Opportunities all around me, but can’t seem to zero in. Need Advice! - Posted by Jeff
Posted by Jeff on March 14, 1999 at 14:03:39:
I live in an area of about 90,000 people. I?ve had an ad in the paper that says “I Buy Houses, any condition, pay cash, call xxx-xxxx” for 7 days now and received absolutely no calls at all. I?ve been calling on “real estate for sale” ads and people are very adamant about not wanting to GIVE their homes away.
There is probably opportunity all around me and I?m just not seeing it. My area is undergoing a recession and their are more FSBOs in the newspaper than ever before. Foreclosures are at an all time high, and so is unemployment. Statistically, the average home value here is about $70,000.
Can anyone give me some tips on where I might be missing the opportunities in an economic environment such as I?ve described? I have no money but lots of enthusiasm!
Does anyone have experience with 82-8-10 formula for buying, selling, creating a note, and selling the note, all at a simultaneous closing? With that system, is it true that I can offer as much as 80% of the FMV and still make profit. (buy a 100,000 house for 80,000, sell it for 100,000, creating and selling the note in the process)
Thanks to all of you for being so free with your knowledge gained through experience.