Investing Journals

How is one to begin this without any money? Where do you find unlisted properties? If it's on the net, then someone has found it before I and it is therefore listed.

Nobody Ever said Real Estate was boring

I have a deal ready to go down, buyer has deposited funds into escrow, sellers were scheduled to go in and sign the papers, this deal was ready to close.

Then all hell breaks loose. First off the sellers are Asian. This couple purchased this house 20 years ago and then they moved to Chicago. They then paid off the house and gave it to their father. The father and his mistress and kids have lived there rent free for all these years.

Now the father is on his deathbed with cancer. The original couple have come back to California to help and to get the house sold. The father decided to give them the house back because after all it was their house in the beginning and he never paid a dime on it.

Check out this old Mansion I got on contract for $10,000

The problem is, it's in friking Arkansas.

Now I'll just start marketing it for $17,500 more or less. Zillow says the after repair value is $70,000

If I can't sell it, it's no problem, there is no risk, I can walk away.

But what if I cud sell it?

Wudnt that be a kick in the ass to make thousands from a junk house 2,000 miles away?

Technology baby, I luv it.

I put ads on Craig's List in other states that I buy Houses. I negotiate with seller and make my offer thru email, I email him the purchase contract by email. I run ads to sell it by email. I send my buyer the contract by email and start escrow with an email and phone call.

The funds are deposited into my back account by wire transfer.

I've been scanning my documents and creating folders and getting to where I can eliminate all this frikin paperwork.

Now I can just fill out my docs on the PC and move them to the appropriate folder. So much easier than shuffling thru stacks of paper to find a sellers info when he calls.

I even scan and save my receipts to folders of my business expenses and etc.

It's so much easier and better, once I got this set up it's a simple wham bam, I can find any document in seconds.

My bird dog, my daughter found a seller for me from work.

The owner currently leaves in Florida and wants to sell the house in NJ which has a tenant in it.

Property
4 bad, 3.5 bath, 3073sqft, 1993 built, $17,271 property tax, with pool, gas heating.

Current value of the property: $560,000/-

Financing
$450K owed on the house, 15 years left to repay the mortgage

Outflow:
$4500/- (mortgage + additional principal payment) $4500 * 12 =
$650/- to open and close the pool
$17,271/- Property tax
$1300/- Insurance.
$780/- Landscaping
Total Outflow. $74,000/-

Seek also lays warranty on appliances, furnace and Air Conditioning

Inflow
$3800 * 12 =. $45,600

Repaired required: I have yet to visit the property.

I cudnt find a buyer for one of my fixers, none of my regular buyers wanted it. So, I started advertising it on Craig's List. I get a call from a Realtor and first thing he says is "Don't worry, my buyer pays my commission" Him and his client soon checked out the property. He low balled me down but that's OK, at that point I was getting discouraged and just wanted to sell it.

I just had some home owners call me from an old bandit sign. They have a big nice older home on 1/3 of an acre, but the house needs some work and it's in an undesirable area in SW of town. The wanted $150,000 but I got them down to 125K Zillow says it cud be worth over 220 K but after advertising it for 140K nobody wanted it.

Until I got a call from a Realtor that has a client that wants it. The Realtor and client went out to look at it & They offered 120K, I explained I had it on contract for 125 so I wud take 130K.

They came back with 128K offer.

Now I shud be happy to make 3 Grand for doing practically nothing, but, I want more, cuz why, why not?

Hi,
One of the Sellers has been served a NOD, There are two tax liens totalling $35,000 plus what is owed on the house.

Is it legal to wholesale this deal purchasing it with and LLC and selling the LLC to bypass seasoning.

What is the process of purchasing the short sale. The seller just gave me the mortgage servicers name.

Thanks,
Bimal

So, here goes nothing.

I have a stubborn bone headed brother
My brother Mike is struggling financially. Just like me he was also doing Construction. About 10 years ago he sold his house and made $60,000 in profit. So, naturally, when I first started this Real Estate Investing endeavor, I tried to get him interested. He told me, “because of the present economic situation it just wasn’t possible to make money in Real Estate now”. I told him he was wrong, that thousands of investors were making a killing and I was going to be one of them. He says well, I’ll wait and see how you’re doing.