OfflineWondering which strategy is and isnt working today. Although I am successfully self employed, I need financial security which I believe can be found in real estate. I have no money and decent credit but am leveraged. I have several serious cash buyers. I tried diligently marketing to wholesale and LO sellers and cash buyers for about 8 months and have yet to do a deal. This consisted of 200 postcards a week, bandit signs, calling FSBOs, and calling For Rent signs and of course attending a few REIA meetings a month. I took a break for about four months while my home business kept me traveling. I'm now back and want to get RE going again but I'm wondering where to start. I'm wondering if the strategies from 2009 and the 2010 Edge course are still 100% valid for 20 hours a week. As I said, I worked the program extensively and got nowhere. I'm in Massachusetts where home prices are somewhat stabalized, a 3/2/1 sells for around $300k in my area. Nothing like the $50k - $100k I'm always hearing about on the trainings and forum. I realize this is a bit long but would really appreciate some input. Thanks in advance
Dave Visco
You are on a good track! If all the post cards and other ways didn't bring results, well, welcome to the real estate world! I did try posters and ads, but my best was putting out ads looking for motivated sellers that I wanted to help. So give it another good push. Do you have a REI club near you, that will open many good doors and other business people.
The strategy is something I believe will show itself as you move forward. I like doing assignments, but find now that probates are interesting and exciting. What I am learning sounds complicated, but seems I have more of that fall into my lap. So I have been studying up on that. Pick things that you are comfortable with and see what works in your area. Do you have more renters or buyers around you.
Whatever you choose, just try it, and it will work out or lead you a different way. You sound like a bright person, so just put yourself out there and don't give up!
Sandi
I have just started, i did find a note on a commercial building for 224K I offered the seller 109K They agreed. Then I found an investor online that offered me 134K I was really excited, but, the appraisal came in low and I was lucky to get $6,000. Did this online. I am now hearing about Assignment of Mortgage techniques, which seems really great for this economy. I am learning all I can about it. Simply put its just having a buyer take over the payments, the seller just walks away cuz he will lose the house anyway and this saves his credit. I find the deal, collect 10K assignment fee from the new buyer. The buyer is happy to get the house with no credit check, no bank loan, just a down payment and closing costs. Has anybody else heard of these stratagies?
Rando
don't get discouraged. It is a tough market out there even for us experienced guys. Just keep your nose to the grindstone and something will land in your lap.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
Thank you all for your ideas and positive feedback. I am eager to get my momentum going again. I took a different trip home while out and about and sure enough came across a new FSBO which I've called on. As they say, "you cant catch any fish if the line isnt in the water". I also intended on taking a look at probates so I had talked to a local investor that used to go the courthouse over an hour away every week. Our data is not online in my county. He was laid off and had plenty of time. He told me it was a lot of time spent with zero results. So probates may not work well in this area. I'm always open to input. Thanks to everyone.
Isnt this the same as "subject to"? If so, Subject To is illegal in Massachusetts.
As far as I know, (and I'm not an attorney nor have I read all of the laws in each state.) subject to isn't about law. If you read the loan documents, the contracts give the lender the right, or option to call the loan due if the title of the property changes or if a sale takes place.
Therefore, if you do a subject to, and the lender finds out, they have the right to call the loan due, but not the obligation. Laws generally don't dictate when or how a person can dispose of a property. The contract is what gives the lender the right to call the loan due, not the law.