OfflineI am finding Craig's list to be very useful. I put in an ad "I WILL BUY YOUR HOUSE"....yesterday and I had a guy call me with a great deal, but in the end I didn't want to work with HIM....his social skills ...ie...FILTHY MOUTH...seemed to me to be a sign of his lack of some qualities that I can accept. The guy is a very well off guy who owns many properties and he was flexible, but he wanted too much "skin in the game".....so I weighed it and said to my self.....that this guy would probably be more trouble than anything. There are tons of deals out there.....you just need to stir up the silt and look for the gold. Anyway.....got a email also today....from a developer that is stuck with some houses......ZERO down they tell me brand new homes.....I am going to look into them, and if we can come to some kind of deal....perhaps I will try to pick up SEVERAL homes at a discount. You NEVER know what is going through the head of the seller until you ASK SOME QUESTIONS....so you have to get out there......MEET them....BUILD a rapport....and your Credibility.....then ASK FOR THE WORLD.....ASK for what no one in their right mind would ask.....something ONLY an investor with knowledge would ask.......remember...you are NOT looking for a good deal.....you are looking for a SMOKIN' HOT ..GREAT DEAL.....those are the deals that will make you wealthy faster. It really doesn't matter if the seller turns you down.....He's going to counter. I plan to ask the developer to give me a 20% discount, to go along with the zero down....and I will buy SEVERAL homes at the same time IF he will carry them for a year......He seems desperate to get out.....I'll have to see what kind of financing he has....Anyway......just another day in the life of a Newbie investor.....Hopefully we can close something soon and change that status.
BUILD your knowledge base....it is your ARSENAL to wage war against disbelief and the negativity of the status quo. You need your weapons......It's your choice whether you carry them or not.
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Build Relationships and open the door to opportunities that could once only be dreamed of......never take those relationships for granted.
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Don't let EXCUSES be the nails that keep you INSIDE the box.
Thanks nw for leading the way for us newbies. I like reading your post also it inspire me to go out there and do it no matter what. I may raise some eye brows but never mind at least I am learning as I go along. I am waiting for a deal and I hope it goes well.
Cheerss!
V.V
It is always very inspiring and encouraging to read your posts! Even you always call yourself newbie, but to me you've done a lot more and much better than newbies at all! I just began less than a month ago, should take real actions in stead of just sitting here reading all your great deals and actions. Let's go out and kick some "a***"!
Meaning that he is financing them for you? Just want to be sure I understand.
Thanks
Hey......When someone is "carrying" it basically refers to the seller Taking back some of the Sales price...to be paid Later....ie.....I bought this house for $160....I asked the seller to carry $40K for 1 year. That means that He gets a "note" for the value of $40K for a term of 1 year. This allows me to ONLY have to find $120K in financing for the 1st year. Once the 1st year expires....I have to pay the seller $40K in a balloon payment..ie...IN FULL.
The way you do this is by either coming up with $40k in cash, or refinancing the home for $160K and at that time the seller is paid his $40k....The main idea is that it is EASIER to REFI a home than to get a NEW LOAN. Therefore a smaller initial mortgage allows you to MORE EASILY qualify for the "aquisition" of the home. Once IN.....based on Equity available.....you may find it easier to qualify for the Larger Refi Loan...especially if you already have it rented out and can show that the rents will cover the NEW, LARGER mortgage. So I hope you can see the advantage of a seller carryback...Lower aquistion costs, lower initial payments, easier qualification.
BUILD your knowledge base....it is your ARSENAL to wage war against disbelief and the negativity of the status quo. You need your weapons......It's your choice whether you carry them or not.
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Build Relationships and open the door to opportunities that could once only be dreamed of......never take those relationships for granted.
--------------------------------------------------------------
Don't let EXCUSES be the nails that keep you INSIDE the box.
Great deal if it holds!
Just wish I could come across one like that. Way to many investors around me but I do have a possible contract sale. I'll have to give them time for the house on the market before they may accept it. They want a cash buyer.
Take care man and great deal.
Where do you get most of your hits from on craigslist? Are you keeping track?
"The entrepreneur always searches for change, responds to it, and exploits it as an opportunity." — Peter F. Drucker
Get set up with Hard Money lenders and you ARE a cash money buyer.......Don't let other investors be an excuse, you must out work them. Find Brokers who will work to find you the deal. Call FSBO's out of the paper......there are always deals out there. Go for it!!
BUILD your knowledge base....it is your ARSENAL to wage war against disbelief and the negativity of the status quo. You need your weapons......It's your choice whether you carry them or not.
------------------------------------------------------------------------------
Build Relationships and open the door to opportunities that could once only be dreamed of......never take those relationships for granted.
--------------------------------------------------------------
Don't let EXCUSES be the nails that keep you INSIDE the box.
If you are advertising that you "buy" houses......you would put it under housing "wanted"......but it doesn't hurt to put the ad in all RE colums.
BUILD your knowledge base....it is your ARSENAL to wage war against disbelief and the negativity of the status quo. You need your weapons......It's your choice whether you carry them or not.
------------------------------------------------------------------------------
Build Relationships and open the door to opportunities that could once only be dreamed of......never take those relationships for granted.
--------------------------------------------------------------
Don't let EXCUSES be the nails that keep you INSIDE the box.