OfflineHi,
Looking for a bit of advice from the veterans here.
In about a week and a half, we will be moving from the Plymouth, Massachusetts area to the Dothan Alabama area to start a new life in real estate investing. Both my wife and I have some real estate background, but this is the first that we are actively pursuing real estate investing with a passion and determination.
We are heading to Alabama to help my wife's daughter and future son-in-law with final preparations for their wedding in late June. We will have approximately 300K in pocket. We are wanting to help and stay awhile, but not wanting to permanently relocate to the lower Alabama area. We're looking to do that in the northern Georgia area in the near future.
We are in our second week of Dean's real estate success Academy, and while we are learning in leaps and bounds, I have seen that the posts in these forums have been filled with wisdom, great advice and a desire to help others not fall into easily avoidable mistakes. We are asking for a little bit of advice here from the rest of you.
Our preliminary plans all are, move to the Dothan area, purchase one or two small properties, buy fix and sell, or, rent to own or lease option. We are planning on living in the property while doing renovations. Keeping in mind that we're looking at moving on to the northern Georgia area, within six months or so, to do it all again... other than the wedding part. We're hoping that's just once and for all (LOL).
Just looking for some feedback, best strategy to use, anything you can offer.
Thanks,
Rob and Kathy
Im a new investor I just finished Deans book profiting from real estate in a down market. My credit is bad and I dont have any money. I want to do a no money down deal. I need to make some cash now. Ive already found a few investors to assign the deals to. I just wanted to know who should I contact to get started immediately ? Ive already called a realtor and she told me investors need to have financing and put down 30 percent.
Derry,
That's not really true. One of the problems, is the realtor that you're talking to. Especially if you're talking to the sellers realtor. If you're wanting to do an assignment, or an IEE, I would think your best bet would be to find a FSBO or someone who is trying to get out from under their mortgage without their credit being destroyed. This goes right back to the 25:1 scenario. These sellers are not easy to find. Once you do, theoretically, they will be more apt to allow you to lock their property up in contract for the 30 days because you're letting them know up front, that your intent is to resell the property to your investor. If that falls through, without the escape clause, you will then purchase the property. Make sure you understand and use the escape clause if you have no intent, or way to buy it yourself. You need to try also to defer any down payment until the end of the 30 days. Then you can reassign this to another investor during that 30 days. Basically, you lock it up with the seller for the low amount, reassign it to the investors for the higher amount, and get paid at the closing. You don't really need to talk to anyone if you understand this concept. Revisit that chapter in the book, it may become more clear to you then.
Good luck.