Ok. I will introduce myself and give a little background first.
34 yr old father of a 3 yr old boy named Jayden and wife Nicole is due Nov 21st with our second child another boy. I am an electrical wholesaler and my wife Nicole is a stay at home mom.
We've been married since Dec 04 and we haven't purchased a home yet. We're a young family and to me I think we were lucky not to by our home yet because these past few years, our first as a family, the housing prices were at the peak and we would have been stuck just like countless others with houses they can't afford.
So instead we decided to hold off and rent while we decide what direction we want to go as a familty. We rent a 1500sf house on the beach at a reasonable price. All this time I cleared up my credit so well that now I have 0 balances on all my credit cards, no car payments and 0 debt. I wanted all the advantages credit gives you before I take action, although I know it is not necessary.
In the meantime I started my interest in Real Estate. Read every book I got my hands on including "Rich Dad Poor Dad" (If you haven't read this book, get it right away) Which totally changed the way I look at the world and society as a whole. It was a life changing book.
My final book was Dean's Millionaire book. This site. Time to take action.
With the help of this site and spying on you guys' journals as well as all my studying I see the angles of REI and put my 1st three offers in this week. All low offers but good offers. I have a realtor who is a customer of mine (owns electrical company) who also, six months ago, opened his own Realty company too. Since he opened I have been on the MLS list and recvd thousands of properties, all of which I look over and study the ups and down of each one. I basically know every house being sold in the 4 towns surrounding my town. I'm on line everyday all day studying properties as well as driving by and looking with my agent.
1) 129k 3br nice area. Needs 15k (that's high) work. Fenced yard, garage, unf basement, attick. My offer 110k. Comps 225k. ARV 180-200k low side. (PS: I took my father to see this house and he said not to buy it. What does he know!! The worst advise, is FREE advise.)REO.
2) 159k 2 family 2br each. I've been watching this one for a while since it's next to my dentist office. The grass was high and house is empty. I asked my dentist and he said it's been empty for months. I looked it up and it was purchased 3 rs ago for 259k. My offer 130k. Mortgage taxes and fees $1290 month. Rentals 1k each floor. $710 cash flow month. REO
3) 129K 3br. 20k for rehab. My offer 85k. ARV 189k. Empty for year and a half. REO
Thanks and this is the start of my journal.