How do I? - Posted by Frankie

Posted by Ronald * Starr(in No CA) on August 13, 2003 at 20:28:06:

Frankie–(NY)-------------------

Understand that most properties cannot be bought with the ideas you have. Only a very small minority. Most of the properties in the MLS are not candidates for the ideas that you have.

You will also find that in a strong real estate market, few people will need to use the ideas you present. They can just do things the usual way and get full market value for their properties in a fairly short time.

When you have an investment program that is not working you have two choices: move to a different environment where it will work better or else change your approach to something that will work better where you are working. Either is possible.

This is a steal from my own post for beginners. If you haven’t read it before, I recommend it. However, I may be biased. You can find it on the main board of this CREONLINE.COM website by putting “beginners post” into the archive search function there near the top.

Good Investing***************Ron Starr************

How do I? - Posted by Frankie

Posted by Frankie on August 13, 2003 at 14:41:36:

For months now I have been unable to convince any homeowner to work with any idea’s I have presented to them. Also cannot find a real estate agent who is open minded to creative ideas how do I pass this road block living in NYC?
How do I make it in NYC?

Re: How do I? - Posted by Frank Chin

Posted by Frank Chin on August 14, 2003 at 07:55:34:

Hi Frankie:

I attended the “Ultimate Investors”, a RE club that meets in Manhattan monthly some time back. I wanted to see what other REI are doing in NYC.

In one of the meetings, Wesley Barney, the Club President, a Queens resident, explained that he’s been doing REI full time for over 20 years, and teaches RE at LaGuardia Community College as I recall.

Most of the meetings centered around doing tax Sales in MD, and doing RE in Syracuse, and Rochester. The Club even orgainized so trips to MD and upstate, and other locales.

Wesley explained that he’ll be going to Kansas City to do some deals. He explained that he subscribes to newpapers from many out of town locales.

A hand went up in the class “why not NYC??”.

Wesley explains “I beleive in the theory of the low hanging fruit. There’s none in NYC”

“True, I could drive around months and months and explain creative RE to sellers till I’m blue in the face”.

“Or I can buy a plane ticket, rent a car, and meet with six sellers in Kansas City this coming week. I’m sure I can lock up one or two deals out of the six, and more than pay my expenses”.

“I call FSBO’s, and qualify them over the phone, just as I would if I lived there”, he explains.

I don’t know your expereince level in creative REI. But spending months and months convincing homeowners, and maybe having one deal coming through a year is not my idea of a viable business model.

Frank Chin