My Deals

Okay, if you've seen my journal, i think I updated it that our apartment deal was close to dead. I was very disappointed because we've been working on that one since Christmas, and were scheduled to close and start rehab next weekend. It would have been $1600-$2000/mo cash flow once all units were rented out. Killer stinking deal, especially for our first one!

Ok.... here i am.... i just finished reading the book, i am all pumped up to start making things happen. I got my 800 number set up and i am working on some ads and flyers to get out there. then i get a phone call from someone at Coldwell banker who captured my info from some forclosure website i signed on to. she sent me a listing of forclosures in my area and i am saying to myself wow..... they are really agressive to get this info out here. i know without cash, REO forclosures may be a bit tough.

Hello Everyone,

This is my first time posting on the forums. First off i'd like to express how excited I am about getting started in Real Estate. I ordered Dean's Think a Little Different course a couple weeks ago and it has been nothing but excitement since opening the first book.

Here's the deal. I have been looking around at properties for a couple days now to invest in. I found some potential flips as I am just starting out and have no credit and very minimal cash to work with.

Can someone help me with the next steps.... I have several (REO) props I want to make offers on... After I submit to the RE agent my "proof of funds" letter will she require me to give her an "earnest $$ deposit?" If so, how much is required? Does the amount depend on the asking price/offer price/ ...? What is the "rule of thumb?" Also, will I need to complete a "purchase agreement" with the lender at this time???

Thanks for your responses!!!

Matt was so right in Dean's new book. Once you get the mental block (doubt and fear) out of your head, you find deals everywhere! I just found the most textbook case for a motivated seller and I am meeting him tomorrow. Here are the details...

SFR
3bd 2bth
1134 Sq Ft
Carport but it's not uncommon in my area
TOTALLY REMODELED!!!
Price: Negotiable (He has it listed for $229k), the property is free and clear!

FMV: Around 200k, but not sure, prices are all over the place, so I am waiting to hear back from my realtor.

I used one of Dean's strategies from his new book Profit from Real Estate Right Now. It is where you go onto craigslist and email an ad that looks like a potential deal a small paragraph (p.63). Well, from doing this I got am email back from an FSBO.

Here's the details:

4bed 3.5bath
3032 sq ft
Built in 2001
Owner states excellent condition
Owes: $238K
Monthly payments: $1800 (p.i.t.i)
Bought for $242K
Appraised: $260K
Tax Value: $263K
Reason for selling - Relocating to NC

Okay, I found a house for $399k or best offer and the seller stated it twice in their CL ad that they were very motivated. I looked at tax records and they paid $375k in 2007. Comps for the area in the past two months are between $197k to $312k. Currently there are two houses pending at $175k and $199k. Before I call this seller, what strategies could I use to get a hold of this property? The house is for sale or rent. I don't even know if it's feasible because they seem to owe so much, but how can I be creative in getting this property? Thanks for the suggestions.

KimmyJ

Hey all,

Just got a deal presented to me. A free house 3 bedrooms 1 bath. But, it needs moved.

Here's the deal. I have been given a 1000 sqft house, built in the 1950's. It's solid throughout. It needs moved. It needs renovated. Floors are solid hardwood which can be refinished. Needs plumbing... fixtures, new kitchen as well. Also, I know the entire lifes history and who built the house as well as several others in the area.

If there is someone out there who might have or know of someonoe with a property in the innner PDX area.... I have a cash buyer ready to close quickly... I would be willing to split the profits 50/50, if you have a property with alot of "meat on the bones?" Meaning, lots of equity built in the deal... He's willing to pay approx. $200,000 - $600,000, prefers no rehab, but is willing to consider a "fixer upper," if there is a WHOLE lot of meat on the bone????

I need help. This sounds like a possible deal but i dont know where to go with it! Investor in TX has owner(also in TX) looking to get rid of house in CT. I know the area...not the best but major rental possibility. Near EB and Pfizer. Owner lost job in TX. Investor bought TX house and was told about this one. Wants to have someone take over payments. About 1730 a month. Currently one month behind and this month...so owes 3528. Owes 188K on house. Where can I go with this?? What do I ask?? I'm trying not to sound ignorant to this guy. Can anyone help?? please?