Posted by waynepdx on July 06, 2002 at 13:30:48:
Contact realtors in your area and work with homes that need rehabbing. Then tie them up in a purchase agreement and leave yourself a weasel clause to get out.
Then when you get the property under wraps, market it and do a double closing with your buyer. OR even flip it to another investor for some quick cash.
You do not have to use a realtor to do this, you can just find the homes yourself. I do it both ways. I work with realtors, which bring the deal to me and I go out and find the deals.
Build up your cash reserves and then you can concentrate on the parts of rei that work for you.
REI A Little Frustrated. Any Advice? - Posted by Mr. Johnson
Posted by Mr. Johnson on July 06, 2002 at 13:14:11:
I ventured into RE. I subscribe to a foreclosure, Tax Lien and REO list. I’ve established relationships with a Financial Co., and a Gift Fund Co.,
I’ adv in news papers and put up signs to attract home buyers and get them pre-approve by my financial source and gift fund source. The process works pretty good as I am getting plenty of eager home buyers.
My problem is acquiring properties. The main problem is funds or working capital.
I still work a full-time job. I don’t necessarily want to utilize of Hard Money Lender because none will agree to the terms of 3-6 month first initial repayment, or a loan without a property and my credit is not good.
Any advice?
Best regards,