I Am Dead Broke! Can I Do This!!??
Honestly, please, I am dead broke and need to knwo if I can truly find ugly homes, fidn out the selling price, and sell it to an investor. Can this form of Flipping REALLY be done?!! Honestly??? I have purchased the Sheets course and can't find anywhere in it about flipping, and I am broke, I can't afford any more classes, Can I do this? Really!!
signed,
Exhausted!!
Hi Newbie,
Spend some time getting acquainted with the forums here and the articles. Then check out the bird-dog forum. I think it's the best place to start w/ no money.
Good luck.
I'll not lie to you, In a word "Yes"
You can do this with very little of your own money, but you'll have to work harder, and smarter than someone that has a little cash on hand. Keep reading. There is a wealth of information on this site about alot of different strategies. You might consider bird-dogging as a good way to start.
Good luck,
Jeff
Yes it can! Don't get fustrated, stay focussed. My suggestion is to get together a list of investors first. Then you can find out what kind of properties they are looking. Then you will know what to go look for. Check to see if there is a rei assoc. in your area this is a good place to start. YOu can find that out on this website. Keep pressing on, you can do it. This website will help too. There are a lot of experienced investors here and a wealth of knowledge. LISTEN TO THEM!!!
Wow, thanks.. my spirits are lifted already. Thank you all so much, atleast I feel like there is light at the end of the tunnel now. I have NO problem with hard work, as long as I kno that it really can be done! I will start like you all have suggested and review the site back and front..
thanks again!
Still exhausted, but hopeful!
It is definatly doable.
I actually flipped a rare property, Made a very good profit on it. I had to split them with my partner, but hey, half of 150k isn't bad now is it? The best part is, it didn't cost me a dime.
Eric
[addsig]
I am also a beginning REI and would like any suggestions on courses to get primarily about flipping,but anything that would get me started and be very ****Must Reach Freshman Investor status before posting URL's***hanks to anyone who can help
Is it doable, man not only is it doable once it's doable over and over again. My begining situation was less than 550 score on all three bureaus, no cash, no colateral. I was a office manger turned truck driver due to horrible job market. I was recently injured and am off work gettin half my salary from work comp, my wife and I are staying in an nice extended stay hotel for $200 bucks a week which leaves me a little over $100 bucks left over out of my weekly check for other expenses. All I had coming in was a drive to succeed. Now I am two weeks from closing on two multifamily complexes for a total of 38 units for less than 890K ( about 70% of appaised value). When I close in December, I will realize instant equity of a little less than 300K, monthly rents close to 17K, and after debt service, expenses and the like, I will have a positive cash flow of right at 5K per month.
So yeah, I think it can be done. The key is finding motivated sellers. If the sellers wont budge, then i do. DON'T WASTE TIME with unmotivated sellers.
Now take a big breath and relax. Food is on the way. I think everybody has put it well. Just get out and do it. Contact your sellers, reach into the soft ones. Make your deal then at the same time line up those to buy. Remember you are the lucky one in the middle. You can deal in paper or cash, you can wrap and you can wap. So enjoy yourself. Use a light touch and all of a sudden you will look around and there will be money in the bank and no more counting the coins and going dutch. Well all right let your friend pick up a few checks, don't freak them out with an over display of cash.
Enjoy it, its a great life. Lucius