Buying Foreclosures, REOs. Short Sales, FSBO, MLS and More

I have a owner that we have been going back and forth for a month now. She has a property that is 3/1.5 and it is free and clear. The property is worth 56k and she was asking 30k all cash! I told her that I would take the property for 30k on a lease purchase owner finance.
Here is the offer:
30,000
5 yrs
4% interest
payments for 60 months
with 10% down

We are working out the monthly payments now, I need the payments to be 450 or less and I can rent it out for 850 a month! But I don't have the 3k to put down. I have a investor that will take it but he is not going to put down no more than 3k for the property! Man I need help!

I am looking for jv partners with cash. I will give you a 60:40 split.

on my purchase and sale agreement, and my buyer uses a Hard money lender or conventional to pay the seller at closing do I need to word it another way? I guess what I was told is that I should be "careful" of using the word Cash on my contract> Any advice on this, this is the first I've heard about this.

Thanks for advice in advance!

Hi,

I'm new to the website and Real Estate. I just finished DG's Profit from Real estate Right Now, and have never been so exited to make extra cash in my life than after seeing DG on TV and the website.

I was eyeing a Short sale property and gave an offer on that one, but did not hear back from bank for 3 months, so my realtor asked me to let go. I guess I felt short on my efforts.

Now there is another property on the lane that i stay is going into foreclosure. I want to get that property and hold it. The renters staying in said there received a letter from the bank - 3 weeks notice. Since I'm traveling on my job (I travel every week), my wife had a conversation with them at school bus stop and asked her to get the contact info from the letter. not heard from them yet.

Hello, I am super-exited to get started with real estate. When I get past the excitement I also feel a bit overwhelmed because I don't know exactly where to start...

I went to drive around an area close to me near Houston, TX and found several properties that appeared to be FSBO or being rented by owners. My only goal was to get a feel for the market.

This is my plan, but PLEASE help me correct it if it doesn't sound good.

1) Find an investor-friendly realtor
1.1) Explain what I am doing and get a list of 35-50 properties: Starter homes that: have been listed for 90+ days, are vacant, or listed AS-IS

1.2) Ask for list of 10 - 20 properties sold CASH around this area past 90 days (to build cash buyer's list)

1.3) Ask about good mortgage brokers in area

I am so new to this site I am not sure where to post this. I am scheduled to go to my first seminar in Omaha next week. I am waiting for the 30 Day Cash book, and in the meantime I got an email pushing the AFF system.

Would someone steer me right? I bought the book, I am not sure if I should buy the AFF system just yet, because I know the seminar is a push to buy product. I understand that. I just don't want to buy products that I do not need yet, being new to Deans strategies.

I was pulled in initially because of the 'Matchmaker' strategy, connecting the buyer and seller.

I also know that foreclosures are unbelievable in my area.

I need advice...Do I buy the AFF system before going to the seminar and receiving the book?

Sincerely,
Robert Jackson
OmahaGuy

They work!!Got lots of deals in the works, from my town in ElPaso (Way-west Texas) to North Dallas and even found a fixerupper in Lake Jakson (south of Houston) on craigslist. Wow, this really works, there are people out there motivated to get rid of their property!! Lord help me see them through! Now just need to post adds to find Buyers in Dallas and Houston!

I feel like the Queen Bee who is shedding her NewBee wings and WannaBee wings pretty well.

Here I go!

"Why fit in when you were born to stand out" - Dr Seuss

"So the writer who breeds more words than he needs is making a chore for the reader who reads" - Dr Seuss

"Your off to Great Places! Today is your day, your mountain is waiting, so...get on your way!" - Dr Seuss, Oh the Places You'll Go!

Six weeks ago we put in an offer on a REO that was about to go to auction with Hudson & Marshall. The bank countered back dropping about 6K; we countered their offer by increasing 1K; they dropped another 2K but then held firm. The property went to auction but did not bring the number the bank wanted, so Hudson & Marshall put it at "post auction" bidding. We tried bidding again, but to no avail. We then received a call from the auction co. & they negotiated a purchase price with us ... we agreed, sent in the contract with a $ 2500 earnest money deposit; thinking it was a done deal ...

Six weeks ago we put in an offer on a REO that was about to go to auction with Hudson & Marshall. The bank countered back dropping about 6K; we countered their offer by increasing 1K; they dropped another 2K but then held firm. The property went to auction but did not bring the number the bank wanted, so Hudson & Marshall put it at "post auction" bidding. We tried bidding again, but to no avail. We then received a call from the auction co. & they negotiated a purchase price with us ... we agreed, sent in the contract with a $ 2500 earnest money deposit; thinking it was a done deal ...

Just found a nice 1 story brick 3/2/2, built in 2003, in a wonderful neighborhood. REO. DOM is 116. Asking price is $41,800. Eppraisal is $69.636. Totalview and Zillow do not have an apprasial on this property - don't know why. Looking at the pictures, I can see it will need paint & carpet, flooring in kitchen, maybe new cabinets and appliances, at least 2 windows, and exterior paint across the back of the house. The bathroom pics looked pretty good.

I don't have comps on it yet, but because of the neighborhood, I'm thinking the AVR should be well over 100K.