Not sure if I am posting this is the right area.
Here is my story. I am only on about page 100 of the book. just to give you an idea of where I am.
I happened to be poking around on the internet and signed up to see the MLS listings through a realty database thingy.
Anyway...one of the agents called me just now. I obviously am not prepared to be talking about the system yet because I have only read about 100 pages.
So here is what I told him. I told him that my husband and are thinking of getting our feet wet in investing. I told him that some "friends" are doing this and we were tossing around the idea. I told him we are thinking of buying and selling - not holding. He asked me where I got the idea. That is when I got the "friends" story together. I just wasn't prepared to talk about Dean's system yet.
Anyway. THe feedback he gave me (I am in CA). Is this. He said there are a ton of buyers. Mostly buyers that are FHA. My idea would not work because I didn't want to hold the property for any length of time and FHA loans take so long to close (90days).
He said there are NO Foreclosures out there (HUH?) The banks are holding their inventory to get bidding wars. He said they are releasing them a little at a time. The only properties that are selling are distressed properties (Physically).
He said there are only 2 types of buyers right now. Invenstors and 1st time buyers. He said no investor is going to want to buy from me when he could get the deal himself. hmmmm
He said I would only be able to buy houses on the county court house steps or FSBOs.
He also said that alot of homes are not appraising.
I then thought of Matt's 25:1 plan and asked him if hypothetically we decided to become REI's, (I explained to him that I wasn't looking to do HUGE deals that would get me a big ROI right out of the shoot - but alot of little deals) would he be willing or have the time to write many deals knowing that we would not get but 1. HE said his system is capable of handling that but that he would be able to tell me if my deal would get accepted.
So here are my thoughts. Okay he may not be the realtor for me. Actually I wasn't looking for one yet anyway.
I am more concerned about him saying that there are 2 types of buyers and investors with CASH (which I don't have) and FHA buyers.
So here is my question and I'd like any candid feedback you all can give.
Is this really a system for me that I can do here in CA since I have no capital to purchase and no credit?
I am going to have to do the Lease Option route I think unless I can get a deal locked up with good faith money from the buyers....