Newbie
I'm interested in doing Short Sales, is this a good place for a newbie to start? Or would I be getting in over my head starting here? Been doing research on this type of investing (as well as wholesaling and Sub2) but not much cash of own to use (have personal friends with cash however). Lots of motivation and drive though. Would this be a feasible course to start my REI career?
Short Sales aren't an easy way to break into this business... unless and until you have a working knowledge of the entire short sale process, you'll probably fail more often that you'll experience success, and during your 'learning curve' you'll leave in your wake a trail of potential, but unrealized short sales... and a mess for the people who lived in those homes trusting that you could deliver on your promises...
How's that for an answer?
Shorts aren't necessarily something to seek out... they'll find you if you are working in the preforeclosure niche..
Number 3. It's a good idea to learn about them, the theory behind them, and what makes a seller a good candidate for a short sale.
Number 2. It's a good idea to learn how to devise, present, and negotiate a short sale proposal. But, start with REO. Get some experience inspecting homes, estimating repairs costs, and learning about the different techniques presently pitched on this, and other sites.
The more you learn, the more opportunities you'll discover.
Number One. Write a business plan.
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Short Sale Practitioners can't predict, or guarantee results... but can take steps to insure the likelihood for success....[ Edited by TheShortSalePro on Date 06/19/2004 ]