Offlinethis is the start of our journal. my father and i got the books back in oct of 09 and joined the success academy soon after. we have gotten our ein number and also have our articals of corperation.we have posted adds in every free online web site known to man, made our web site, have found a few investors and am tring to get things off the ground and running. i have put out emails to over 200 realtors and have only gotten emailed back by 3 of them that are willing to work with us. i am very nervous about talking to people and sounding like i dont know what im talking about . i just dont want to screw up i need to make this work and i am going at it full bore i am always looking for people to work with or looking for properties. we are looking for rei groups but the closes one is almost 200 miles away so that part has been the hardest part so far. we dont know any lawyers or brokers. so here is what im working on right now. i called and spoke with a bank about an reo its a 3 br 1 ba 1037 sf on.76 of an acre. they are asking 84400 for the property. now i dont know enough about looking at a property to see whats wrong with it ie does it have anything big wrong with it. i see that it needs new inside doors carpets paint ect. but how do i find out what else is wrong with out spending money that i dont have? i have spoke with the success academy and told them i wanted to do an assignment deal and they told me that the only way that can be done is if i have a buyer already. i have spoken with one of my investors about it and they asked if i know whats wrong and i told him what i thought was wrong but i dont know what else if anything is wrong. like i said before i dont want to screw this up i want to make this work and dont want to look like a dope. so right now this is where i stand . if anyone has any ideas or could steer me in the right direction would help out alot . i want to make our first deal happen and not drop the ball along the way.
my success journal gvd1945 we will make this work
Posted on: Wed, 12/23/2009 - 18:44
my success journal gvd1945 we will make this work
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- by gvd1945
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Hello George,
Go look at the property,bring a flash light in case there is no electric and if you have a digital camera,take pictures so you can send them to your buyer. bring a pad and write down what you think needs to be repaired and let your buyer know in your e-mail along with # beds and baths along with your price.
find out the comps on it so you know what its worth which will help you determine your bidding price. then deduct the estimated repairs from your offer.
Since it is an REO, I would assume they wont let you assign it, but you can try and put it in and see if they reject it. If they do you will have to go another route like putting it in a LLC and sell the LLC to your buyer with the rights to the home. OR I believe you can put it under a trust to get around the and/assigns. do your due dilligence and good luck.
Richie.