OfflineMy name is Mark and I just received Dean's book and I'm still in the process of finishing it.
I have not begun to look for sellers or buyers until I finish reading his book. But today I came across a pretty lucrative deal which I have no idea how to do.
Not sure what information I'm allowed to list here but I'm going to give you the long and short.
I have a desperate seller of a new 4,500 sqft home on the intercoastal in FL. It is alot of money for the home but it is also way below market. The vacant lot across the street is listed with a realtor for $2.2 million. What he is asking is significantly less and I stand to make a pretty good profit on my first deal. I'm fearful on how to put this deal together because I'm not very sure on how to do an assignable contract as well as finding an investor for this property. The upside is the property for sale already has a renter in it and the renter is williing to re-sign another lease with the new owner and pre-pay 6 months of rent. PLEASE HELP!!!
New to the group and NEED Help in West Palm Beach
Posted on: Tue, 01/12/2010 - 20:26
New to the group and NEED Help in West Palm Beach
__________________
-
- by MTrotter
- Login to post comments
Wow - that's a very high priced deal to be your first! If you really think you can remarket that (remember there are less buyers for the high end properties) - you stand to make substantial money - enough to join the Success Academy and get advise! I'd be careful here. Go ASAP to your local REI group - even just network online if they don't meet for a while and find a buyer before you make an offer.
Good luck.
Blessings & Favor,
Gena.
Follow my Blog: www.genahoriatis.com
I can do all things through Christ who strengthens me. Phil 4:13
Psalm 1:1-3
Yes, I know that it is a very large undertaking for my first. It has huge potential, that's the only reason I'm fooling with it. I'm doing it more for the overall experience. Have you joined the Success Academy? What is the cost on that? I'm trying to save my money for deals and not spend it on that right now. Are you having any sucess?
Currently I am doing what you suggested, I am trying to build a network of investors to go to with opportunities. Thanks again for the response and much success to you!
Mark Trotter
Yes, I joined the Success Academy. The price varies depending on what all is included. Like, do you want fries with that? LOL. The cool thing is, if you have 5 deals in 12 months, you get all your tuition back - that's great incentive to get serious. And when you buy and resale or rent, that counts as 2 deals. You get a lot of online courses, software, and endless phone support. I have found it worthwhile, but you have to make a point to make use of it; they're not going to come after you.
I started with Dean's book and the Academy in June 09. I spent maybe 3 months educating, networking and making my buyers list. Then I started making offers on REO's - lots of offers, lots of rejections. I went to a couple auctions (take a look at www.auction.com) I bought a house at an auction way under market value and immediately found a tenant for a good cash flow with a lease option. At the same time, a bank accepted my 4th or 5th offer on a house I'd been trying to get for about 2 months. So suddenly - 2 deals going at once! Not what I planned for, but the rehab on the 2nd house is almost done and I hope and expect it to sell quickly.
You might look on www.**** for an investor for your property, and your local real estate investment group probably has a forum for listing properties and finding buyers.
Good luck!
Blessings & Favor,
Gena.
Follow my Blog: www.genahoriatis.com
I can do all things through Christ who strengthens me. Phil 4:13
Psalm 1:1-3