Posted by sean on April 24, 2000 at 15:50:34:
mr.myles thank you for the advice,but i’m not sure
what do you mean by flipping contracts? i’m very new
still to this business besides the books i have read.
I NEED ADVICE! ( FIRST INVESTMENT PROPERTY) - Posted by sean brenneman
Posted by sean brenneman on April 22, 2000 at 18:33:31:
I HAVE COMPLETED THE CS.PROGRAM,REALESTATE COURSE,
ANDI HAVE READ MANY REALESTATE BOOKS ON PURCHASING REALESTATE
NO MONEY DOWN. BUT NOT REALLY SURE HOW TO COME UP WITH THE
DOWNPAYMENT MONEY? OR HOW I SHOULD FINANCE MY DEALS WITH
THE SELLER OR SHOULD I GET A CONV. LOAN FROM A BANK?
SEAN
Re: I NEED ADVICE! ( FIRST INVESTMENT PROPERTY) - Posted by william Myles
Posted by william Myles on April 24, 2000 at 09:37:27:
I started flipping contracts first. This will net you a few Grand. Next look for forclose properties. A long time ago a brought a course from Charles Subin out of Orange Ca. this was aroung 1984. however this course centered on nothing but forclosed properties. since then Ive got others. Mike/Irene Milin(options) Jeff Mchome (waste) Wes Currin(So/So)But over all Subin had the most effective system to purchase property for less than $100.00.in a nut shell.
you buy a foreclosure list go out and make a offer to purchase the property. example. 75000.00 with 4500 arrears. Next you look for repairs needed to home. min deduction $800.00 total amount of back payment with attn. fees filing stuff.$5403.$1000.00 to sellers. you need. $6403. less $800.00 for repairs. TOtal $5603.00
Here we go.After you’ve got a signed contact.=Equity purchase form special form in the course. that protects and covers you. a Insurance transfer form( In case the owners set the place on fire. next the change of title on a Warranty deed(thi allows you to go the county clerks offices and check to title for clouds/leins/judgemennt etc. Then a quit claim deed.So you can have that sign so if the owners lies you can turn the property back over to them. After you oder a title search by a title co.You tell the owners that you are an Investor and that you will need to show the place to your new renters/buyers etc.(On the Equity purchase form you sign it and /or assignee. you place a ad in the paper .FSBO owner fin-$5500.dn take over payment.MUst sell So far you have only payed the owner a $10 considaration fee with the warranty deed. If you find a buyers in time you’er in go shape. If the property holds enough equity for the sell .Now at the close you will have enogh money to pay the sells and the closing cost. you pay the old home owners on the lawn in two checks one for each husband/Wife. Now carring a second mortgage is great make you feel like a bankers. OHH by the way this is not the easy way to make money in real estate. But keep in mind that closing one of these every 45 days-picking up a $135.00 a month for the next three years and then have the buyers pay you off every 36. months at round numbers say $18000.00 every other month starting 36months from. Try it.Some time the other investors whom you sold the fliped contracts too will buy them. Plus you can all ways flip if you can’t sell it. But you got to keep some as rentals/ The IRS will eat you alive. Bill