Hello everyone! This is my first post and I just received my books and videos a week ago and wanted to say hello. I have been reading my book almost everyday and tryingt to follow everything Dean has said to do but I am SOO confused at parts... but while I was at work the other day I was outside and told someone that I am getting into Real Estate Investing. He says Oh really, I might have a house for you then. He then proceeds to tell me he just listed it and the listing is for 39900 but that if I wanted it he would take 29900 if I made an offer soon (Which I haven't done just yet). I went to TotalView and I get a Tax Assessment: $54,770 but I am not completely understanding what I am reading. Keep in mind I am on my first pass with my book and I will more then likely need to read it multiple times to get the jist of everything. But anyways it is a small house that has renters already in place, they have been there for 14 years and want to remain. I spoke with the current owner and it used to be his moms house and says he just wants out because he is to old but wants his renters taken care of.
I went to the county website and looked up the property and it appears that it was last appraised in 2008:
Date - 12/4/2008 9:00:24 AM
VALUES - Land Value - Bldg Value - Total Value Value
Appraised - 9940 - 44830 - 54770
Assessed (35%)- 3480 - 15690 - 19170
House was built in 1900 but has been remodled (sp) since then and on the other lot a Garage was built in 1984 which is a Single car garage.
Everything tells me that this could be a really good deal for me or someone else but I am unsure on how to proceed. Money and Credit from me is out of the question and I have no clue on where to go next, so if someone could start pointing me in the right direction I would be eternally grateful.
My thoughts were if I was to be able to get this somehow I would take the equity out of the house and use that monies to reinvest into other homes. I have found 2 others 1 is a HUD home that needs quite a bit of work but the asking price is like 8400 and the other is listed (MLS) for liek 12100 and says it is a 1 bedroom but it is a 2 story and although I have yet to actually look at the property it appears to be atleast a 2 bedroom. Both houses could easily be rented out in my opinion with a little work on my part.
I would like to get into rehabs and then rent those out but I am not against the idea of locating and passing along deals to others until my feet is wet enough to know what is going on.
I have not located a RE Agent or Mortgage Broker yet... I havent got the 800 number or buyers / sellers in place. Money is real tight for me but I am doing all I can right now that I can think of to stay focused .
BTW, Im in Dayton, Ohio if their are any other DG'ers out my way.
Looking forward to hearing from all of you!
SHORT TERM & Long Term GOALS
Expand my knowledge about REI and read 2 more books.
Never Give up and Succeed!