OfflineHello DG Family. I hope to be communicating with you all for a long time. Thank you all for your contributions, especially for your inspirational stories.
Well, I did a lot of 1st's today. #1- I became a DG Member on this site. #2- This is my 1st Post. #3- I started a Gmail Account. #4- I created an Account with Craigslist and placed my first Advertisment, "looking for Cash Buyers". After 2 hours, I already received 2 responses from "Cash Buyers". This is very exciting to me.
I went out today, during my "LAKERS" halftime, driving around and feeling like a real, Real Estate Investor. I came across a 3 Unit Bldg For Sale. It looked pretty good from the outside: cracked paint and yellow tall grass. I took down the address and searched for it on the MLS and also searched for the Homevalue on sites "Dean G" suggested in his book, "Profit from Real Estate Right Now!".
I found the value, from these sites, are between $190k and $252k.....asking price around $150k...WOW!
I'm sure I can figure out a way purchase it, even with my bad credit, but I am afraid that my procrastination will set itself.
I really would like to turn it over to someone else and build a $15k-$20k profit in it for myself.
I will call the Real Estate Office in the morning and get more details, such as: Current and Potential Income, Expenses, Who owns it (Private or REO), and Motivation.
With a possible After Repair Value of $250k and a purchase price of around $150k, that's a lot of Equity and I really don't know what to do with the information after I receive it.
Wanting to protect myself and afraid it may be overwelming...I hope not. I need to "ACT" on this one, it may be my first of many deals.
Sorry for the long post. Today I took my Baby Steps and it feels prety good.
I hope to receive some encourging words from you all and some suggestions.....any Buyers out there?
Thank you for taking the time to read all of this from a NEWBIE.
LAKERS LOST!
I'm thinking a little different!
Meditation is key, the energy you put out, you'll receive back....10 fold!
Today I called on that Tri-Plex and the Agent told me that it was in Escrow. I'll continue to follow the progress as it could fall out, such as in the case of our DG Brother "CogniWorld-LV".
After dropping my Kids off at school, I did some more looking. I found a 3+3 Two Story. It does need some Cosmetic work. Could be excellent for a Flip or Rent/Lease (@ $900 - $1100 after rehab).
MLS asking price is $99.900. Home Values range is $98K - $116k.
Not much Equity there unless it can be purchased for $40k-$50k with $10k for the Rehabbing, and giving a possible new value of $120k - $125k.
I had a Buyer contact me from my Craigslist Ad saying that he'll buy it from me @ 70% of ARV (possible $84k - $87k). I am despertaly seeking a Win-Win deal here.
I called the Agent on this one requesting more information (left message).
I FEEL LIKE A REAL ESTATE INVESTOR........FEELS EMPOWERING!!!!!!
Time to get ready for work (The Rat Race).
Any and all comments are welcomed and appreciated
I'm thinking a little different!
Meditation is key, the energy you put out, you'll receive back....10 fold!
I feel like I am thinking too much. Does anyone have any suggestions? I'm looking for an Investers Group in Palmdale Ca. I have an idea on how I can help people and make some money at the same time. I think that what I need is a plan and what I have been doing, is trying to read and do any and everything, and whatever sticks...that'll be the way I go until I can start to:
Look to Buy/Rehab/Flip/Hold/Sell or be a Bird Dog.
Main interest is to cash out REO's, Rehab them and Lease Option to Buyers with Owner Financing at full price and positive Cash Flow for 6mo to 1yr.
Looking for Buyers with not so good credit, but a large enough downpayment. Either first timers or "Upsidedown Mortgage" relocaters. I will obtain a Credit Repair Pro to help my Buyers at no charge to them so they could exercise on the Lease.
Primary strategy - I would like to pursue the Hard Money Lender route, as my Credit Rating went from 700+ to aprox 530 and I am currently living "Paycheck to Paycheck".
Sorry if it sounds confusing. I have so many ideas. I spend too much time writing down "Purchase Offer Scenarios" and I don't even have any properties to make the offers on. I really need some more direction from the DG Family.
I'm thinking a little different!
Meditation is key, the energy you put out, you'll receive back....10 fold!