Need Help with my possible first deal.... and its a whopper!!!!

Need Help with my possible first deal.... and its a whopper!!!!

Ok.... here i am.... i just finished reading the book, i am all pumped up to start making things happen. I got my 800 number set up and i am working on some ads and flyers to get out there. then i get a phone call from someone at Coldwell banker who captured my info from some forclosure website i signed on to. she sent me a listing of forclosures in my area and i am saying to myself wow..... they are really agressive to get this info out here. i know without cash, REO forclosures may be a bit tough.

anyway, i went thru the listing and BOOM!!!!! there it was. There is a forclosed property in a town not far from me that is unbelievably beautiful and is listed for 152K.... i dont know if anyone knows Long island but the crappy houses go for 250K minimum. this is a 6 bedroom, 2.5 bath and is in great condition. i did all the research and the current market value is 350. i have seen it listed at a FMV of close to 400 on other sites. i am in the mortgage business so i know how to check values so needless to say i am very excited. i am scheduled to see the property tomorrow.

I have one possible person i know who can pay cash for it but if that does not pan out i want someone to walk me through how you would handle this Gift of a deal when you have no cash.

it would be such a great thing if my first deal was one that could net me such a great profit. heck i will even hold on to this one myself if i knew a creative way of getting it..

HELP!!!!!!! i want this one badly.



The only thing I can think of is go find an HML... If it is as great as you say it is a motivated HML would love to invest on this. You can even pay them a high interest rate since there is so much money in the deal!

Hi NY Jazzman

Hey, good job! All I can say is GET THAT THING LOCKED UP first of all! Eye-wink Do NOT wait until you have a sure buyer. Put in your contingencies for your protection, but if you KNOW it's a great deal do not procrastinate. There are too many deals snatched out from under people because they're afraid to get it under contract. THEN see if you can qualify for a loan to keep it for yourslef (if that's what you want), or check with your buyers, or like tennball81 said check with the HMLs. If you have a property under contract, lenders are more willing to work with you, too, because they see the value and that you're not just "wishing", but that it's already in your (their) hands.

SO excited for you!! Smiling


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