You seemed to have asked this question a few times. Your plan sounds fine. Pull the trigger and “just do it”.
Post your bandit signs (if legal in your area…if not legal…be prepared to face possible fines), run your ads and maybe run a few test ads for T/B’s.
Personally, I do not like to take on “no equity” deals. Sure, you can create equity with various owner financing techniques but a newbie shouldn’t start off that way, in my opinion. Once you have deed, you need to perform and keep that loan current while you deal with securing a good T/Ber.
So, run your advertising. Find a deal, bring it here for opinions and go from there.
My Game Plan!! Input Needed - Posted by Littleguru
Posted by Littleguru on August 27, 2003 at 20:30:18:
After reading this site for a few months. I’ve come to a strategy which seems to be feasible.
I would like to market toward 2-4yr old houses as taught in the ABC’s but they are all around 300k and less plentiful.
I’m going to just blanket my bandits around nice middle class neighborhoods were i grew up. 1500sq ft. 3bed 2bath 25 year old 160-200k. I’m looking to buy strictly subject to their loan and then l’o on back end. I believe market rents even through there are not many are around 1,150.
I know the mechanics of a sub to purchase and confident i could make one fly.
How feasible does my plan sound and what would you add?
I’m thinking strictly bandits to start and possible flyers an ad would be third on my list.
I need someone who uses a similar strategy to give me some feedback it would be much appreciated.
My Sign are going to say
WE BUY HOUSES
No Equity No Problem
55555555555
What do you think? Thankyou
Give me some confidence i’m almost there!!
Re: My Game Plan!! Input Needed - Posted by MicheleCO.
Posted by MicheleCO. on August 28, 2003 at 15:20:03:
Why limit yourself to 300K and up?
There are just as many subject to deals in the lower bracket as the higher end. You will find it much easier to sell these homes in the more affordable price ranges and there is a larger pool of potential buyers to choose from.
Not to mention,it more challenging to take over homes on the higher end as these sellers typically are more sophisticated financially and very credit conscience. Also they can afford attorneys who will council them against deeding their home to you.
Re: My Game Plan!! Input Needed - Posted by John V, FL
Posted by John V, FL on August 28, 2003 at 10:11:43:
>1500sq ft. 3bed 2bath 25 year old 160-200k. I’m looking to buy strictly subject to their loan and then l’o on back end. I believe market rents even through there are not many are around 1,150.
Sounds like lots of negative cash flow. Let’s say you do get a 180k house for 160k and just take over payments. 6% on 160k @6% is $960 per month. Plus add in taxes and insurance of at least $500/month and you are negative $300+ per month right off the bat. I’d be careful. Somehow everyone is desperate to get into deals at the top of any market. Highly leveraged lease options at market tops with negative cash flow could be suicide in a rising rate environment.
is that you’re looking for some encouragement to take the first step.
If you’re looking for a source of confidence in something or someone outside of yourself, you’ll always be left wanting. And you’ll always be dependent.
True confidence comes from successes, either real or imaginary. Spend some time focusing on other new things you’ve tried in the past and succeeded, and apply the feeling of confidence that you gained to this new venture.
Then, get out there and grow that feeling of confidence by taking action- LOTS of it.
Re: My Game Plan!! Input Needed - Posted by Brent_IL
Posted by Brent_IL on August 27, 2003 at 20:53:56:
One of my favorite TV shows was Blake’s 7. In one episode ORAC, an intelligent computer, asks Avon, “Why do you persist in annoying me with questions when you are unwilling to listen to the answers.”
Not that your questions are annoying, but in your current query, what’s changed from the previous times when similar questions were asked? What can be added to give you more confidence? Just curious.