OfflineI have read Dean's "Real Estate Millionaire" book and halfway through "Profit From Real Estate Right Now". I have found a few properties to be my 1st deal. The 1 that stands out is this one:
The property is in Jacksonville, FL
Cashflow duplex. $54,000 Solid concrete block construction. All tile throughout. New appliances in both units. C/H/A in both units. Seperate meters. Both sides are identical in layout, finish levels, etc. Both units are 2 bedroom 1 bath. Long term tenant(s) in place who just signed a new 1yr lease. Unit 1 is leased at $620/mo. via HUD (Section 
. Unit 2 is currently rented at $525/mo. Both are one year leases. DO NOT disturb tenant(s) or enter property without contacting owner/listing agent. Tax assesed at $75K+ in 2009. Any investor looking to sit on monthly recurring cashflow income will not be disappointed with this one!!! Out of state owner must sell. Buyer responsible for verifying all information contained herein.
I am a little nervous and I'm not sure which strategy to use. I have credit problems and have no money to invest. I don't know which one of Dean's strategy to use to make this deal happen. Any Advice/Input is greatly appreciated. I'm just trying to get my feet wet. I am open and flexible to other options such as a partnership, etc... Would a lease option be a good fit for this?
Do you have the duplex under contract or do you own it?
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
No I haven't attempted to put it under contract yet? I wanted to be sure I knew what my strategy and approach would be, as I'm not sure how to finance it.
I would suggest, since you don't have any money is to wholesale/bird dog it. Get it under contract and flip it to an ivestor for 3-5k. Your contract needs to have escape clauses like "contingent on inspection" or "contingent on partner approval" Once under contract, start beating bushes looking for someone to take it off your hands. Use craigslist, call on for rent in newspaper and ask if they are looking for more properties. Go to your REI club locally and tell everyone about it. If you are unable to sell, you can still get out of your contract with one of your contingencies. Good Luck!!! Try and get the prop for as little as you can to make it more attractive to the buyer.
Cathy B
Follow my progress at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...
advertise it on here.
I'm sure someone on here would be willing to scoop it off your hands if they see the potential in a monthly cashflow in their pockets
DO NOT!!! put the address on here or anywhere unless your contract is signed, sealed and titanium clad.
Which document do I use to lock up the deal with rights to assign the contract? I downloaded some of the docs on this site but I'm not sure which one to use.
Thank you for your feedback. It's encouraging to have a sort of family of investors supporting and helping one another.
maybe you should try putting an ad on cl after locking it up and on this ad just say something like Duplex with two bedroom one bath for the headline then describe the property without giving the address to the property. I did it that way when I found three apartment complexes in the area where I live but just could not get any info through the listing agent so told my interested buyers that I was not able to get any info they asked and if they would leave me their info and what they are looking for so when I come across another one I would let them know and apologized for not being able to get any info about these complexes and they understood and gave me their info and what kind of apartment complexes they prefer. These are big time investors out of Dc and other places that invest throughout the u.s,. Hope this helps out and hope all comes out good in this one.
www.linkedin.com
www.greenpearl.com
Investors and financiers you can see