Possible deal that i am working on

You must first thoroughly investigate anything that sounds too good to be true. The land alone should be worth more than $2500, unless it sits on some kind of toxic or off limit zone. Also watch out for classified scams.

Buyer beware!

Do as much due diligence as possible. Also google the seller and make sure of who you are working with. Verify everything! If you are new you should probably be on the ground where properties are otherwise you may walk into something that could get out of hand fast.

Did you mean $25,000 instead of $2500? And if not, could it have been a typo from whoever placed the ad? I would suggest sticking to wherever you are to find your first deal(s). I'm going through the same thing (haven't had my first deal yet), I keep trying to convince myself to look out of town for deals. I think it's my G.I.G.S. (Grass Is Greener Syndrome) kicking in though! From what I can tell, it's my normal sabotage mechanism creeping in and trying to break my focus. I'm learning to recognize when my subconscious is playing this game. My next step is to move past it by pledging to stay focused and find a deal in MY AREA!!!

Sometimes just going about your normal business while being open to talking to new people can produce results. For example, I was picking up dog poop in my front yard the other afternoon and my neighbors walked by with their dog. I cracked some corny joke about who is the REAL master (dog or "owner"), they chuckled and stopped to talk. I mentioned I'm a real estate investor and then they mentioned that their 90 year old friends are trying to move out of their house into a retirement home very soon... I like to think that entire interaction happened because I cracked a joke while picking up dog poop! Ha!

My suggestion is to go have some fun today. Get very clear on what type of deal you are looking for and write it down. Visualize it, feel it, and then go do something that is going to make you happy. While you are doing that, chat/make small talk with every person who you come into contact with, and see where the conversation goes, with no expectation on your end. After all, you're just out having fun! Now that I think about it, that is what I'm going to do today, ha!

Keep up the efforts and positive attitude, you're close(and so am I)!

Don't walk away from this until you have a good reason. Check into it asking as many questions as you can. Stay in contact with the seller. When you verify the numbers and everything is in line keep moving forward. Look at the property with google earth. I'm from Michigan. About 1.5 hrs from Detroit. Hire me to go an view them. I could send you photos to verify its the same property the seller claims. Contact the City for more information on each property. Are there back taxes due? Are there any liens on any of the properties, etc. Once you get your answers and have any more questions ask our DG Family again. Stephen Edwards told me to ask the question and then verify.

It does sound to good to be true but Detroit is in a state of absolute turmoil. There are houses all over Detroit selling for $800 to $1000 dollars. i've seen some for less than that. I was looking on craigslist and the guy has a ton of property for sale. I grew up in and around detroit my whole life, things are pretty bad there. I sent the owner an email but haven't heard anything yet. If i dont hear anything soon i am going to call the number for him. i am willing to bet all the homes are in a bad part of town but this could be a great opportunity to make some quick cash. Im going to keep checking things out to make sure its not a scam and hopefully if its not a scam i can get things going. Thanks for all of your input. I appreciate it.

So i made the call and everything seems to be legit. The guy is a keller williams realtor and i did check their website to make sure. They have a ton ton ton of properites and all they are doing is wholesaling. So now that i got that out of the way, i just need to figure out what i am going to do. I don't have $2.00 let alone $2500 so im going to have to get creative. Any suggestions would be greatly appreciated.

Get the address for each house and check them out.
Do you have buyers lined up?
What would you plan on doing with these properties?

Michael

I got all the addresses for the properties and after further evaluation i found that the isn't a whole lot i could do with these properties. A lot of questions kept popping up in my mind. They are in some really bad areas of Detroit and being a "Rookie" there probably isn't a whole lot that i could do with them. Im sure it would be a good investment for someone a little more seasoned. If you want me to give you the addresses id be more than happy too if you would like to see them. They all pulled up on Zillow. Just let me know what you think.

I am glad to see you did some due diligence on this deal. So many times we get these deals that sound so good but after a little research we find that they are not such a good thing or we can't really make them work for ourselves.
For me, I don't want to be involved in SFR rentals in Detroit. That is just me. Plenty of people do it and make great money, just not my "cup of tea".
Congratulations on taking action, even though this was not a deal for you, I know you learned a thing or two by doing some research. Keep it up!

Michael

I always appreciate your thoughts. Im going to get my first deal by the end of April if it kills me. LMAO. I have been working hard at this. I think the main thing holding me back is actually figuring out how to calculate ARV, FMV, And calculating what my offer should be. I still haven't quite got the hang of those.