Hi every one
I would like to know if anyone start in RE full time before he got any cash flow or any kind of experience? if you are can I get some starting points?
thanks...
When I started I jumped in with both feet, had no money, no credit, just a strong desire to get out of the 9 to 5 routine. I started off flipping contracts, I found a motivated seller who was willing to sell their property for about 100,000 below market value, signed a contract to purchase it from them and found a buyer to take it off my hands for a little bit below market value. We did a double closing and I pocketed the difference without putting up one red cent.
keoki,
100K below FMV..that sounds interesting..Can you share with us the exact specifics of the deal?Maybe the forum can benefit from this on how to find real motivated sellers who walk off 100k less than than FMV...
The person was about to lose their property for failure to pay their property taxes for the last few years, they inherited the property but never finished the probate process. They didn't have any money, so any decent offer sounded good to them. House needed some work, new roof, painting etc.......but the DC market is so hot that I was able to sell it for almost FMV "as is". My suggestion for people looking for motivated sellers is to spend some time at the courthouse, most people who are way behind in their taxes have no idea what to do, and if you approach them with the attitude that you can help them out of their situation and put money in their pocket, they will be eternally grateful.
As far as I know there is no law regarding "flipping". If your talking about seasoning the way I understand it is, it all depends on the bank but with a good mortgage broker it shouldn't be a problem. At least thats what I've been told someone correct me if I'm wrong.
-Dave-
The way I understand it, it only applies when you are trying to sell a property that you purchased within the last 90 days to a buyer who wants to purchase it with FHA financing.
I do this part-time since my primary job pays too well to let go. I have no problem with diving in, but I do like what I do and RE provides me with mnore fun/money. It is working out for me well.
go hang out at the court house, check on your counties web site under court cases, like foreclosure and probate cases, this will tell you who to target and if you don't understand the info you are looking at then ask people that work there.
that is how I get my info.
[ Edited by rdcall on Date 08/18/2003 ]
Assuming that your buyer wanted title insurance and a warranty deed, I'm curious how you were able to deliver those on your deal, if the heirs had not finished with probate. Please explain.
When I started I jumped in with both feet, had no money, no credit, just a strong desire to get out of the 9 to 5 routine. I started off flipping contracts, I found a motivated seller who was willing to sell their property for about 100,000 below market value, signed a contract to purchase it from them and found a buyer to take it off my hands for a little bit below market value. We did a double closing and I pocketed the difference without putting up one red cent.
keoki,
100K below FMV..that sounds interesting..Can you share with us the exact specifics of the deal?Maybe the forum can benefit from this on how to find real motivated sellers who walk off 100k less than than FMV...
Look forward to hearing from you
My impression is: most start out part-time and build up to full time as the profits start to come in.
The person was about to lose their property for failure to pay their property taxes for the last few years, they inherited the property but never finished the probate process. They didn't have any money, so any decent offer sounded good to them. House needed some work, new roof, painting etc.......but the DC market is so hot that I was able to sell it for almost FMV "as is". My suggestion for people looking for motivated sellers is to spend some time at the courthouse, most people who are way behind in their taxes have no idea what to do, and if you approach them with the attitude that you can help them out of their situation and put money in their pocket, they will be eternally grateful.
all you need is some lines of credit. and the right deals to put a project together time n energy.
thanks every body for your answers.
if any one can give me any begining steps......
Is anyone can tell me how to work with the new law about can't flip house in 90 days?
As far as I know there is no law regarding "flipping". If your talking about seasoning the way I understand it is, it all depends on the bank but with a good mortgage broker it shouldn't be a problem. At least thats what I've been told someone correct me if I'm wrong.
-Dave-
The way I understand it, it only applies when you are trying to sell a property that you purchased within the last 90 days to a buyer who wants to purchase it with FHA financing.
I jumped in with both feet full time as well.
My wife's job covered all of our expenses and more, so there was very little risk for me.
I found a midsized apartment complex at about 73% LTV and got 100% financing for it.
I do this part-time since my primary job pays too well to let go. I have no problem with diving in, but I do like what I do and RE provides me with mnore fun/money. It is working out for me well.
go hang out at the court house, check on your counties web site under court cases, like foreclosure and probate cases, this will tell you who to target and if you don't understand the info you are looking at then ask people that work there.
that is how I get my info.
[ Edited by rdcall on Date 08/18/2003 ]
keoki,
Assuming that your buyer wanted title insurance and a warranty deed, I'm curious how you were able to deliver those on your deal, if the heirs had not finished with probate. Please explain.