More Questions....
I hope you guys dont mind so many questions but I have so many I need to ask.
Since I am just starting out I will probably learn the ropes while birddoggin any SS I find. The question is this: What is a usual amount to be paid to me if I find the deal for someone else? Does it matter the amount of the house? I live in NYC where most houses are 300K+. Does that get taken into account or is the fee usually $1000 per lead closed?
Do HML finace SS usually? I ask because have heard most of them do 70%LTV. Do most(or some) SS's get that low of a LTV?
I understand every deal is different but I am asking these questions based on an average deal(I have heard there isn't one).
Thanks again for your help.
AJ
Anyone?
No disrespect intended... but for someone who has to ask if he should bring a pad and pen to a meeting with a distressed homeowner... to discuss the complexities of a time sensitive dilema that could result in perhaps the singlemost traumatic event in one's lifetime...an emotional and financial chaos (losing one's home)......
I'd say that as of this point in time.... you are illprepared to proceed. You aren't ready to ask questions yet. You've got to immerse yourself in reading material... spending hours upon hours... as many of us have done. Get yourself a dictionary of real estate terms and read it page by page. Keep it handy.
Quote: No disrespect intended... but for someone who has to ask if he should bring a pad and pen to a meeting with a distressed homeowner... to discuss the complexities of a time sensitive dilema that could result in perhaps the singlemost traumatic event in one's lifetime...an emotional and financial chaos (losing one's home)......
I'd say that as of this point in time.... you are illprepared to proceed. You aren't ready to ask questions yet. You've got to immerse yourself in reading material... spending hours upon hours... as many of us have done. Get yourself a dictionary of real estate terms and read it page by page. Keep it handy.
I understand what you are saying but when I refered to the pad and pen I was trying to give an example. I know you need note taking material. I was trying to find out what else to bring (i.e. camera, special forms and so forth). I have done a search and could not find the aswers. I agree that these are VERY basic questions but they are questions that I am sure other people would like to know.
I am trying to learn from this and other forums. if I cannot find the answer through searches I will ask the question. Do I know how to do a SS? No, but I want to learn. I read every post I can find on a variety of subjects.
NYC
Mr. NY-
If most houses in your area go for $300k there is no reason you cant wholesale your deals for $4k-$10k. I would recommend you buy Ron Legrands wholesale retail course. Wholesaling is not a big deal, simply tie-up the deal, collect your fee and assign....
In terms of a hard-money lender financing a SS. A hard-money lender is out to make money. If the numbers make sense, they will do it. You are better off though with a private investor. Put an add in the NY Times:
"Tired of the Stock Market? Real-Estate investor with proven track record willing to pay 10-12% secured by a First Trust Deed." Come on. I dare you to put this ad and post your results here. Your phone is going to blow up. When they call, expain you are a real-estate investor that purchases properties 70% or less of market value. Offer to pay them 10% interest with monthly payments or 12% when you sell the house....
Best Riches,
Jeff Adam
[addsig]