Enough Money to Start
I have a business in the process of selling and will net around 800 K, my friend will come up with the difference and we will both end up with a total of about 1.1 million in cash money. He has been involved in the remodellinb business for a while and we are considering going into the house remodeling and selling business. Any suggestions will be greatly appreciated. I found this site by accident and am impressed by the quality of the articles and posts I have found. Thank you for your help
Titleman,
Is there a certain area you are most interested ? i.e. Northwest, midwest south etc... or does it matter ?!?
[ Edited by francbee1 on Date 05/19/2003 ]
francbee1 I am in the northeast so I will definetely stay within the area I can control and have easy access to . I like to keep an eye on things whenever possible
not discounting other areas either just want to start with my local market for now
Great titleman,
I figured this was the case, but this will help others reading your reply to have a better understanding of your objectives and requirements. If you ever relocate and/or expand to the south, (NC/SC) let me know.
There are plenty of deals to choose from.
francbee[ Edited by francbee1 on Date 05/20/2003 ]
hey barabbas 14 i need someone like you to show me how to get property and sell them i already have a few propertys i can do this with
If you're going to have that much cash available, have you thought about going into lending money to investors? (ie Hard Money/Soft Money Lender)
Investing in existing notes is another option.
Is your money you are making after taxes? Wouldn't want a big surprise at tax time.
Roger
on 5/20 francbee1 referred to NC as having a lot of opportunities for investing.Well i am a beginning investor in rehabs and i am from the Raleigh,NC area. Do you have any advice about the best sources to get rehab loans such as Loan to Values??
Titleman:
Another area you might want to investigate is the tax lien certificates sector, though only diversify your portfolio...
I agree with Raj....you might want to seriously consider becoming a Hard Money lender, with that kind of capital, particularly since the downside of HM lending (ending up with substandard /needing-work properties should your borrower default) would actually be a positive for you---you're already seeking that kind of property!
Keep us posted? I'd love to know how you proceed and succeed !!
Best Regards!
Mark
Like the other people that have already posted, I would recommend considering other investing strategies. Having $1.1 Million opens up possibilities for you that are rarely available for other RE investors. Yes, you could become a hard money lender, but from your post I would guess you want to become an RE investor, not a lender.
Doing some small flips or rehabs might be a good way to get your feet wet, but in the future, I would start looking at buying large tracts of land and then developing them for the maximum profit. For example, over 15yrs ago, my father started buying 40-75 acre lots off of exit ramps in blooming areas, rezoning them, and then selling them to fastfood chains and banks. He made several hundred percent a year and generally never worked more than 20hrs a week.
However, learning this process can be difficult. If you like the idea and would like to know more, send me a private message.
This is starting to become an advertisement, so I will leave off there...
[addsig]
Titleman,
What I do in CT. is buy and sell with owner finance wich for me useually means taking back a second morgage to get the buyer a first with a lender. this makes the lender comforatable lending with 80 or85% of the appraised value of the home . The lender holds the home deed for security collects at least 10% on a 30 year note with a five year ballon , collecting the first few years of low princable payments.
This method is simple and works evey time