OfflineMy name is Nelson and i am from New Jersey. I am 18 years old and finished both of Deans books. I am using Matt Larson 25:1 formula and already have 2 agents which fits all the qualifications Dean and Matt told me to look for and they sent me 50 of 100 properties and i have offered 35% from asking price on 24 and 40% of asking price on 5. If i get a offer accepted and i choose to keep the property for positive cash flow how will I get financed without a job?
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Well Nelson, you will have to try and find some investors. Does your parents, grandparents or close relative know what you are doing? Can they loan you the money or cosign for you? If not you may want to start out by assigning these homes to an end buyer or another investor. You can also do birddogging, where you find the homes and then charge a fee to other investors if they close on the properties. Keep on doing what you are doing and reading these posts. Go back and read posts from months past. There is alot of useful knowledge from our DG family and they will be glad to help you in anyway they can.
Good luck,
Brian
Yes I've looked around the people around me but to be honest every one has bad credit and barely making ends meets. I live in the city of Newark, me and 2 friends are trying to get our first deal going to get the ball moving. I was thinking about assigning about 5 deals before even keeping a property. My agents and I have made a goal to hit 100 properties. Deans the truth!
Sounds like a plan, Nelson. Do a few assignments to raise capital and then you can start working on the buy and holds. You and your friends keep on believing and working hard and it will happen.
Brian
You couldn't have chosen a better investment family - Welcome and if you have been reading the posts you know that you can find your answers from coaches and members on this site. Good luck!
Michel
Thanks for the help.
I will let everyone know if a offer is accepted this week.
I put in a offer today to a property with a FMV of 361k which is selling for $159,900. Its bank owned and I've put a full asking price all cash offer. I'm thinking about doing a double closing using Coastal Funding. Any advice
Sounds like a good idea Nelson. Good luck and let us know what happens.
Brian