First Time Bird-dog, Need Guidance
Hi. This is my first time looking at this site and I found a majority of it useful. I want to thank all in advance for your help. Well, this is my first time in real estate investing or even thinking about buying investment property. How does one get started with "limited" income or funds available? I know, I could "what if" this to death, so I won't even go there. lol. But I am interested in acquiring property, rehabbing/refurbishing, and selling it. How can I do this in today's market in So. Cal? I know Ca. fairly well considering I've lived here my entire life, and I don't want to go outside of this area especially if I can lose my shirt somewhere else. What I need is someone to point me in the right direction. If anyone can help me, please, it would be greatly appreciated.
Thank you for your time and patience.
Torrance, CA here and yes you can make it in this market. Don't go for the 750-1 Mil deals just yet. Go to the lower end and start there.
Find a deal and send me a private message. I will consider it.
If you don't have the money to do it, you may want to build your empire by flipping contracts until you have funds to do it on your own.
teri,
Just up the road from you in Ramona. First thing I would do if I were you would be to join our local REI Association that meets at the Scottish Rite Center once a month. PM me and I'll be glad to give you the info and the website.
It is my opinion that deals can be had in San Diego but you may want to look at neighboring Counties like Riverside and San Bernardino and possibly Imperial.
I, like our friend from Torrance, would be glad to look at any deal you need help on or want to assign. Good Luck.
Dave
[addsig]
Pardon my ignorance as a "newbie," but how does one go about "flipping" a contract? I've seen many people here talk about finding a house then flipping it to someone else... How do you make money off of that? How do you get a contract signed without buying the house?
Are there any good books/Web sites out there that can help explain this subject?
Thanks!
When you put the property under contract, you then have the "right" to buy it, but - as long as your contract has the right provisions - you aren't obligated to buy it. Say you've agreed to put it under contract for $60,000. You could then sell this "right" - which you've secured with a contract - to another person for a higher figure, maybe $65,000. You never had control of the property and you just made 5k.
So, basically when flipping the contract, that's like buying a note without spending any of my own money, but finding notes and selling the notes and making a profit? Or is flipping the contract something totally different? thanks for all the insight.
t :-D
Yes, but it is possible to have to use your own money. Here's a really good article on it. There are quite a few on TCI.
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=431
Thank you for the article. It seems like a simple deal to do and a great place to start. Thank you all for your time.
Now, what about birddogging? Am I supposed to find sellers or buyers and find buyers/lenders/sellers for lending companies? (Basically, just find the leads, right??!?!) Thanks again.
teri2,
John$Cash$Locke has a good product on birddogging on this site. If you do a google search you may find some articles that will help you answer your questions. Good Luck.
Dave
[addsig]
dealfinder is right, JohnLocke has a great book - I have read it myself, and it provides all the info you need.
Since you were wondering about the basics, it would probably be best to find other investors and tell them you intend to birddog for them and ask what kinds of properties they're looking for. Then find those properties. You get paid IF they close on those properties.
thank you all for all your help.
t :-D