Re: NEED HELP - Posted by Joe Kaiser
Posted by Joe Kaiser on May 13, 2007 at 02:40:52:
Your objective, I’m assuming (forgive me), is to get paid. Please correct
me if I am mistaken.
Getting paid requires equity, all things being equal. The more equity
you can snag, the better the chance of actually getting paid.
Buying and selling real estate costs money. Closing costs in my area
are 10% for a seller. And it takes time to close, (months). Time costs
you as well.
Start by determining what equity is there right now, and then begin
taking away whatever you believe it will cost you to get involved, like
money to the seller, holding costs, fix-up costs, closing costs, etc.
You’ll quickly realize that getting paid, your objective, becomes highly
doubtful if you cannot buy this thing for much more than what is owed.
And in reality, since she’ll likely be losing it to foreclosure and getting
nothing in that process, ANYTHING you give her is free money (to her,
not to you).
Be stingy with those dollars.
P.S. And do not forget, the top 20% in any speculative real estate
purchase is little more than “air.” Smart investors knock that right off
the top as step one.
P.P.S. Learn what makes a deal, a deal. Smart investors understand
things like profit, 10x, certainty, and speed all come into play. You
have very few of those factors going for you here.