Brian's Journey

I could use some help in determining what I should do first?

Should I start to build a buyers list?

Or should I get a list of properties that meet certain criteria? I do have a friend that is a realtor that I think would work with me.

What is the property criteria we should be looking for?

I would appreciate any direction that you could provide.

Thanks!

I really appreciate your response. Can you tell me what you're doing to build a buyer's list. Are you putting a ghost ad on Craig's List? What does your ad say?

I'm not sure I like the idea of saying that I have a house for sale when I really don't.

Thanks!

Welcome and the questions you are asking can be found on this site as people asked them all the time. Yes, build your buyers list and there are ways to put advertise without using ghost ads (houses that you don't have). keep reading and the best place to start is with deans 30 days to Real estate Cash. Their is also a forum on here with the same title. Also read the posts as often as you can for some really great information. Go to main forums and just start reading post and you will see the answer to your questions. Best Wishes, Tammy

Thanks Tammy! I'll spend some more time checking out the forum. This is really an experiment for me -- to utilize the expertise on this forum to find a property. My plan is to utilize this forum to get direction from experienced investors, take action on the direction I'm given, and find my first property.

Because I work two full time jobs, my time to devote to rei is very limited so I have to be as efficient as possible.

I really appreciate your feedback!

Brian

Can you buy a house on contract then assign it to another contract buyer? How would you do that?

If you will buy Dean's book 30 Days to Real Estate Cash, you will be guided step by step on what to do when. He gives you a "blueprint" to go by so that you will see what you are accomplishing as you go. It couldn't be simpler. I'm using it right now and hope to have a deal pretty soon. Also, there are a lot of seasoned real estate investors on here that will give you any information or answer any of your questions. But get the book first! Read it and re read it until you are confident enough to make that first deal happen. But just do what Dean suggests every day and the confidence will come.

shirley

I just ordered the book as a result of your suggestion--thank you, Shirley!

I've really been struggling with trying to figure out how to get into rei with working 2 full time jobs. The desire is definitely there but the knowledge on how to get there isn't.

I'll be patient until the book arrives.

Thanks!

How do you get past the thinking that you're not being honest suggesting you have a property for sale when you really don't?

I'm not ready to create my buyer's list yet but I'm close and this has been on my mind.

Is there another way to create a buyer's list with an ad that isn't misleading?

I have joined the Success Academy and have my first coaching call tonight.

It was really a leap of faith for me. I generally spend a lot of time making sure I know specifically what's involved before I would spend that kind of investment on something.

It felt right to make the decision to join when Justin said "if nothing changes, nothing changes" but now I'm having second thoughts. It was my understanding that I'd be working with the same coach for a year but I don't think that is the case.

I guess for me it came down to all of the success stories I hear from you people that participated in the coaching and how much it helped you with your rei business.

I am willing to take the action and I'm counting on getting the support and guidance I need to make rei work for me.

Action, action, action!

I realize this is not a no money down deal. I am looking to buy and hold for the cash flow.

A guy wants to sell 3 duplexes that he and his brother own free and clear on contract. I just spent 2 1/2 hours with him looking at each unit, talking to the tenants, and then he and I sitting down and talking about the deal.

He's retired and told me that he goes to Florida for 7 months out of the year. He said it's hard to not think about how the properties are doing when he's away for so long and just wants to be rid of them.

Here's what I know....

Total of monthly rents for the 6 units: $3,234 (4 of the tenants are on HUD)
Expenses....(These were figures he gave me)
Avg. Monthly Water/Garbage: $160
Avg. Heat/Electricity Month: $504
Insurance Month: $88
Taxes Month: $169
Total Monthly Expenses: $921

That leaves $2323/month for debt service, vacancy, repairs, and profit.

He is asking $150K for the 3 duplexes and wants some money down. He didn't specify how much down he needed.

We talked for a long time after going through these properties. I told him I wasn't very happy with my current banking situation. On Monday he is going to introduce me to banker at a locally owned bank and I am planning to bring my financial statements and taxes to talk about purchasing the 3 duplexes as well as possibly moving my current loans to his bank if he can serve me better than what I currently have. I have 4 rental properties and a restaurant and am not totally happy with the bank where my loans are currently at. I thought I'd at least check into it.

I'd appreciate it if you experienced investors would give me your thoughts on if you thought this would be a good deal.

Thank you!

Brian

That could be an excellent opportunity; before the owner takes you to his bank, etc. ask him if he is willing to carry the loan for a few years while you get the property up to speed, etc. In the meantime you could find a buyer for one or two of the duplexes, and you can keep one for free if you set it up right(!)
The numbers you're showing above from the seller- make sure you get documentation to verify.
If you're enrolled in the SA, ask the coaches for advice-that's what you pay for, and they'll be more than happy to help you! There's also a phone seminar that you can sign up for (through the SA) about commercial re; even though these are duplexes, the coach that gives the seminar is very experienced with creative financing for these types of properties, well worth listening to it...

Wishing you success,