newbie/need some advice - Posted by Brandon

import · May 22, 2006, 10:52pm

Posted by Brandon on May 23, 2006 at 22:04:57:

Thanks! I need more detail on that.

import · May 22, 2006, 10:52pm

Posted by Brandon on May 22, 2006 at 22:52:17:

Hi,everyone. I live in the New Orleans metro area & I’ve been considering investing in real estate for some time now but because of my skepticism I’ve never stepped out yet.Opportunity is here but I need to know if it’s a good idea to go after flooded houses which have structure concerns & financing issues or should I go after other properties out there & put together a portfolio of houses? Is it always good to go after muli-family buildings or should I look for single houses.

import · May 23, 2006, 1:54pm

Re: newbie/need some advice - Posted by CGD

Posted by CGD on May 23, 2006 at 13:54:05:

Sounds like a good idea if you can negotiate prices where everyone wins. I am actually going to the Gulfport/Biloxi area, and possibly the N.O. area next weekend, to check everything out. It’s very possible I might do exactly what you talking about.

As long as you can buy low, and sell high(er), you’ll be successful. The key is buying low enough to account for all costs/fees. The principle is easy enough . . . it’s just a matter of putting everything together now.

Be sure you use due diligence on the transaction, as well as your exit plan, as it would be hard to get end-user to finance w/o flood insurance, for example. Just be smart, and go with your gut.

Best of Luck.

import · May 22, 2006, 11:58pm

Re: newbie/need some advice - Posted by dutch

Posted by dutch on May 22, 2006 at 23:58:39:

I smell a gold mine in NO doing “wholesale” flips. Get them under contract for $10 and flip the deals to a rehabber/speculator/developer.

Make sure you do it right, and ethically. Learn what is a deal for your buyer and then find them. Doesn’t matter Single or Multi if 1) you can get it under contract at an attractive enough price that your buyer will buy it and leave room for your assignment fee.

Dutch
OKHomesavers

import · May 23, 2006, 9:56pm

Re: newbie/need some advice - Posted by Brandon Edinburgh

Posted by Brandon Edinburgh on May 23, 2006 at 21:56:25:

Thanks ! Do you have any more advice for me ?