tell me if I'm on track - Posted by Landon


#1

Posted by Doug on December 17, 1998 at 02:14:33:

Everyone has given you some good insight here and you should pay close attention to it…Thats a good point 1 good thing about Sheets is he does give you some good analysis templates and basics to cashflow… Anyway always remeber that you must have confidence in yourself especially if you are seeking the seller to hold paper… If they feel you are not experienced in Real Estate than they will never hold paper… Some might tell you to get a pre approval from the bank prior to them signing a purchase contract…Become active with local Investment groups if any in your area they always are a good place to learn and mabey even run around a bit with for experience…
Good Luck
Douglas Timko
notes4sale@yahoo.com


#2

tell me if I’m on track - Posted by Landon

Posted by Landon on December 16, 1998 at 10:15:43:

all right: i’ve got a seller who has called me. $38,000. has been rented out for $425 for the past 6 years. needs a paint job.taxes are $496 and insurance is $225. i think i could bring er down a bit, but i want her to finance. she’s motivated - i looked at the l=house last week and have never gotton back with her till she called today. suggestions? is it going to hurt me to let her know that i’m a little unsure of what i’m doing? ad what about my previous question about the title companies?


#3

Re: OK - Posted by Dan (NC)

Posted by Dan (NC) on December 16, 1998 at 12:47:50:

Landon,

Confidence is built on knowledge. I’m sure you’re improving your knowledge right now, but I can also tell you’re on the steep part of the learning curve. Be patient, figure things out before you jump. I promise that every ounce of effort now will pay off in pounds later. Your eagerness will blind you if not bankrupt you.


#4

Re: tell me if I’m on track - Posted by Redline

Posted by Redline on December 16, 1998 at 12:19:20:

What exactly are you trying to accomplish with this property? Will you live in it? Flip it? Rehab it? Sell it? What?

What is the house REALLY worth? Are you paying a discount price? Why not?

RL


#5

Re: tell me if I’m on track - Posted by Jim, IL.

Posted by Jim, IL. on December 16, 1998 at 11:29:18:

DO NOT let her know that you are unsure. Let her see the upside of doing business with you. If you are really that “unsure” then don’t do the deal. Make sure that you do all analysis for this property before you make final offers. you do not want to end up having to feed a property for your first deal. Make sure you do a “cash flow” analysis on it, and make your numbers high for all expenses. this way, if they are less, you have room to play, and a cushion.
Make all your presentations in a professional way. you said earlier that you have the “sheets” course. USE it. there is GOOD advice in it, and a basic guide on how to do things. Apply what you learned there, and then pefect your own system. Every deal is different, so evaluate and give the seller what she NEEDS, not wants.
Remember to always be professional. If you are not it not only hurts your chances for future business, but reflects badly on all of us.
Go ahead and do this deal all the way thru. When you have questions, post them here, and we will all gladly answer them.
Get over your fear, and move forward…professionally.
hope this helps,
Jim