Wow....after months of standing on the sidelines and watching I went to a local foreclosure sale at the county building to see what it was all about. Turns out a three bed/two bath house that was a Rural Development property was being auctioned off with a starting bid of 9100 dollars.I had researched the property and came up with a value of 48-55000 dollars. I didn't think my max of 20k would have a chance but when the smoke cleared I was the only one standing at 18k. I had only been able to look in the windows so I was worried about the interior condition. Turns out the people that had moved out left everything in mint condition. Got the insurance, heat and electric going this morning and a yard sign out this afternoon.
Here in NJ finding good wholesale deals has been tough with the market upside down. The buyers here are starving and the wholesale inventory is scarce!
Let me start by saying we are not allowed to put up bandit signs where I live or we get a large fine so I put a magnet on both sides of my truck that simply says " I BUY HOUSES" and my number.
Hello everybody. My name is adrian and im new to REI. I am working with my brother and we have been all into it and going hard. We bought Dean's 2 previous books and it has tought us alot and given us the confidence to begin working for ourselves.
Well I just want to tell you guys how everything is going so far in the beggining. We set up our automated system and started posting up flyers and bandit signs today. We also began looking for homes and investors.
We ran into a couple investers that are just looking to have their money work for them so we created a personal loan agreement contract. We also already have 3 appointments with attorneys in our area for the next couple of days. I feel that having an attorney is crucial, we have to protect our "check".
Hello everybody, Deal # 1 is done, Deal #2 called tonite and accepted offer, #1 deal was fast and quick, Vacant house, owner called me off the bandit sign, we agreed to $3,000. I went to apt and she signed the contact, I went back to the house and started placing my House For Sale, Owner Financing, Call 555-5555 all over the front of the building, A car pulls up to the curb, to older men start asking questions about the house, I stop what I'm doing and show the house to them, 20 mintunes later we'll in my car signing contact purchase agreements for $4,500., A quick $1,500. for me. And they gave an earsnt deposit, wants to close in 7 days or less.,House needs about 25k worth of rehab ARV 35-40k.It was really rough inside, gang bangers had marked all the walls with there tags etc.
With analysts predicting that America will be a nation of renters for some time to come, more homes foreclosing, and first time homebuyers an endangered species, it’s clear that there is a lot of demand for rental homes. A story this week on the Web examined this trend from a Seattle, WA real estate agent’s perspective.
This real estate agent was suffering like many with a tough market for buyers and sellers. She chose to switch her business to property rental management. The decision was a great one for her, as she says “In the past two months, my business probably came close to tripling.” Rentals are soaring in the Seattle area, and this is a trend showing up in many areas of the country.
Twenty seven days in and I’ve already got my first deal locked up!! It’s not much, a small single family home that I found and passed on to a local investor I know, but I’ll make 2300 for less than 5 hours of work. This is going to change th life of my entire family. God bless you.