I NEED HELP!!! Young Buck! - Posted by Jerome Armstrong


#1

Posted by Kevin(OK) on November 17, 1998 at 21:12:14:

Don’t give up on cash investors just because of a few rotten apples. Sometimes the money you earn is not as valuable as what you learn. Don’t get greedy. Ask the investor(s) if you may shadow him/her through the deal to learn the “biz”. Hopefully you will find a mentor who will gladly give you advice when it comes time to step out on your own.

Kevin(OK)


#2

I NEED HELP!!! Young Buck! - Posted by Jerome Armstrong

Posted by Jerome Armstrong on November 17, 1998 at 20:54:09:

ok… My problem is this, I am only 20yrs old but I have a very, very good eye for"flips". My only problem is that I have NO MONEY what so ever. Three times I went to “so-called” investors and three times they went behind my back and bought and resold the houses that I told them about. When I confronted them they all said about the same thing, “Nothing personal kid, just business” and then they had the nerve to ask me if I wanted to work for them…ha!!! atleast one guy was kind enought to give me $1000 but that wasnt nothin compared to the $50,000 flip deal i told him about…1. Where can I find a real investor? I know a lot of women who have the money to buy a house and I know of houses that are being sold for cheap (family and friends and a foreclosures list) with high apprasals, I just dont have the money to buy it and then sell it…I am not greedy. If someone spots the money I dont even have to take half. I’ll take 30% instead of 50% (MAYBE!!! I GOTTA THINK ABOUT THAT ONE).

NOTE: I must admit, the only reason why I am able to found these houses and buyers is because I spent to weeks STRAIGHT reading all the how to articles and success stories in this website.In a way I feel like im CHEATING and thats why I got reaped off.

Before i go I just want to say that this web site is like the “fairy godmother” for people in real estate. It took me two weeks to finnally get to this point after reading all the “how-to” articles, Money ideas and Success stories,. Finnally after trying for 2 weeks straight to get in the chat room I finally realized that i had been missing the word “mail” in my e-mail address…p.s I wanna thank Mr.Neil Blatt who was the first person I came in contact with (e-mailed) for his article “I didnt put up one Penny” he help a whole bunch!


#3

Re: I NEED HELP!!! Young Buck! - Posted by Sandy FL

Posted by Sandy FL on November 21, 1998 at 09:18:58:

Keep after it, Young Buck.
You have the enthusiasm, and the energy, which is more valuable than all the flips in town. Now back it up with more knowledge, the proper techniques, the proper contracts, and you WILL get paid.

Sandy FL


#4

SHOT IN THE FOOT!!! Old Buck! - Posted by hk CA

Posted by hk CA on November 19, 1998 at 12:48:37:

Let’s see. You’ve spent all of two weeks learning a new business. Now you located a “bargain” property, told an experienced investor about it, and want to be paid 50% (or maybe 30%, but you’ve gotta think about that).

That experienced investor probably has spent many years learning the tricks of the trade, trying all sorts of negotiating techniques, risking his money and sometimes losing some. After they have gotten a “lead” from you, they have to determine whether or not it’s worth pursuing. That requires getting comps, assessing the neighborhood, structuring a plan, approaching the owner, convincing him that he should sell at a highly discounted price, arranging some type of financing plan, closing on the property, doing the fixup work and putting in more money, making payments while he is holding the property, getting the property ready for resale, developing a marketing plan, negotiating a sale with the buyer, closing the sale, and hoping the buyer doesn’t come back and bite him on the ass because of something he may have (or at least the buyer THINKS the seller may have) done wrong. There are lots of other concerns that could also pop up.

I can appreciate your enthusiasm and I don’t mean to sound bitter, but you have to walk before you run. The thousand dollars you got sounds pretty fair to me, considering your experience and the amount of work you did.

One last observation about a statement you made:

>I know a lot of women who have the money to buy a house and I know of houses that are being sold for cheap (family and friends and a foreclosures list) with high apprasals, I just dont have the money to buy it and then sell it.<

Re-read your statement again and again until you figure out the key to your money problem.

I wish you luck and success.

Old Buck


#5

Re: I NEED HELP!!! Young Buck! - Posted by Bud Branstetter

Posted by Bud Branstetter on November 18, 1998 at 11:23:54:

Jerome,

The investors probably went around you because you did not have a signed contract with the seller. Nor did you have a memorandum recorded that made public your interests in the property. Have a signed contract and then contact your investor. Tell them what you need out of this property and give them 24 hrs to decide before going to the next investor. Find your hard money lender and be ready to close yourself if need be. You will either learn or you will not survive.