Posted by william (CA) on September 15, 2004 at 10:45:47:
Motivated sellers will not slam the door in your face. Well, they might at first but htey will come back later as things get worse for them and they need your help.
I am just starting and will begin with a few flips pay off a few bills and build cash reserves. That may be the best for you as well. But I’m a newbie so search the archives, there’s a ton of advice here.
22 year old college student in Miami - Posted by CC
Posted by CC on September 08, 2004 at 13:45:21:
Hello
I am 22 and in College in Miami and have been researching into the CS program as well as many others listed on this site. I have read through 100’s of posts, articles and success stories also. I really want to start getting out of my $9k of credit card debt while still in college while also creating a positive cash flow for many years to come after I complete my education. Now after all my research I still have no idea what program is best if any and if they are worth the money. I also have no idea how with credit card debt I can ever expect to get a loan from a bank to complete my first purchase? I know about “subject too” purchasing but can already see the FSBO slamming the door in my face when I tell them I will take over there payments and they make no profit? Should I go directly to the banks? and last at least for now finding distressed homw owners especially in Miami where most units are condos or apartments seems near impossible? maybe I am just doing it the wrong way. Any help or answers you can give would be great.
Thanks
CC
Re: 22 year old college student in Miami - Posted by Hunter
Posted by Hunter on September 19, 2004 at 08:44:50:
CC-
Think FLIPPING. I say that because it can generate cash and you don’t need to have holding power. Find motivated sellers, preferably before they put their house on the market. (I search foreclosure listings at the courthouse and then go knock on the doors of the ones that look like they have equity) Also work on lining up other investor/buyers to sell to. Some investors may offer a finders fee of $1000 if you bring a deal to them. I’d keep searching until you find an investor who will put up the cash and split the profit with you. That’s what I did. Find and attend your local REI Club. I know $9,000 in cc debt can seem daunting but you can pay it off with the proceeds from your first deal. I did. Good luck.