OfflineGetting started -- that is the part I am having difficulty with. I got foreclosure list ..what do i do with it? Can i find properties that are NOT handled by a realtor? How? Where?
How do I find buyers? Do I find them before I find properties? How? Where?
Craig
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Once they are officially foreclosed the resale of the property would generally be done by a realtor.
What I would do is take the houses in your area and look the last purchase price up on the county website. Compare that price to purchase price. You will then see how much wiggle room there is.
Generally you only buy a property that you know you will make profit on, so you after you have it you will flip it and not worry about the buyers until it is closed.
You find buyers by advertising, networking, etc. Online is one of the best ways. You could even get a realtor for it if you got it cheap enough that you could pay commission on it and still make a nice profit.
I see that you are asking a lot of questions about how, where, and what not. I suggest to you that you should read "If How To's Were Enough We Would All Be Rich Skinny And Happy." Everyone on here does not have the answers to all your questions. We don't know the market in your area, the people, or properties in your area. I'm just suggesting to you that there a ton of ways to approach real estate investing and if you want to succeed you may need to fail a few times first and if everyone is telling you what to do, when to do it, how to do it, who to talk to, then who is really doing all the work. I say this not to hurt your feelings, but to help you out because it does look like to me that you have at least a little bit of passion for this, but I also see that you may be a little frustrated because it hasn't worked yet. Hang in there, it will happen if you are committed to MAKING it happen. Intention + Mechanism = Results.... In this I'm saying that there are tons of thousands of ways to accomplish things so try to find one that works best for you. First you need to figure out what your TRUEST Intention is and what you want as results. Don't worry about how your going to make it happen, just what you want to happen. If you set your mind to it, your heart to it, and you know that it will happen, you will make it happen. I guarentee it.
Thank you for your inspiration. I am very new at this and excited about this amazing oppertunity. I just want to encourage all not to give up. Try again and try different approaches to achieve success. Review the DEANS LIST Quick start letter and that should be able to answer all your questions.
Sincerely,
Shivon
My suggestion: Find a MORTGAGE LOCATOR who you trust and like. Hopefully, he/she will be good at their job too! That is a bonus! Trust is a must! Make sure they understand that you will be buying more properties and you are looking for someone to use over and over... and YOU are this persons best advertising! Promote them at your job... with your friends... list for them on CraigsList... tell your family...
Get him/her to find the money and pre-qualify you for your mortgage. Buying is not the hard part. Once you have the money, buying a house can be as easy as buying a pair of socks and signing autographs!
Once you have a MORTGAGE LOCATOR... find a property... you may need to find a REALTOR...
I have bought five properties in eight years. All are rented. I am happy. Tenants are happy. Once you get started you will stumble on numberous properties that you want to buy. The hardest part for me is, moving too fast, buying too much. I need to get into the habit of "flipping" not "holding"... "renting".
Good Luck out there and remember... TAKE ACTION!!!!!!
This is the great answer! We never learn from somebody's mistakes.You have to learn on your own,then you will find all answers!!!!!!!!!!!
Thank you for the advice. I have a question to you? With your first property, did you have to invest your own money? Does this program offer suggestions on obtaining property without investing out-of-pocket expenses? Please share with everyone how you've became successful. This would inspire all of us to continue. I am a firm believer that we all are inspired by someone's testimony. Please do share.
I have a question. What are these points that we accumilate used for? What are the medals used for too?
My question is about credit. I was told that the first thing I need to do to get started in real estate investing is establish good credit first, get some credit cards and get a good rating by paying on time, then I can go out and start investing in properties. According to Dean's BE A REAL ESTATE MILLIONAIRE book, I don't have to do those things - I don't have to even use my own money. So what I need to know is if the information I was given about credit true? I know good credit helps, but do I need it right away to start making money in real estate?
Charles
Come on guys, you are going to have to WORK! Find someone out there in your area and talk to them... someone who is doing this in your area. I didn't have anyone, so I am moving a little slow. If you can't find anyone, just get started. Buy something through owner financing if you have to.
Your credit report is very important too. But, here is a little tip: LLC! Do not buy in your own name; after about three houses your debt to income ratio gets out of whack and your credit score drops. I am working to correct that problem now and it isn't an easy task. That "Universal Default" thing is a real B*&#$!!!! You can use LegalZoom.com to get your LLC. That is what I am doing... right now. Trying to do. Starting to do.
Do you own your house? Well, are you financing it? You know what I mean...
One) Find another house... one you can buy low, make repairs on, rent or sell.
Two) Find a Mortgage Locator! This is you greatest asset!
Three) Get pre-approval for financing. You may have to borrow money to put in your bank account to show the lenders (this might be a little shady, but you are good for it).
Four) Get a lease on your house (you have to show that you are going to move into the new house or it is a commercial purchase... it's a legality... if you work around it... who am I to say anything about that...)
Five) Quickly repair and rent the new house... or... rent your house, move into and leisurely repair the new house.
Six) Repeat the process... Or... Sell the new house for a profit... use that money down on another... etc...
There, now you have a step by step guide. Easy enough for you?
Good luck out there... TAKE ACTION!
SHIVON, thank you for your kind words. I have never put anything down and usually pack a little pay out in the deal for myself ($2500 - 7000) almost every time. If you find problems with the house, get the money back at closing to do the repairs. Have estimates in hand from your inspection. Usually, people really want OUT of the house they have decided to sell. They will make a deal. Fear is a huge factor in Real Estate. Fear of getting started is the biggest... but... sellers fear not selling or looking stupid in the process... or... getting caught trying to hide faults (if you can find one doing this, you are sitting on a gold mine)
I have a great MORTGAGE LOCATOR and I suppose he can work for anyone in any part of the country. Email me (BoenTX@) and I will give you his number.
Good luck out there! GET STARTED!
Excellent posts from MYRA Properties. As was stated, see if the owner is willing to carry the mortgage. Some will have the ability to do it, some won't. Investors who got caught high and dry and need to liquidate may be more apt to do so, particularly because they can sell the note down the road. The whole is very dynamic, you have lots ways to make it work and no situation is always the same.