Hi, my name is Kevin. I am a full time student at the University of Central Florida. I don't have a job. I don't have credit. And before Dean's book, I knew nothing about real estate.
--- BUT ---
After reading Dean's book, i feel fully prepared to go find a house that is a gold mine, talk to a banker, ask for a loan, repair the house, rent it out to good tenants, and sell it during the up market (god knows when) for a huge profit. Now when i say huge, i mean huge.
I live in a beautiful town with a butt load of money. Normal family house's around here are purchased for no lower than 300,000.
Luckily, I was born with a great family that are financially set. My mother, a full time pharmacist at a hospital. My father, a retired periodontist.
After talking with my father, he has decided that i know enough for him to back me up 150% on any move I make. With that relieved, I was quickly on the prowl. I first purchased a free trial of a foreclosure finder online. I found a list of foreclosures around my beautiful town. The next day my girlfriend, father, and I went around looking at which house would be "The House." We found a bad house in a great neighborhood, that much of my friends from high school lived in. The asking price was ONLY $120,000! Like I said earlier, the houses when the market is up around this area, would no way on earth be sold for that low. Now, with it being an REO (the bank realtor's are dealing with me), and it being on the market since November, I BELIEVE I could persuade to purchase the house for a low payment of 100,000 after listing the number of negatives with the house. Now with the help of my father, the next step would talk to the bank for a 103-107% financing, assuming they are still lending those out and they like my father's 760 credit score. After purchasing the house I believe it'll be smooth sailing for fixing up the house with the extra money from the financing and using a handyman, and renting it for positive cash flow while I'm studying my butt off in college 3 hours away.
Are their any suggestions involving the house, my father, the loan, ANYTHING that could make this plan a reality. Please comment fast, because like I said, I'm on the move and not afraid to fail.