OfflineOkay since I've been bouncing around everyone else’s journal, I thought maybe I should start my own. I've been here for about a week and find that this is the most useful website on the entire web. Everyone here is very helpful and is more than happy to answer any question.
This first week I've been a sponge with all of the information both here and in Dean's newest book PFRERN. It's been a whirlwind of gathering resources and information and the opportunities I have RIGHT NOW are incredible. I have everything going on from a small rental property (in which I live) to a $900K vacation rental. Deals range from a property swap (double whammy) to a short sale. I've partnered with another investor who's been in it for over 10 years, a great resource in addition to this forum. I have two properties tied up with multiple offers pending in four states. I have a realtor/broker who's very excited about my plan. All in just one week. It's only a matter of time before the money starts rolling in. This is a blast people!!
For all of you other "Newbies" out there, do not fear, jump right in and make it happen. Good things will come. Theodore Roosevelt once said "The only man who makes no mistake is the man who does nothing." So let's go DO SOMETHING and if you make a mistake, we're all here to help. You'll learn from it.
For Dean, I love this forum buddy! Thanks for presenting the opportunity. I learn something new every day.
Okay time for another post. Things are developing very fast. Today I had a guy come to me with over 40 properties he wanted to sell either as a package deal or one-by-one. I checked out a few of them on homegain.com but the site couldn't process any information when I put in the addresses. About 80% looked as though they were or were about to be condemned. Some looked as though they had been empty for years. I'm a pretty good handyman but, these required total gutting down to the skeletal structure and totally refurbished. We're talking they were overgrown with vegetation and a Molotov cocktail away from being a vacant lot. I think they might be REOs that have been on the books for a very long time. Not my forte at this point in time. Plus the guy was pricing them way above (at least 10 fold) what I would I would think to pay. Most were in a blighted area where many houses look this way.
Maybe an experimental neighborhood rehab program might be an idea. Buy the property for as close to zero as possible, then recruit unemployed people from the area to do the rehab, then sell it and give them some of the money. The way I see it, the neighborhood would get a newly remodeled house in the area (bringing their property value up, you employ a few people temporarily, you get people to take an interest in their neighborhood. Maybe they could even form an association to take on another abandoned house. Just thinking out loud.
That's it for now.......