Help in Cambridge - Posted by Precious

Posted by RRSmith on November 25, 1999 at 08:01:40:

There are people that have less than you that have turned there lives around with REI. What is worse than no money and no job? Try about $3K of credit card debit and just moved into an area (no steady job history). Evey time I think I’ve read the best turn around in history, somebody comes up with a new benchmark for success. You might want to rent, and sub-let (after fix up) to other students as a quick cash income generator. Then check out and read all the REI books the college library has. Then buy CSheets course on E Bay and by next May or so you will be ready for your first partnership (finding your own deals in near by towns).

Help in Cambridge - Posted by Precious

Posted by Precious on November 25, 1999 at 03:44:28:

The real estate market is hot in the Metro Boston area. I am a student who sees the potential but like most students I am broke. I would like to invest in a multifamily home that I can live in and rent the unoccupied units to other students. Again, I have no extra money because I am going to school and currently pay $980 for rent. That is how much it costs to live up here. Where do I begin? Is there anyone out there who lives in this area and could give me some advice. How do I possibly get anyone to loan me, a broke student, any funds at all to buy a house for investment purposes?

OK - lets start with making a phantom deal… - Posted by Roy_MA

Posted by Roy_MA on November 26, 1999 at 15:53:40:

and here is how you do it. First, your interest is there…let’sfind out if your willingness to work for it is there also. And please, I’m not slamming you…but I am issuing a challenge to you.

Have you checked the ads in the local newspapers for multifamily homes for sale…or have you seen some signs that lead you to believe that a particular home is for sale?

Second…once you have found a home…find out what the owner is asking for it. Sure, that’s obvious. What is NOT so obvious is…why is the owner selling it? A tired landlord? non-payment? just wants out? what?

Then tell the owner that you need to check with your partner before you’ll make any firm commitment.

Whaddya mean “partner?” I mean the mentors on this board. Post up what you have found…with as much information as possible…even if you feel the information is not important. Having had some friends living in your town, I would also ask the owner if the apartments in the multifamily are under rent control.

Come back to us with what you find. We’ll walk you through it. That’s part of what this board is all about.