Not to waste one more second, I am going through a dramatic change in my family and need to make $10,000 in 30 days for my 2.5 years old and myself. Any suggestions on how to make it happen in real estate will greatly appreciated.
1. Financially I needed to make it happen, so we can stand on our feet and still have our dignity.
2. After 5 months studying and trying, it has to happen so it will be a great boost for my REI as a starting point. I can keep studying and getting ready for ever, but I need it to happen NOW.
So here is what I have done:
1. Almost finish reading Profit from REI right now book, need to reread it over and over when I go through each step in real life.
2. Joined Success Academy, finished online courses, call coaches only on weekly basis.
3. Have 5 buyers on my list, not enough buyers and competition if I find one SFR in one area, I know I should start getting more buyers.
4. Have one realtor willing to work with me putting in low offers in a relative affordable nearby area(meaning possibily positive cashflow which is hard in LA) where I live, we have put in about 30 offers out of 150 we picked according my criteria. Nothing, not even counter offers.
5. Bought and sold 3 primary residence houses, so I know some basics.
5. Bought a REO last year, a great deal, equity and positive cash flow IF we can refinance, stuck with it because self-employed, after 20 loan brokers, still trying. Equity line payment and credit card payment from getting that house is killing us. Still have great credit.
Here is the situation of the RE market where I am at:
1. Southern California, more expensive compared to other parts of the country.
2. I aim at two nearby areas I know, one is expensve( >$500,000, 500k is a fixer), stable, not many REOs, 50% off FMV is extremely hard, financing is hard for buyers in this credit tight time; one more affordable(around $300,000 or some even $100,000 where nobody want to live and get killed, 8 out of 10 are REOs, not ideal for assignments.
I will also put this in my journal when I get a chance.
1. May 30 & June 1: as my day 1, driving around to see 12 preschools to send my 2.5 years old kid so I will have more time to work on RE knowing he is taken care of. Byproduct is I know much more about the neighborhood where I want to invest.
2. Putting up this post and cry for help from my DG family, so fortunate I can do that since my own family can't be supportive in what I want to do for the good of the my family.
I decide to focus on assignment since the payments are piling up. I can't afford the REI club, they charge $299 to join I need that for my kid preschool now. I need to be effective, not just efficient. PLEASE PLEASE PLEASE... NO more trying, I NEED to do this in 30 days, help please?