Beginner Information Hunt
Hello All,
I am trying to get started in the business of acquiring sheriff sale/foreclosure/rehabs, etc. I would like to know if you had information on how to get started. Is it true that you can secure a sheriff sale property with 10% down and then sell it before remaining 90% balance is due on the property? I am really confused. I am currently an Information Technology Manager and need to create a strong secondary income; and hopefully one day it will become my sole source of income. All help is welcomed.
Humbly Submitted,
Eddie
It has been known to happen. You need to know the laws of your state and you need a really good title company.
[addsig]
its possible but not the norm. if you wait for those %'s you'll be missing the "big realestate picture" it will slow you down on buying and selling and making $........kenmax
if all the wheels are aligned, all the right people in the right place, at the right time, with no compatition, the I's dotted and the T's crossed, and assuming you got up on the right side of the bed that day, it might happen!!!!!!!!!!!!!!!!!!
its best to look for good "solid" deals that you can find on a regular basis instead of waiting for "pie in the sky" deals. good luck and good hunting.....kenmax
Thanks for the responses. It sounds like this angle is the half court shot of the business
. Points taken - understood.
In regards to getting started; I tell people all the time about the best way to get started in the IT field. What do you think is the best way to get started in the sheriff sale/foreclosure/rehabs line of business? I believe that the real estate informercials are polluting the truth - I want to hear it from the experts who are out here actually making deals. Thanks again,
Eddie
Hi Eddie, I am currently a DBA working to be full time in real estate so I understand what you mean.
I started researching about 6 months ago and by the end of July will have a total cashflow of about $2000 a month with about a 44% return on cash invested.
The two pieces of advice I would give to anyone getting started in real estate (not that I'm the guru yet) is to talk and read. Spending the time reading every RE book you can get your hands on and calling on as many pieces of property you can are the best ways to get started.
Good Luck
Ray
Ray,
. Thanks again -- Eddie...
IT is the best motivator towards achieving gainful self-employment - LOL! In theory, this business involves obtaining a property, fixing it, and either reselling it or renting it. Is that correct? If so, can you reccomend some good references that I can read? Also, what do you think is the best resource on how to obtain funding for these purchases? You always hear about someone that purchased a home without using any of their own money! Is that true? I know that I have many questions but I am looking to take that "first step" and I want to make sure my foot doesn't land in a pile of crap
To start out I like Whitney's building wealth and millionaire mentor books, they cover a lot and are detailed on certain topics. For more grand overviews and idea type books, the Rich Dad series is good.
If you are going to be a landlord, Greg Perry's book on rentals is good, if you will be flipping I like Bronchick's flipping properties book.
As far as no money down, one way I get low money down it to negotiate the price down as low as the seller will go, then tell them that you want to re-inflate the price and ask for 6% back toward rehab and closing costs. You then can get a piggy-back loan of maybe 80% and a loan for 15% (from different lenders, so no PMI) and you are in for little money down. You should research "subject to" deals and owner financing as well if you are wanting to maximize the spreading out of your cash. Good Luck!