Posted by david cech on January 23, 2002 at 05:01:15:
Have you ever thought of moving Just kidding. Can you drive to areas that are better priced? other wise it is nessesary for you to order Sheets Creating Quick Wealth with partners. These strategies are nothing but perfect to bring a few people into a deal you could never afford on your own. Make sure you do a good cash flow analysis since your area is so pricey before you put any deals together. Dont forget a management fee for the property, this is your seed capital. Find a duplex or maybe a triplex to start with and get one two or however many partners is needed for the first deal. Write a creative offer so you can get in with little down or Use a short term Land contract if you have that out west. Sell your new car and get a beater for a little while thats your share of the down pymt. Believe me in the long run it will pay back 10 fold. No deal is to big for creative financing. If its on the market they want to sell . The ? is how can you buy so it will work for both parties. You can use partners or creative financing or both. Offer terms to the seller after you find out what the seller wants. Some of these big equity holders in the pricey properties you speak of do not want to take a 300000 hit on thier tax return this year. These people will often accept a note with interest to be agreed upon. Do you know of any RE investment clubs . Older investor selling some properties may be willing to deal? How about taking an add in the newspaper to let people know you buy real estate then write some creative offers.All anyone can tell you is no. So then write another offer! Keep writing until you get your first deal.Goodluck From oshkosh wi.
Hello. I am in the middle of Carleton Sheets “no money down” program. I’m having a hard time comprehending it because he talks about properties costing so little. Luckily I live in a suburb of San Francisco so the prices are a bit better, but in my neighborhood range from 230k (“handyman specials”) to 425k. I’m just at the begining of this but as I’m listening I’m thinking,“wow, for a property that costs this much are these techniques still possible?”
Any tips from anyone in the bay area doing this that would give some words of encouragement to a newbie investor would be greatly appreciated.
Re: Newbie Investor in Bay Area, California - Posted by Nichole
Posted by Nichole on January 24, 2002 at 12:25:46:
Good question! I too am a newbie and I have been wondering the same thing. I don’t have anything to add, I just wanted to agree with the original question that was asked. I have been looking at Carleton Sheets and John Becks programs. I too live in the Bay Area so I’ve often thought how anybody can afford investing in real estate (even using these programs…unless you?re very well off). If you DO buy out of state does that require alot of travel then to take care of things? How do you find a good out of state property management group? Between Carton Sheets program and John Becks, I have been leaning on John Beck way because of the cost of houses in the Bay Area. I figure if I’m going to give investing in real estate a try, it would be more affordable trying to purchase Tax Liens first. Then if I enjoy it, I can step up to the next level. Anybody have any thoughts on that?
Re: Newbie Investor in Bay Area, California - Posted by Tim Conde
Posted by Tim Conde on January 23, 2002 at 15:44:55:
I’m in the SF Bay area and I can tell you that very little of what I own is within a few miles of my home. I (alone and with partners)own several hundred properties but I can tell you that many (read most) are out of state, in the cheaper areas of the LA basin and the central valley (Stockton - Modesto). Frankly, I believe that the SF market is very sharp real estate-wise and the good deals here are few and far between. I have made a lot of money buying in Florida, Arizona and throughout the sun-belt generally. When you see a fixer-upper at $300K it does tend to scare you off. Going out of state can be good if you have good management and are willing to trust them. If you have any questions, let me know.