Posted by John - FL on July 17, 2003 at 20:58:02:
thanks
NEED CASH FAST!!! - Posted by John - FL
Posted by John - FL on July 17, 2003 at 12:20:05:
Im a rookie investor in south east FL and I’ve gottem myself into a bad situation. I only have a few hundred dollars to my name and I have bad credit card debt and lots of bills. I do not have a job and I will not be able to pay my rent or bills next month unless I do somthing fast. My goal is to find and flip a property before the end of this month. I already have flyers printed and have put out about 2000 in the past couple weeks. I’ve gotten a few calls but no one ready to sell immediately. I was thinking i would spend the last of my cash and have 3000 more flyers put out in the next couple days. I also have bandit signs ready to go. I am going to put out at least 20 of them this week and 20 next week. should I put more? I’m thinking that out of 5000 flyers I will get at least one deal. Besides marketing, how esle could I find a deal very quickly? Anyway, I just wanted to get some advice from the experts. Would some of you veterans please tell me what you would do in this situation?
thnaks John
Re: NEED CASH FAST!!! - Posted by Arthur
Posted by Arthur on July 19, 2003 at 24:21:58:
I haven’t read all the posts to this thread, but i would say get your priorities right. Put all your efforts into getting paid work.
How do you plan to finance a flip? the closing costs, the repairs, etc? Perhaps it would be wiser to sell the leads.
Get your commitments taken care of first, then move on to business. If you don’t happen to find anything in time, it could sink you for a long time.
Good luck.
Get CASH FAST!!! - Posted by Jonathan_Philly
Posted by Jonathan_Philly on July 18, 2003 at 18:19:26:
If You know a hard-money lender you could then give a person in forclosure an all cash offer so that you could get some equity for yourself. You could get the hard-money lenders to lend you about an extra $5000 for paint, carpet, bills ect… Hard money lenders don’t care as long as they get 12% rate of return on the money they lend. Clean it up sell it rent to own or something get $1500-$2500 down pay. Just trying to get those creative juices flowing. Not a pro just a beginner and I dont have my first deal yet but I think its comming.
Put an ad in the paper to attract people with money to get them to call you. What would attract you if you had money to lend. Something like " make 12%-18% return on Investment in short time.
See who calls- May work may not worth try.
Disagree with Hope - Posted by Disagree with Hope
Posted by Disagree with Hope on July 18, 2003 at 09:01:52:
John,
Read my reply below to hope.
You can do it. I think you can get a job, and do
real-estate part-time. Don’t let anyone put you down or make you feel bad.
Many of the greatest have come back from tough times, and you can to.
Take care.
Not the answer you are looking for - Posted by Hope(Fl)
Posted by Hope(Fl) on July 17, 2003 at 16:24:23:
I am sorry but I cant give you any great ways to make a lot of money in record time. I think your best bet would be to get a job right now. You need to pay your bills; you need to pay your credit cards, etc. And please, DONT ask a relative for money.
I am sure my opinion may not be poplular. But I am of the belief that you must have character before you can try to help others with their financial needs. How do you expect to help a homeowner in forclosure when you are in pretty much the same financial position as them.
I am not trying to bash you–Just to make you think. Why is is that you have no job–no money? Why is it that you owe on your bills and have bad credit. I really believe that you need to address these issues before you try to help anyone else financially.
Re: NEED CASH FAST!!! - Posted by Marcos
Posted by Marcos on July 17, 2003 at 16:01:31:
This probably isn’t going to be what you want to hear. But, I would recommend you getting a job as well. Mr Starr is dead on about what it takes in real estate. Sure, I’ve made good money in a day. But, I wouldn’t count on it until I get it in hand.
Part of the problem is as well, that when you’re desperate to get a deal, people sense that about you. They can smell it. And there is no way, you’re going to get a deal. I find more “motivated” sellers by knowing that I don’t really want the house, but if you really don’t want it, I’ll try to solve your problem. So, when I get overloaded with properties (like right now), it seems like everyone wants to give me their home. But, when I am jonesing for a deal I can’t get one to save my life. It’s lovely isn’t it?
I also find that typically real estate isn’t very liquid. It’s not very good at paying that bill you have to pay next week. But, quite good at paying your way into retirement if you’re willing to hang tough in the lean times.
Sorry I couldn’t be of more use.
Marcos
John: Re: NEED CASH FAST!!! - Posted by garth
Posted by garth on July 17, 2003 at 15:57:47:
John,
What do you mean by low on cash?
Is it so low it is a choice between eating or investing? Then you must eat.
One of the quickest ways is to borrow from relatives, but otherwise how about keeping whatever money you have left for deposit money.
Flyers are ok but I think a cheaper method is to pick up a preforeclosure list. If you want it free go down to the court house and look for notice of defaults.
Hopefully you have a ride so drive out to the house and talk to owner.
So far your only cost is gas money but you are now eye to eye with motivated seller. Imagine in one day you could be talking to maybe 10 motivated sellers. At almost zero cost!
Flyers will probably take more time to reach a motivated seller plus you have printing cost and still no idea where your motivated seller will come from.
Email me for more ideas.
Garth Gibson
Re: NEED CASH FAST!!! - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on July 17, 2003 at 13:00:02:
John–(FL)----------------
There is no guarantee in real estate for quick money. Over the long haul, yes. If you keep at it you will make lots of money in real estate. But to expect to pay your living expenses with real estate quick reselling is to gamble. It may pay off, it may not.
If you can, I’d usre suggest you get some other money-making activity going.
The one I used once when I need money was to buy items real cheap and then sell at flea markets on the weekends. I made a few hunder dollars a month that way and it was not full time effort.
To get stuff to sell: auctions at u-store-it miniwarehouses, postoffice dead letter auctions, Salvation Army and Goodwill “as is” sales and auctions–whereby the sell stuff they don’t put into their thrift stores. There are some people that buy returned and damaged merchandise from wholesalers and big distributors.
I’d suggest spending a couple of hundred dollars for merchandise and get out to the flea markets.
Good InvestingRon Starr*
Clarification - Posted by IB (NJ)
Posted by IB (NJ) on July 17, 2003 at 12:47:05:
When I say “approach a homeowner” I mean go and knock on the door (forget about sending letters). In my market it’s the fastest and effective way to get a response from the hoemowner.
IMO, the FASTEST way is to… - Posted by IB (NJ)
Posted by IB (NJ) on July 17, 2003 at 12:38:05:
approach a homeowner in foreclosure and get a good deal signed up. Call an investor and assign the contract for quick cash.
Re: Get CASH FAST!!! - Posted by Brent_IL
Posted by Brent_IL on July 19, 2003 at 24:07:06:
Just a few words of caution. Depending on how you word your ad, at some point, the SEC or your state officials will give you a call to find out what you?re up to. They tend to frown upon unlicensed securities.
Disagree with your statements - Posted by Disagree
Posted by Disagree on July 18, 2003 at 08:59:05:
Hope - disagree with your statements below.
Anyone can get into a bad financial position - including you. Has nothing to do with character, that
is silly.
The economy has been horrible for many. College graduates with many years of professional experience have exhausted unemployment benefits, and savings, and cannot find a job in their field. Some recent college graduates are working part-time at fast food restaurants - because that’s all that they can find.
You many not have been there - but please don’t judge
others like this.
The same thing could happen to you - or anyone. You could lose all of your money, and be in foreclosure.
There is an element of luck - and randomness, at play
for everyone. I’m sure you won’t agree, but don’t bash this guy just because he has had difficulties.
I would advise getting a job also - and continuing with your real-estate part-time.
Some of the best have gone through homelessness and bankruptcy. Nothing wrong with that. Many large companies also went BK during this great downturn.
I think he can do well in the future, by working at real-estate part-time, and getting a job for now to pay the bills.
>>
But I am of the belief that you must have character before you can try to help others with their financial needs. How do you expect to help a homeowner in forclosure when you are in pretty much the same financial position as them.
I am not trying to bash you–Just to make you think. Why is is that you have no job–no money? Why is it that you owe on your bills and have bad credit. I really believe that you need to address these issues before you try to help anyone else financially.
Re: Not the answer you are looking for - Posted by John - FL
Posted by John - FL on July 17, 2003 at 21:55:45:
Thanks for your honesty. I can help a homeowner because of the knowledge I possess from studying real estate investing. There is no need for me to have money to help them. I have no job because that is how I want it. What happened was that I made a little money on a real estate deal and then got lazy. I’ve been procrastinating on doing another deal and that is why I’m out of money. Maybe I worded thinks wrong, but I actually have great credit. If I can do another deal quickly then I will pay my bills and contiue to have great credit. Your right about Don’t ask relative for money, I agree it’s a bad idea.
thanks John
Re: NEED CASH FAST!!! - Posted by John - FL
Posted by John - FL on July 17, 2003 at 21:42:00:
Thanks for the advice. That sounds like a good way to raise cash. But, I really need a lot of money right now. I know its a risk but I’m having 3500 flyers put out this weekend and at least 20 bandit signs. I am aslo going to knock on sellers doors tomorrow and next week who are only weeks away from auction.(maybe someone will deed me a house) So, I’m going at it hardcore and I believe it will pay off. Also, even if I got a full time job today, it would be very difficult to pay all the bills I have.
John
Re: NEED CASH FAST!!! - Posted by RichV(FL)
Posted by RichV(FL) on July 17, 2003 at 16:24:39:
Ron,
One of my tenants does the same thing but puts his stuff on ebay. He pulls in a pretty good buck for a side business.
Its a nice way to put some extra cash in your pocket.
Regards,
RichV(FL)
Re: IMO, the FASTEST way is to… - Posted by John - FL
Posted by John - FL on July 17, 2003 at 15:01:22:
I have some leads of people whose homes will be auctioned in just a few weeks. I am going to knock on a few doors this evening. I am a little nervous and not sure what to say to these people. My goal is to get a house quit claimed to me and then flip it to another investor. If I must close, then I’ll use a private lender. What is the best way to approach these people? What should I say?
thanks John
Re: IMO, the FASTEST way is to… - Posted by IB (NJ)
Posted by IB (NJ) on July 17, 2003 at 16:00:40:
Tell them you want to help them with their problem. I don’t tell them I want to buy their house right off the bat. Sure, selling the home is ONE option but there may be others. We explore the other options (refinance, bankruptcy, forebearance) but chances are none of these will seem realistic (read up on each one and you’ll see that with only a few weeks time, there’s really not enough time to exercise these options - with the exception of BK 13 which doesn’t stop foreclosure, only delays it). With just a few weeks left, and no money to reinstate the mortgage, their best option is to sell. You offer to help them in an effort to get a foot in the door. It would help if you had a clear understanding of the foreclosure laws in your state. The better your understading of the law, the more solutions you’ll come up with to help the owner.
Also think about exploring Ron Starr’s suggestion above.