Thanks for the response Ed. However, I do not think this business is easy at all. I have been at it for 7 months and therefore I realise it is FARRRRRRR from easy and it is not for the faint in heart. Also working with people is not easy anyway, we can be very wishy washy. That is why I am hanging on in there. You get out of it what you put into it and I am looking to get a lot out of it. So look out! Here I come with battle scars and all!
I am new to investing and I have not done my first deal. However, I was able to negotiate a deal that did not close due to the fact that the dollars were to high for my investors, retailers did not want to put any energy or money into the repairs needed and the contract will expire on the 13th. Needless to say I am encourage because I will use this as a LEARNING experience. I also got a chance to work out the butterflys of talking with sellers/buyers on the phone. So I gained more confidence. (all was not lost)
It seems to be that when I get in my car and drive the different neighborhoods for real estate 4sale that the pickings seem to be more abundant than calling newspaper ads. I know that running ads can be very expensive and therefore more people tend to just resort to putting a sign on their lawn. Do you guys find that you come across more deals by driving the neighborhoods? I have spoken to different agents who seem to be interested, but when I tell them what I want to do, they seem to be less interested in working with me.
Also what are the steps in purchasing hud homes. I know that they do have their own brokers, a 1% down payment required and most of the time calls for extensive repairs. I live in upstate NY and there are lots of hud homes in this area so the pickings are not slim.
Re: looking for deal(motivated sellers) - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on April 06, 2000 at 11:04:13:
Shenesa, Everyone wants the easy way out. That would include you, and me. It sounds like, to me that you have a good positive attitude. First let me say that a deal is not a deal until we get paid. We all must have bunches of learning experiences. If this business was easy everybody would be in it and there would be almost no money for anyone…not so. The seller who puts a sign in his yard, but does not advertise is just yelling and screaming for help. You have a solution for his problem, so you should help him. You should be paid very well for your help. If he had the answers he would not need you. HUD is also a seller with a problem. My suggestion on dealing with HUD is DO NOT PAY FULL PRICE. Nuff said. Keep looking where nobody else is looking and you will do fine…ED