Million Dollar Idea
Here is a little idea that will probably make me a million dollars before I turn 23!!! If you don't have a lot of money to work with or don't qualify for really high loans (myself), you have to work with what you have. One method I use is buying condos. I don't just buy them, I buy them at a discount. For instance, in one of the Associations, I had fliers hung on the doors that read: "I will give you $45,000 cash for your condo" I put my phone number on the fliers. I had three reponses. Here's the catch. All the condos were valued at $66,000 or more in that area. Those three people just wanted all cash and a quick sale. I put down a total of $7,500 (i have a 5% lender) and I netted about $63,000 after sales and closing costs and other fees. If you be patient in this business, you will find ways to happen to good deals and not wait for them to happen to you.
Happy Hunting...
How did you get the condo *****. to allow you to hang your fliers?
Mike
Congrats, Conflix! I am happy to hear that you were able to put together a few deals with a realitively simple idea. Maybe I should take such an approach! I wish you continued success.
Confliz,
you are truly an inspiration to me. With this deal do you need good credit for a 5% lender? Were the condos that hung the fliers on already up for sale? Teach on!
that's great! did you turn around and sell the condos or did you *****ign the contract to someone else, or did you make the profit from the equity involved? thanks!
Way to go Conflix. You earned your bragging rights on that one! A few questions:
Which doors-- building entrance, individual units, common areas?
If you put 5% down, what was the interest rate? Prepayment penalties?
After you locked in the sale price with a contract-- how long did it take to close? What was the turnaround time from purchase to resale?
How did you locate buyers for condos-- agent, ad, signs, etc?
Good luck, and keep posting.
To answer a few questions. A 5% down gives me a 9% rate with no prepayment penalty. The rate was not important because I flipped them. As far as good credit. I have a lender that I work with alot, so he just uses my same application.
Conflix,
Could you email me the contact info for the mortgage broker (5% lender). Thanks.
Rob
to answer a couple more questions: i didn't get permission, i just did it. my name wasn't on the fliers, so only people responding knew who i was and they wanted to sell anyway.
Could you e-mail me the contact name of your mortgage broker? Thanks.
I am beginner and Iam more interested in tax lien and property with 100% financing.But I do not know how to get started. I need help.
sincerely,
Jocelyn 456
Thank you for the idea; so simple and so much potencial!
I will try something like that.
You are a clever man!
Best to you my friend
Rocio
I think that this is a great idea! and you deserve kudo's!
Sometimes simple is really best, often we overthink things to our detriment. I have a brother that consistantly doubled money on his mfg homes he bought and sold for less than 20K each. It helped put him through school.
Great Thinking!