OfflineIm new to real estate investing and im getting educated in wholesaling. Im having a problem and that is actually finding a property 50% off. I cant get my hands reos i have tried and dont want to really hassle with fsbo what do I do. Do any of you have any tips or place to look.
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FSBO can be the BEST deals cause they will sometimes finance part or all the cost of the property & you don't have to worry about trying to get a loan!I never see any good FSBO here just mobile homes(YUK!)all the time cause they have so little value cause you still have high space rent to pay...
I wouldn't YUK mobile homes, they are ca$h cows! Think outside the box and you could make a fortune from mobile homes!!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
HUD and VA are your best bet. Beware some of these properties will need major renovating. FSBO you have to justify your offer with any repairs needed or you may have to offer full price if comparables support their asking price.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
I just came across a 2 home in one lot with 2/1 rented out for 600 a month and the other one is 1/1 for 450 a month, for 111k and the owner will carry
with 10 percent down and i think 6 percent interest. Do any of you think that if i offer 7% down and 100k with 5% interest that he will accept. Just a thought and i havent contacted him yet, i just drove by and havent seen the inside yet. Im thinking that the property is worth maybe 90k but the rent should cover him untill the property value goes up and sell it. ???
Thanks
I think that talking with the owner is alot easier than the bank. I just finished two of Deans books myself and very new at this and i am going out there just this week and making a fool of myself. But im learning i guess this is the only way to learn.LOL Well good luck to you looking for the properties and your future investments.
Thanks
you won't know if he'll accept/reject or negotiate until you make the offer!
with 10 percent down and i think 6 percent interest. Do any of you think that if i offer 7% down and 100k with 5% interest that he will accept. Just a thought and i havent contacted him yet, i just drove by and havent seen the inside yet. Im thinking that the property is worth maybe 90k but the rent should cover him untill the property value goes up and sell it. ???
Thanks
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
You are right. I had just did what you suggested but it was too late someone else had already got the offered. And i guess they are in escrow. Well any way i just have to keep looking. Thanks by the way.
Oh he said that he know some one that might be doing the same thing so thats an up for me.
I also talk to this other guy willing to give deed of trust i guess and all i have to do is pay the last 2 months payments and thats it. No closing, qualifying because it would be under his name right.?? How would i go about this cuz the house is being rented for $800 and the payment is 980$ and the loan is 135k and i think it is only worth 75-85k at this time. Anyone please help should i get into it or not because of the negative cash from the renter. Great location because its right across the street for high school.
Thanks for your time.
You want the payment lower than the tenants rent. Find out what his mortgage payment amount (is the mortgage payment $980?). You want generate a positive cash flow not negative one. Find out the competitive market rents for the area and when the tenants lease is set to expire. If you can (depending on expiration of lease and market rents support raising the rent) make the decision whether you want pursue it further. Keep in mind he owes $135K to lender. Look at the sold comps of similar properties to also decide if its worth pursuing.
I also talk to this other guy willing to give deed of trust i guess and all i have to do is pay the last 2 months payments and thats it. No closing, qualifying because it would be under his name right.?? How would i go about this cuz the house is being rented for $800 and the payment is 980$ and the loan is 135k and i think it is only worth 75-85k at this time. Anyone please help should i get into it or not because of the negative cash from the renter. Great location because its right across the street for high school.
Thanks for your time.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
Hi...
Have you looked at www.homesteps.com or homepath.com? They are all the properties that the government is on the hook for. I am in the process of buying a triplex for $41,000 on credit cards!
Good Luck!
Tom S.
One of the best ways to find REOs is to approach small local communtiy banks in your local area. The small banks may be motivated to sell their REOs cheap for all cash or may be willing to finance them based on the offer. I previously wrote some key points in a prior DG forum post below.
http://www.deangraziosi.com/real-estate-forums/buying-foreclosures-reos-...
I hope this helps. Good luck with real estate investing. Believe and Achieve!
- Joe
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The lease is just month to month and is being evicted or in process of at this moment. The rent is about right for that area 750-900 a month. So is guess i
should stop wasting my time and focus on other houses. Thanks Again
As I understand it, Homesteps.com is a site that offers Freddie Mac properties. My realtor told me that Freddie Mac require 10% of the purchase price as earnest money with your offer. Can someone confirm whether or not this is true?? If so, is there a way around this?? I've seen several properties that I wanted to make offers on but couldn't because I am not able to meet that requirement. Any thoughts are welcome. Thanks!
Bill
Hey what is PM when someone says send me the PM ?? THANKS
If you look to the left under the DG mbr name you'll see a online icon (kinda like MSN messenger icon) underneath that is a "Send PM" link. Click that and you can send the member a PM or click "Write author" in the member's reply posting to write to that particular member. HTH
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
Oh ok thanks a bunch.