getting started - Posted by Eric

Posted by matt on April 29, 1999 at 06:27:31:

Pick the worst looking house in the neighborhood, buy
it cheap and then slap some paint on it, mow the grass
trim the hedges,plant some flowers,clean the place out
really good and then put out the for sale sign!
WARNING: Make sure all the repairs you’ll need to make
are cosmetic. Replacing 50 year old wiring or plumbing
can sap your profits completely.

getting started - Posted by Eric

Posted by Eric on April 26, 1999 at 10:34:21:

I purchased the CS course read it through several times.Farmed areas, called on fsbo’s,talked to realators, and am still no better off. The realators tell me that they want to see preapproved people, or thet they have to recommend to their clients that if they hold a note, that they need to have atlest 50% down and terms so hard that you can’t make the numbers work.

I seem to be caught in a catch 22, the banks want to see properties, and the realators want to see preapprovals.

CS mentioned finding a 3rd party lender ( creating a note and selling for cash) as a way to get started but I can’t seem to be able to locate one in my area.

Any Ideas from anyone?

Forget the Brokers & Bankers - Posted by Karl Grube

Posted by Karl Grube on April 29, 1999 at 04:57:46:

YOU are dealing with the wrong people! Forget the “commission only” real estate brokers and the “rent our money” bankers. Deal with the OWNERS of the property. Find out their needs and then craft a deal that solves their problems. Don’t worry about your end of the deal; if you solve their problems you will find yourself making plenty of bucks!

Re: getting started - Posted by B.Arthur

Posted by B.Arthur on April 26, 1999 at 22:51:44:

Eric, you’re probably looking at properties that you would be proud to show your friends. It’s nice to drive by a property and say “I own that”. But that comes at a very expensive price. What you want to look for is a ‘DOG’. One that no one wants. Be sure that it needs only cosmetic fixing and is structuraly sound. These kinds of properties can be purchased almost any way you want. When I bought my first few properties I was afraid that someone I knew would find out that the property was owned by me, but I made money on them.