I agree with Ron, you should follow your local market and have a good idea of resale value. If you buy no money down and pay full price resale may be tough because of cost involved with selling a house. I think you should study the market in your area and try to find 10% or more below market, that gives you room to sell quick if you have too. If you have good credit and can put a bit down you can create your own safety net with better cash flow. The first deal is the hardest. Good Luck
I have been reading this site for over a year now. I am totally enthralled with it. I am a single mom and I just recently (Apr 03) met the man of my dreams. He and I have so much in common. Last week he spotted this site in my favs on my computer and informed me…he OWNS the CS program! (but never even read it) I had no clue he had an interest in RE either. He and I obviously have our work cut out…lol
My question is: when you made that very FIRST deal…did you stress that it was a good deal? or that you could resell the property? Have you ever bought a property and had a great deal of trouble w/reselling? (for some reason, this is a fear of mine…I’m just a cautious person is all)
All this may sound silly but being a single parent…I’d never want to put myself in a financial position that wouldn’t be a good one.
Re: That first deal…? (newbie here kinda) - Posted by Jay(OR)
Posted by Jay(OR) on September 11, 2003 at 02:45:33:
Y, you should follow the instructions of Ronald Starr, he has a brilliant investor’s mind. However, if I may, I’d like to ad my opinion.
“My question is: when you made that very FIRST deal…did you stress that it was a good deal? or that you could resell the property? Have you ever bought a property and had a great deal of trouble w/reselling? (for some reason, this is a fear of mine…I’m just a cautious person is all)”
Before I made my first deal, I did not stress one iota about being able to resell. The reason was that I knew it would rent for enough to cover my payments. I was able to do this because I didn’t plan on getting my money back right away. So, even if it was on the market for a year or two, it really didn’t matter. Incidentally, I received an offer on my first property 8 months after I bought it (it was not on the market) for a profit of $48,000. I rejected the offer, because in my market there was nothing I could put the money back into that would have yielded the same returns, and what in the world would I do with $30,000 (after taxes) in the bank? Spend it is all I could think of, and that did not sit well with me. About being a single parent, what kind of position are you in now that having a rental producing cashflow that might sell and put money in your pocket could not benefit? Good luck, Jay(OR)
I think your first take on him was correct. He isn’t interested in real estate investing. Otherwise, why has he done nothing when it would be so easy to study the program soon?
I suggest your start by reading my post for beginners, which is found by putting “beginers success” into the archive search function of the main bulletinboard of this CREONLINE.COM website, if you have not already done so.
You can first study the marketplace os you know what prices properties sell for and how fast they sell. You might find, for instance, that one bedroom houses sit unsold for 9 months while the three bedrooms sell within two or three months. You adjust so you don’t buy one bedroom houses. Let some other people handle those problems. You learn the market BEFORE you buy anything. Then you only buy what you KNOW will sell readily.
Well…as it turned out, 3 days after he bought the program, he was called to a job that he had been hoping for for months! He put the CS stuff away and focused on what was at hand. That was years ago, he was thrilled when I told him I had a big interest in RE. I know we will make a great team on this. I am so excited. I think I have read that part of the site you suggested, but I will surely read up on it again. Thanks Ron for your help
