OfflineI am new to DG and have found a deal on 1700 sq ft SFR for less than 30 per sq ft cost for aquisition(Owner financed)with NMD. After questioning the RE agent in the area, she advised me that rentals in the area for similar properties are going for 1,200 per month I believe this to be a great cash flow property. My challenge is this: there is approximately 15k-20k worth of repairs that need to be made prior to making this a rental. My credit is in the "crapper" and I would like some advice on "Thinking a little different" and how to afford the repairs. I believe this to be a 700+ Positive cash flow great "first for me, DG Deal" Thanks in advance for your response.
Recently watched the EDGE 2010 video's, still on brain overload! After being a land developer student and having a bad experience with my mentor/partner, I am so glad to be a part of a positively inspiring DG TEAM.
Dean if you read this: after I make my first 35K can I invest in (myself) the package you offered on the Edge 2010 with the personal mentoring? I'm in!
JK
Have you checked with
Applied for home deopt and Lowes accounts
1) family
2) friends
3) other people you know
4) your local REI club
5) RE agents
6) Home equity line
7) Credit cards if you have them
9) Local charge account at lumber store/stores (yes more than one)
10) Loan on your life insurance policy
11) A partner to put up cash for 50% of cash flow until repaid
12) Contractors who are slow or out of work in your area willing to take payments for work
13) Charging some of the repairs on payment plans such as bigger ticket items
14) Doing some of the work yourself if you have the skills
etc......
Just some ideas to look into, if you already found the deal and it is as good as you say it is and there are people with jobs in the area that can afford to pay the rent then you should move as fast as possible on any and all financing options on this project so that you dont miss out.
One other idea would be to call the success academy coaches, they will talk to you even if you are not a member and may have additional insight.
Hope it goes in your favor! Let us know.
FOMAC
Your so right JK it is an unbelievable experience to be a part of this DG Family and especially if you were able to purchase the Edge 2010 with SFL. My advice is go through the Edge 2010 videos one more time and take notes. I am on disc 4 and I am desiring to implement Carol Stinson's Virtual Wholesaling Strategy. I am new to real estate investing and I find that Wholesaling is the easiest to get started in for me. I also love this strategy because you can build up capital quickly. Also my advice would be to follow along with the SFL videos and wait to start implementing all the tools that have been provided for us. I know that this can get quite exciting and on the other hand be quite overwhelming as much as we all would love the money to start coming in. just be patient, gather a buyer list first. I would definitely implement Carol Stinson's Buyers list strategies and this call might help too. The Conference: http://www.deangraziosi.com/content/conference-call-tuesday-december-22n... one thing you have to remember is everyone on the Edge 2010 Live didn't have SFL yet. So we have it way easier then they had it because the speakers all had success from his books and just took action. I am so grateful that Dean along with Greg Clement and Mike Koenigs we really have it made. Hey congrats on being motivated and just taking action though. I really hope you come through on the property though if the numbers all come together. That's why I asked what strategy you are wanting to use?? To Our Success. Daniel Roswell NM
P.S. Ask Joe here http://www.deangraziosi.com/users/indiana-joe or Carol here http://www.deangraziosi.com/user/8570 I hope this helps.
" A deep burning desire leads to the Key to True Life and Persistence is the True Path to $uccess " - Daniel R Gomez
Get the financing you need through a HARD MONEY LENDER.
I will do my best to locate a Hard Money Lender or Private Lender for you........ Talk Soon.
" A deep burning desire leads to the Key to True Life and Persistence is the True Path to $uccess " - Daniel R Gomez
Let's just say the town I live is only 500 population and I am working on deals in Idaho, Wyoming, and Utah. Thanks for your assistance
JK
One other way that I thought of that could help you although it would be more of a long term fix is to get into rental management of other people's units. I have two of these and that is all by accident really. Nets about 250 a month but that right there is 3000 a year.
So not to bad for two properties by accident, pretty easy and build captial as you go along.
Hope any of this helps to some degree,
FOMAC