Here's something new - Posted by Steve in Tx

Real Estate Investing
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Posted by Cassie on October 12, 2003 at 21:51:35:

YES! …Credit has nothing to do with my way. Most owners never ask, however for those that do. I BOLDLY express my position letting them know that my credit is not the best however, it is not the worst nor is it as bad as it could be. I go on to tell them that most people who have had credit problems have usually just made a mistake or bad judgement at some point in their life and if they haven’t all they need to do is keep on living because everyone does something that later in life they wish they could change. If they want to run a credit check I let them know they I do not want any inquires that may hurt my score when the time comes to refinance their property so with that in mind I would prefer if they take a look at my financial statement. After all I think it gives a better overall picture.
Good Luck
Cassie

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Here’s something new - Posted by Steve in Tx

Posted by Steve in Tx on October 09, 2003 at 15:53:27:

I have been following this message board for a while. I have been so impressed by the “community” atmosphere here and the willingness of people to help others.

I am convinced that my best bet for my future is in real estate. But I’m new. And here is my situation.

(Fortunately you can stay anonymous on this site or I don’t think I could do this!) A few months ago I had a heart attack, lost my job,wife divorced me, found out I can’t work-all within a couple weeks time. I continue to be unable to work at a regular job. For health reasons, I don’t know if I can ever have a regular job nor do I know how much longer I may have. Could be 20 days or 20 years. I have no money, no credit, no way to get money, and have moved in with my mother.

My experience I believe is ideal for real estate. I have owned several businesses, the last one sold in 1997 for just under 5 million dollars. My partners and I left the industry as part of a non_compete agreement. As a result of the divorce, all that money is gone. That’s right, gone! And when I say I have no money, I mean no money. No bank account, no assets (well a car worth $300) that doesn’t run.
My career has been in marketing-consulting work to set up or beef up marketing departments. In my last experience, I brought the company from 100k in sales to 6 million in 18 months so I do know how to do that part. In running businesses I have been involved in all aspects-financial, legal, management, etc. I have watched this site and read enough that I believe this is my best bet for income in the shortest period of time.
Please keep in mind-again,I have no money,no credit and no access to money. I know that sometimes people say this and they have assets, savings, etc. This is not the case.

I do have a son. Real Estate can allow me to do something here that I could leave to him, whether its rental homes in trust, future options, and well you get the picture.
I have read enough here to know that, though people may not have been exactly in my position, they’ve been close.

My question is, imagine if you were me,-

What would you do?

And I mean that in terms of how would you start in this business? You have lots of time, some pretty good experience, and need to earn as much as you can in as little time as possible.

If anyone gives me an idea that I profit from, I will pay 20% of whatever I make on the 1st deal. I’ll have your email. And I will do what I say I’ll do. I’ll also post it here (unless you say not too) and submit for success stories to help others.

I have watched this site for a while and I know that folks here are generally more creative than most I’ve seen in the business world. Coming here has been something I now do regularly just for the rush. Most of you know what to do and how to do it. Or at least if you don’t know, you know how to find out.

Thanks for the site!

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Re: Here’s something new - Posted by Todd B(Va)

Posted by Todd B(Va) on October 09, 2003 at 22:13:18:

Find someone with money(enough to buy a place outright), but no spare time or with no inclination to work at real estate themselves. Split deals 50/50, you provide the work, they provide money. Since there are no finance charges, you will still make plenty if you find a good deal. Partnering is good on rehabs, because the hard money loans eat a fair portion of the profit anyway. Someone with your experience should be able to find someone. Maybe one of your old business partners?

Good Luck to you,

Todd B (Va)
My first deal - I got a house under contract, but had no cash. Found a partner with money(the agent I used to do the comps). We eadh made 15k in 2 months.

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Re: Here’s something new AND something to try! - Posted by Cassie

Posted by Cassie on October 09, 2003 at 21:21:49:

Well here’s my spill for what its worth. I’ve been there before and I have bought soooooooooooooooo much property with 0 money. And I mean no money not other peoples money not credit cards nor family I mean NO money. And here’s how I did it. I got my local Sunday paper and called everyone (and I mean everyone) and talked to them about there property. I tried to keep track of duplicated numbers so I wouldn’t get on anyones caller list as well as RE companies with multiple listing. Anyway…once I found out there asking price I would offer them 10-20k more if they would sell the property to me through a lease purchase or contract for deed with no money down and my first payment 30 days after we close. I would offer them interest only payments for 3 years with a balloon at that time. There are plenty of lenders that will refinance a contract for deed or lease purchase as long as you have excellent documented payments that were on time. In the 30 days I would rent it and make sure I got enough from my renter to pay the mortgage and leave a profit. (One hint: the larger the property like multi units the easier to get these deals…why? because the don’t sell fast) I got a lot of no’s but I got many yes answers too. My philosophy is that it doesn’t hurt to ask and nothing beats a failure but a try. Oh, and why offer more… as long as it falls right at the market value you’re ok and besides I had nothing else to offer! If you try this and get stuck feel free to email me directly. And as for your 20% give it to your son for some spending money. Good luck.
Cassie

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Re: Here’s something new - Posted by Randy

Posted by Randy on October 09, 2003 at 16:24:24:

With your situation there are two options that come to mind, one is ?Sandwich Lease Options? the other is a flip. Meaning you find a property from a distressed seller and with a small Ernest money deposit ($10) you contract to buy the property at 10%-20%-30% discount, and flip it retail.

Have you read the post from Johnboy http://www.creonline.com/wwwboard/messages/arc_2002/arc_05/5344.html

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Re: Here’s something new AND something to try! - Posted by Michael Hardy

Posted by Michael Hardy on October 10, 2003 at 17:26:40:

i just went thru a bankruptcy can this technique work for me or do you have a technique that will work for me.