Posted by Ed d on February 09, 2002 at 24:31:39:

I am trying to do the same thing near Port Charlotte and I am from NH.

My advice is to know your area. I have vacationed in that Port Charlotte/Englewood area and made it a point to learn the area. Now when I look at MLS listings (every broker in that area has a web site that has the listings), I know exactly what it is I am looking at. I have even looked at some foreclosure stuff this way. Would I still buy a place sight unseen? No,unless I had someone I knew take a look. As far as getting deals, that is something you will have to figure out on your own. Especially reading all the posts on this web site. The only way that seems to work on no or little money down is a “motivated” seller. One who is flexible on terms.


Posted by MEGAN on January 31, 2002 at 13:46:26:

I am now choosing to learn now how to become a purchaser of real estate…as an investment…but I feel like I lack the wisdom. I hear others saying they have done it…
and I desire to know how to do it too…
Here is what I need to know, if anyone out there knows how to guide me.
A few wrote to me on this issue…but I have lost the emails.
I am choosing to learn how to buy an investment home in another state…with little money down…
Florida would be my choice, or Hawaii. A small cottage sort of thing. That I could rent out…
For example Port Charlotte…in Florida.
I have read a little about buying a lot…and then reselling it in 30 days…( a lot that has a tax lien for example…and getting it cheap…but then selling it after purchasing it)
Can anyone lend me some wisdom on how to do this?
Do I need to get a mortgage? I really don’t ‘want to do this. We own a home…and have a mortgage…and I fear if we tried to get another mortgage, we would not be able to because of the amount we borrowed to do the first one, which is not a lot…but it is still would show a debt…and a bank would say " well, you already are in debt for your first home". Or can I learn to buy something in another state on a contract? ( I do understand what a contract is…and I have read a lot about investing…but I still do not understand how I can start to do what I have an interest in doing)
How do you do this…if you dont’ live in that state?
How do you find these properties? Can one buy over the phone…? Does one write out a contract…and send it to the second party if they agree? and wait for signature in the mail.? Is there a website that offers contract real estate for sale?
It all seems so complicated…and overwhelming…
Does anyone have experience they could share? I am very functional…and not helpless…but feel overwhelmed by the lack of information. I am a former Property Manager and am good!
Thank you so much :>) Megan