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What do you do when you find a home listed for 400K, ARV 800K but it's in a rural area where homes don't sell very often to retail end buyers?

This happened to me and the deal could have been very profitable had I had some retail end buyers lined up. The comp. report showed one home sold for over a million dollars but was on the market over 700 days.

My wholesale cash buyers shied away from this potentially profitable deal because it would have been too hard to resell.

Any suggestions?

Greg

When I started out I had such high hopes for my real estate investing. I was suffering under no illusions I knew it would be hard work just like any other endevor that is worth while. I read two of Dean's books along with several other's by other authors and participated in his coaching program and was successful to the point where I received the full costs of the tuition back. Unlike some others I'm not in a dead end job that I don't like. My job pays me a nice six figure salary with lots of vacation time and I get to work exclusively from home. So my real estate investing goals were to build wealth by buying properties to hold and rent. I was able to do this and purchased 6 properties with little or no money down and at deep discounts.

Do you own rental properties? If so, you are learning the importance of having your rents collected as quickly as possible.

The typical rental contract allows for a grace period of 3 to 7 days after the first. For example, if the rent is $700 and due on the first, the contract may allow for a 5 day grace period before the rents are due. Typically a late fee is attached to anything that is paid after this grace period.

Why not try this? Set the rent at $800 and give a $100 discount for paying on or before the first. Have late fees beging accumulating on the second.

You are still going to get your $700. You will be getting it on the first and not the fifth to the seventh. Your cash flow position will be strengthened.

Good luck and happy investing.

Many times I am asked about what contract to use when writing up an offer. There are so many out there and there is even a good one on this site under the Forms and Docs in Student Resources.

I use the state approved contract for offers whenever I can. These contracts were developed by the National Association of Realtors. In most cases the contracts were written with or at least approved by the various Attorney General offices in the various state.

These contracts meet the requirements of the states where they are used. The Realtors continue to keep the contracts updated in conjuction with the various Attorney General offices.

These contracts can be found by calling your state's Division of Real Estate. You can download them usually for free.

I have 4 nephews who are 25, 23, 21 and 13 years old. These guys lost both parents withing 6 months of each other two years ago.

These young men are amazing to me. They are each thriving and doing well in their lives. They keep in SERIOUS touch with each other. The three older brothers do not forget to include their younger brother in important activities.

They have not forgotten their parents. However, the four of them keep living and striving to meet their goals in ways their parents would be proud. In the beginning it was simply putting one foot in front of the other. By so doing they kept moving forward.

Good morning everyone. I am seeking for a partner in El Paso, TX. If you are from El Paso, TX please send me a pm.

I submitted the asking price of 407K on the REO. The ARV is close to 800K. I drove the 222 mile round trip and looked at the house and have pictures.

The bank countered and said there's multiple offers and they will accept the "highest and best" offer by Friday, August 9, 2013. I'm thinking I should submit another offer for 410K.

These are the banks conditions:

1) Earnest Money a minimum of 10% ($41,000) of purchase price, paid in two days of acceptance.
2) Seller won't repair (in writing)
3) Buyer inspection contingency expires in 3 days
4) August 26 close of escrow. $100 per diem
5) Buyer must see property first
6) Seller's choice for services title and escrow.

I just put up a new video on my site, and on utube. The music is not great, but otherwise I like it as my first video. See it at my link below or here: http://youtu.be/J5vzNBrnLhQ

Tax liens are a great way for an investor with little money to get in to the real estate market. I often encourage a new student to buy a few liens so that they can start putting dollars to work quickly. The returns are very good, usually between 12% to 18%, and the redemption periods are often two years or less.

Where do I start? First of all, you need to find out if the state you are interested in sells tax liens. Some states only sell deeds. (That discussion is for another day.) You then contact the county that you are interested in buing a lien. The office you want to contact is often called the Tax Collector. Find out where a list can be found in order to look at available liens. You will usually make your purchase through this office.

There are many new people who read this website each day. I would like to ask those of you who are experienced to take a few minutes and share what you think is the most important thing to do in order to have success.

What lessons have you learned as you climb the ladder of success? What must a person do in order to achieve her goals? What are you doing to put money in your pocket?

This is what is great about the DG family. There are lots of experiences and resources. Share with us what you are doing to be successful.

Have a great day.