Posted by del-ohio on February 22, 2004 at 11:57:30:
I assume this was meant for NIK. Very thorough explaination that should be appreciated by the questioner.
For the most part I have quit giving these thorough detailed explainations because it is rare that a newbies responds with any meaningful dialog if at all.
I havent figured out if they were drunk when they posted and didnt remember it the next morning or if they watched an infomercial late at night, got all excited, asked a question on the board, and then the next day decided they were not interested anymore.
Ok…Im located in Dallas texas, actually mckinney texas 30 mins north of dallas. Now here is my situation, im 21 im looking to get into real estate, I have excellent credit for a 21 year old, but I have no proof of making 600 a week or no W-2 info because of the fact I have really been from job to job.
Now I was wondering where I can get a good lender? I have some connections on construction, if the person I know sees potential in the deal coming out ahead, he will potentially do the work for free up until the home is sold and then will recieve his cut.
Now besides all that, is there a way that I can just get started with zero money just to generate 1k a month or just to get my feet wet in the business, my dad bought C.S’s program a couple years ago and never used it but it has been sitting in the attic so i decided to go get it and see what good i could have come out of it. Im looking to be a scout, or bird dog atm with the little exerience I have I thought that might be a great way to find out how everything works. I have listened to every cd that is in the course.
But C.S really is talking about long term investing and I just need money now. I have heard you can make 12k a month bird dogging specially if investors know that you are a bird dog. Anyways how do i do that? and is that a good way to get my feet wet? and will i need a lender? if someone has answers please email me or talk to me via aol instant messenger my s/n is meanmotherfkr…thank you
Re: alot of questions that need alot of answers - Posted by Del-Ohio
Posted by Del-Ohio on February 18, 2004 at 19:08:52:
You dont NEED money to do do flips but it is helpful to have a little in case someone insists on earnest money but a couple hundred should be plenty.
And yes it is an excellent way to begin and learn the business and to learn what makes a deal a deal.
If you really want to do this, read Flipping Properties by Bill Bronchik and or buy his course if you are really serious, there you will get all the forms and documents that you need.
You may want to bird dog and make a little money from each deal you refer, to do this call a couple people who buy houses and ask what they are looking for and what makes a deal for them. When you are comfortable getting a contract on the property do that. You will make a lot more money and you reduce the risk of the investor stealing your deal.
You can always have a clause in your contract this offer is subject to satisfactory inspection or financing. And always write in the contract your name and or assigns so you can assign the contract to someone else for a profit. The details are all spelled out in a good Flipping Property course.
Re: alot of questions that need alot of answers - Posted by investorgal
Posted by investorgal on February 20, 2004 at 02:52:27:
Here’s my simplified version (trying to teach hubby this right now):
1- Log investors.
meet investors and keep a database in excell or something similar. Know the investors contact info and specifically what types of deals h/s likes to do and what target neighborhoods they prefer to invest in and what the cut is for you. Make sure to note HOW they do deals (cash, conventional financing, etc…)
How to find investors?call every " we buy houses cash" ads, posters, billboards that you see. join every investment group in your area(cre has listings). Talk to any realtors that you come across and ask, they usually know the big 20 in your area.
2- Know popular target areas.
make a study of 2 or 3 target areas that alot of the investors seem to be buying in. DRIVE THE AREA. find out how much houses sell for, how much they rent for, section 8, if that’s a possibility, who the typical buyer/renter is in this area. You’ll need this information to decide if the properties are good deals.
3- Find the deals.
Look for good deals not good houses. (there are a ton of articles on CRE on how to do this.) Pre foreclosure, distressed proptys, estates, whatever your potential investors are looking for…
4- Prepare for negotiation.
Before you negotiate on prop, determine which investors you are going to propose this deal to by using your database of investors. Make sure that you know full well what terms, prices, etc… are going to make a good deal for your investor. Do your cash flow analysis or whatever (carleton)It can’t just be an ok deal, it has to be a good deal that is going to work for what your potential investor/s is going to do with it after you get your cut! It is very important to be prepared before you get to the negotiation.
5-negotiate.
Meet the seller. negotiate the deal (lots of info on this in cre). Making sure to explain to the buyer that the contract is subject to the property being inspected by your partner. THIS NEEDS TO BE IN THE CONTRACT. I bet your Carleton course has a contract with this in it.Get the contract signed and the property tied up BEFORE you approach any investor. This is for your own protection.
On settlement day you show up and partner showds up. He gives you money and you go to bank!!!
Dont forget, if you find a good deal that just doesn’t match any of your investors, take it and tie it up with the out that the deal is subject to financing.Then go find the money.
