Well, this may just be my first deal. I located a probate property which has only one heir who lives out of the area. He wants to sell the property as well as pay me to take a boat that's at the dock. Yes this property has a dock at the back. It is considered a condo, 1991 square feet, built 1971, and is more than likely paid off or close to it (taxes are $771). I am going to look at the property tomorrow (he said the door is unlocked) and get more information. I'm very excited and ready to pass this off to another investor for a great price. I'll update when I have more details.
I just did my first deal as a partner in a rehab property today. I will also close on my first solo flip on Sept. 2nd. I'm pretty excited to finally after over 6 months of trying, and now all of a sudden I have 2 deals on the books!!!
I havent posted much about what I've been doing, but so far Bird-Dogging has been the route I've taken for now. A broker found me on a Craigslist ad I posted looking for buyers to build my buyers list. She asked me about what I was doing and I explained the wholesaling and assignment of contract techniques I was putting to use. She said that sounded good to get started that way, but wanted to know if I wanted to expand on it with a program they are working on. Essentially they are working with an investment group that is specializing in buying homes in short sales.
There has never been a more profitable time to invest in real estate than right now. Pre foreclosures, REO properties, foreclosures and short sale are everywhere. Unfortunately because of the mortgage crisis the banks have made it difficult for buyers to qualify for a mortgage. Therefore there are significantly more properties for sale than there are qualified buyers. Since houses are not selling many struggling homeowners are forced to rent out their properties in an effort to keep up with the mortgage payments.
I must say growing up in the ghetto and struggling to put food on the table is what my life has been for the past 40 years. Now thanks to Dean I am have a ball!!
I will admit that it was rough getting my feet wet in this world we call Real Estate Investing. But now I am riding the waves and having a blast!
When I first bought Dean's book last year I was skeptical at first. my husband and I spent the last $30 we had and ordered the book after seeing Dean on TV. He had inspired us and motivated us to break free from the bondage of "BROKE".
As most of you are aware, the housing moratorium is lifting on September 15, 2009. This is a key date for investors who have markets where they can buy, rehab and sell right now. It means that if you're doing this type of investing, you want to make sure that you have that house rehabbed and flipped before the flood of foreclosures hit the market again. Otherwise, you could find yourself stuck renting out that rehab. In addition, if you're making offers on properties with the intention of selling in 6 months to a year, you might want to rethink that strategy.