Treat real estate like a business and it will treat you well in return. It's been 4 years since I bought my first house and now I have completed nearly 90 deals. But, I remember the very first time I read Deans books-man I was excited. Let me tell you, Dean is real, real estate is real, and the possibilities are real. Go out there and chase down your dreams and accomplish something great!
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
I received Dean's book about a week ago. I have set up my AFF account my Affwebsite and my free website offered on the main site. I have also recorded my 24 hour message looking for foreclosures and placed ads on Craigslist. Now I am beginning to feel a bit overwhelmed and I'm not sure where to go next. My credit is shot and I have no cash. I have to do assignment deals, but I have no confidence in my ability to properly asses the value of a property. I need to do deals quickly. I would appreciate any words of encouragement.
Hey sorry it took so long to get back to you. Well the first step would be to go to a title company and ask for a title search. Up here it costs about $100-$150. They will be able to tell you if there are any 2nd's on the house or any liens. Once you have this info you can proceed to the offer. I am assuming you have funding in place or have been pre approved for a mortgage, or were you thinking of doing a lease option with a buyer you have. If you have a buyer in place you might want to consider an assignment.
Also if you are going to buy and hold you need to get an estimate on repair costs. What do the comps in that area say. Is the house below market value or above meaning he is asking more than it is worth.
So here are your asignments, NOW GO START TO MAKE MONEY!!! Keep me informed....Jan
Thank you soo much for the information Jan. I have not done the lien search on the house yet, which I'm working on. My plans on that specific house is to get give him an offer and lock up the price with a contract and than assign it. He is selling the house 25% below market value, but I have to find a buyer that fits the criteria on this house.
Thank you for the advice.
"Whatever the mind can conceive and believe, the mind can achieve." Napoleon Hill
Hey matt i read how you got started in the book and hope to start something real soon as soon as my knees quit shaking any advice you can send my way would be appreciated thanks and just wanted to say hey first time looking throught the site and looking for incouragement
Is there anybody here doing deals in Canada? I got Dean's 2books and I already started reading it..It's an amazing book i ever read.
I guess some of you here know an individual dealing North America real estate??
Pls advise:)
newbie,
isabel