Need help FAST!!!!!!! (my first buy!!) - Posted by Thomas

Posted by Matt B on March 15, 2001 at 14:31:45:

Slow down! What makes you think this is such a great deal? I can understand being anxious to get a real estate deal done, but you are even admitting that you have extremely limited real estate investing knowledge. Having an interest in real estate investing for 4 months and having done no actual study as far as real estate courses go does not qualify you to evaluate a deal and make an offer.

I am not trying to be harsh here, but I want to be honest with you as well. First of all, it is EXTREMELY rare to find a good deal by looking at newspaper ads. I know that when I advertise my deals, I get TONS of calls from interested buyers. What this means is that if a property is listed in the paper, if it is good, or has any creative terms to it, the seller is going to have TONS of offers to choose from.

How would you buy this property? Can you qualify for a mortgage? Would you offer terms? Do you have a down payment? How’s your credit? There are far more details that would be needed to help you out other than seeing that you looked at a newspaper ad and have read this board for 4 months. Again, I am not trying to be insulting or condescending to you, but there is a lot more that you need to learn before trying to tackle a deal like this.

How much do you know about property management? How much do you know about being a landlord? How much do you know about finding out what a rental property is truly worth? These are all questions that you would have to be able to answer before even LOOKING at a rental property.

I highly suggest looking into purchasing a course before you consider trying to jump into a deal blindly. After you do some more study, post any follow questions that you may have here. We would be glad to help.

One last tip for you. In order to find good deals, don’t waste your time looking through the classifieds. Learn how to do your own marketing and get motivated sellers calling you!

Good luck.

Need help FAST!!! (my first buy!!) - Posted by Thomas

Posted by Thomas on March 15, 2001 at 13:17:47:

Hi im 19 years old and have been interested in rei for about 4 months now i havent gotten any courses but i have been reading info from here like everyday. I found a house in the paper i wish to approach, but im sooo nervous i odnt wann sound like an idiot!.. The ad says investors delight! 6br, 2bth. cuerrently renting at 1400/mo Must sell! 95K. I wanna call him today but i dont know what to say first! ANY INFO ON THIS ANYONE CAN GIVE WOULD B SOOOO APPRECIATED!

Re: Need help FAST!!! (my first buy!!) - Posted by phil fernandez

Posted by phil fernandez on March 15, 2001 at 15:48:17:


I would agree with Matt and if I may add, the most important ingredient of a great deal is knowing what similar property is selling for. Get to know your market like the back of your hand. Know what three bedroom 1,200 sq. ft. one story houses with two car garages in a particular area are actually selling for. Remember the listed price and selling price are often different numbers. You want to know what they actually sold for.

Once you know your market, then and only then should you go out there and make your offers. Just because an ad says its a fantastic deal, doesn’t necessarily make it so.