OfflineI have read Deans book and am very motivated to get started into this investor business but I am very concerned about the timing. Just wondering what everyone thinks about just starting out in this REI business with everything that is currently going down on Wall Street. Will there be any money to loan out there? And if so how hard will it be to qualify for it?I am going to talk to some realtors and mortgage brokers, but thought I might get some feed back from those of you already investing. I think it is going to get harder and harder to get into the housing market as things seem to be going from bad to worse on a daily basis.
A scared "Newbie"
Gerryette
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Many a folk are going the wholesaling route and just taking a no risk option with sellers, telling them straight up that they the investor are only taking the option to buy if they can find a buyer themselves to sell the property to for more than the seller themselves are asking.
Many sellers are fine with the option agreement as they just need to unload at the price they have stated.
The key to wholesaling is to have an established buyers list and marketing pipeline set up amongst solid networks, if your buying you had better ensure your not paying more than 50 cents on the dollar just to be safe.
For every 100 homes on the market, 1 may have equity, look at many! But contract on few, it's a minefield regarding the old ways of investing.
These days it's short sales and big discounts!
Best of luck!