Attempting To Get In This Business
I have been looking for a deal for a year. Ive tried to buy from other investors and most eat up most of the profit by the time they are ready to sell to me. Real estate agent just want to sell you something so they can get a commision.
I havent tried the pre foreclosure yet but it seems theres lots of competion, the info is public so every carlton sheets guru is pursuing these deals. Court house step are not a option. Bank owned seem to going at market or above market. HUD homes I always get out bid. Seems as if the real estate agents are getting people to bid higher that these homes are worth.
I just finished my real estate lic course thinking maybe I can get some sort of inside track at least I can get my own Comps, most agents are not willing to do Comps for you unless you buying thur them. I know I have to disclose Im an agent with every offer but I dont think it will hurt me.
Im pre approved with Well Fargo and I can get a 203K loan. Can I close on a property in need of total rehab and get a contractor to do the work?
Quote:
On 2004-08-22 02:28, deonharrison wrote: Im pre approved with Well Fargo and I can get a 203K loan. Can I close on a property in need of total rehab and get a contractor to do the work?
Yes, depending on if your loan is intended for rehab work.
Another possibility is partnering with a contractor on new spec home construction. In the right market, this will work well and turn you an excellent profit.
Good luck,
Terry