OfflineAfter reading Dean's book, Profit From Real Estate Right Now I was determined to make some money in real estate somehow, someway. Both my husband and I married each other having horrible credit. Mine went from immaculate to horrific because of a messy divorce and my husband's went bad because of a long term family illness.
I had no idea how to make a deal happen. Because of the birth of our son, we just happened to get a larger than normal tax refund. Normally, we would have just spent the whole thing on daily necessities until nothing was left. I was determined to hang on to it for as long as we could. Believe it or not, we ran into someone who needed a car really badly and wanted to trade their land for a car. They were going around to various used car lots trying to get someone to help them. It just so happened that my husband had some contacts in the car industry and was able to buy a nice used car wholesale using our tax refund and trade it for 8 acres of land.
A lot of other people had turned the guy down, but we were determined to keep an open mind and to see what we could do. Dean teaches you that nothing is impossible and to disregard those around you who spew nothing but negativity. We had plenty of that around us, so decided not to even mention the deal to anyone we knew until it was over and done with.
Long story short, now we have 8 acres of land that we value at somewhere near $20k outright in today's market. Our investment was somewhere close to $4k. I don't claim to be any type of real estate pro, we're still learning. Now we're trying to find the best way to optimize our profits from the land. We're considering splitting the land and owner financing. We may even hold onto some of it and put a house on a lot or two to resale.
We still have a long ways to go, but I know that this all would have never happened without my having read Dean's book.
Great job in thinking out of the box,great job. You have some options open to you now, so start doing your homework. I guess it was a good idea to hold on to that tax refund. Get creative and have fun. Keep up the great work...Jan
And we thought the past was over and done with!. Here comes Carla and hubby, and as Jan mentioned above, "thinking outside the box" rein-acted the Barter System. Who says real estate investing is not possible? Congrats Carla, to you and your husband for "doing whatever it takes to make that deal happen." Now you are 8 acres richer. I wonder how much you could get per acre, that is left to be seen. Great job. God Bless.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
i have adeal that i think is good but dont know how to convince the sellers that its a good deal the property is in my soon to b father inlaws name he wants to sell it but no buyers until a week ago when i got deans books ,the prop has morgt,and the house is in need of mjr repairs, and no other offers have been made. also i have no money left after course,pmi school,computer ect. so how do i get the deal done. im so ready to start this but he is not a beleiver of any of this.i need to show him that this system really work and this could start me off to finacial freedom. THANKS DALE
Hi Dale, what I would probably do is find out how much your father-in-law is selling property for. Try and negotiate price to get it at least 30% below fair market value by seeing what kind of repairs need to be done. Calculate cost of repairs and deduct cost of repair from the asking price. Let him know that you could get it passed off to a cash investor or buyer for him within 30 days for cash. If he agrees, get the house under contract. You will be using the no money down strategy by using the "assignment of contract" method. Chapter 8 in "Profit From Real Estate Right Now" explains this best. After you have your contracts signed, if you don't have any cash buyers right now place an Ad on craigslist advertising the property. If you receive any interest from a cash investor or buyer, then your next move is to try and match that buyer to the property and try and close the deal. You can find the docs. right here on this site and download them and then find a real estate Attorney/Lawyer to help you go over the contracts and the closing. You have to find an attorney who understands your strategy. Good Luck and Welcome.
D'Angelo
"A Winner Never Quit And A Quitter Never Win!"
Good job ncnative, that's persistence and determination right there. Good luck.
"A Winner Never Quit And A Quitter Never Win!"
Good going NCNATIVE on your 1st deal now you have 8 acres to see what you can do with it. You have some good ideas.
Bertha
Thank you