Posted by Lu on February 21, 2001 at 13:28:38:
Thanks again! LU
No job - Posted by Lu
Posted by Lu on February 20, 2001 at 12:25:36:
Help! What is the best approach for getting some investment properties without having a job? My husband is a student, so we live on loans alone.
Re: No job - Posted by michael e. v. knight
Posted by michael e. v. knight on February 20, 2001 at 13:21:54:
hi lu,
one thing to do to start is become good at knowing the market value of properties in your area.
next find sellers that are willing to carry all the financing and pay the closing costs (which can be added to the loan). the only problem with not having a job is how do you make payments if there are vacancies? you will need a partner with money to get the first few properties under your belt and start making a positive cash flow. or you may just want to sign up steals (at least 35% below market value) and flip the contract to another investor for a quick 1- 10k profit. just be sure to put in backout clauses in case you cannot find a buyer and set the closing date for as far in the future as possible, at least 90-120 days min. if you or anyone else in this group are in or around the rhode island area i would be glad to show you how to start. just write me at michaelevknight@aol.com hope this helps .
michael e. v. knight
Re: No job - Posted by Lu
Posted by Lu on February 20, 2001 at 16:14:43:
Hi and Thanks Michael. I would be very interested in flipping contracts. I guess they would be easy to do in a tight market, am I right? Besides the info in the CSheets course I have and this site, could you reccomend any books on the subject? Unfortunately, I am not in the Rhode Island area. Lu
Re: No job - Posted by michael e. v. knight
Posted by michael e. v. knight on February 21, 2001 at 01:07:46:
hi lu,
flipping contracts is good in any market. remember all that matters is the deal itself. if rates were 12% and you could buy a 100K house for 45k and flip to someone else for 50k, it would be the same as having a 100k loan at 6 % on a 100k house. one thing to remember is these deals take a lot of work to find. if in the meantime you buy 1 1-4 unit building each year with total seller financing, you WILL become very wealthy. please do not get caught up finding steals. i know people that have looked for years and to this day do not own anything. if they only bought 1 1-4 unit property each year they would be on the road to wealth instead of having nothing to show for all their efforts.
michael e. v. knight