I phoned this guy I had met once at a friends house and knew he was an agent. I met with him this morning and he was totally tuned in. He started to work with me straight away and we researched properties to buy with the view of renting as he is managing a lot of properties.
We chose one and went out to look at it. It was very good but we decided with the comps in the area and things that needed doing to the house, that we would offer $125,000 when they wanted $149,000. He is keen on rentals here as there is a constant and increasing demand for 3 bedroom, 2-3 bath homes with pools for the military people who TDY here for anything from one to 6 months and you can put 3 in a home and make double your monthly mortgage payment each month. He worked it out at the very minimum, this home would make 54% profit in a year. I asked about the possibility of it being empty at any time and he said that would not happen. He deals in these all the time.
He gave me the name of a friend of his who is in financing with Castle and Cook Mortgage, phoned her and I dragged my husband over to see her. Naturally, they require that we have 10% min deposit (which we do not have) but they ran us through and we were approved for the $125,000 if we wanted to make that offer and can get the deposit.
I phoned my agent back and he said not to be too hasty that we could look at a few others as well but it was good to go through that process.
So, I have not YET made a deal, but I made amazing leaps and bounds in my understanding of this maze and I feel confident that this very dynamic agent will work very well with me and help me to make my first deal real soon! YEAHHHHH...... (despite my husbands constant negative about it all)
I have to try and figure out how to do a deal like this with no money down???? Any suggestions????