My name is Andrew, 21 years and i just like to thank you for any posting you put in this forum to help me out on my first deal. Let me just say that Dean is a real inspiration to me even in times like these. My objective here is to make money in Real Estate without any of my own money to become financial free before i hit the age of 25and to help my mother financially who works 90 Hrs plus a week just keep up with her bills. I mean i hate to see my mom suffer like this and not enjoy life and seeing myself on the sidelines without a job helping her out brings me to tears at times.
The first time i saw Deans infomercial was about June 2008 and i bout his book, "Be a Real Estate Millionaire," but i did not take the valuable time i had to read it because of what i was told from the people around me including my friends, family, and coworkers. So i came across his new infomercial 1 month ago about getting both his books BARM, and "Profit from Real Estate Now". So i gave my other BARM book to my brother to read as well. I am half way finish with Profit from RE Now, but i couldn't help taking action now even if i didn't have any money, credit, or even a job to support what i am doing which is what I am about to tell you. I made a deal with my brother to do most of the work on any real estate we are likely to get since he is providing all the money and the excellent credit he has. And i know there are other ways to make money in RE without money like helping the seller find a buyer but i want to first get 1 or 2 places with my brother to get investment properties to get cash flow coming through every month and to make it a job since i just lost mine as a waiter in NYC. I happen to come across an ad in newspaper about a house,3,700sq ft, upstate of NY which is about 1 - 2 hrs away by car that is a legal 3 Family house in which 2 of them are rented out now as well.
It is in a great neighborhood, about 1hr 1/2 to get to NYC if they work there, prices are low to rent, etc. so they are:
3 br , 2 baths -> rented out
2 br, 2 baths -> rented out
1 br, 1 bath and room for storage -> not rented out.
So thats all i know im still new to this RE investing. The lady who owns the place placed new windows, fixed the roofing, and the rest i will see with my own eyes this coming Saturday July 25th 2009. So she is selling it for $260,000 and wants to sell it because she said she, 65 years of age, wants to retire and stop going back and forth to the house, and just get the money she needs from the house.and she is willing to negotiate the price as well. The problem is (1) i am scared to ask very low like $180,000 to get started and stop wasting time. So i don't know how negotiate to get to that price. What should i do because I'm ready to change now! And (2)how should i pay it off or rather my brother pay it off . Can we get 100% finance from bank loans and use the rent money that comes from tenants pay the mortgage or is there another if this doesn't work. I know i sound ignorant to many people here on this forum but i am willing and ready to learn fast and act now. WHat is the best way to get this done now so i can profit from it. Please give me answers in detail i will read it all i promise . Thank You everyone so much for all your answers and help, God Bless!