uhhhmmm…it’s $13!!! - Posted by js-Indianapolis
Posted by js-Indianapolis on November 26, 2003 at 13:55:54:
C’mon now. You’ll spend more on gas driving around neighborhoods this week looking at houses.
I really like Bronchick’s book because it gives you the bottom line. There are many details not covered which is PERFECT. Let me explain.
When you do a flip, there are an infinite number of possibilities. You would have to create a never ending website, or newsletter, or BLOG or SOMETHING to cover them all, and you still wouldn’t be able to. The point being, have the tools, and then YOU have to know how to use them.
I’m not sure if I can be entirely clear. Let me give you an example of exactly what I’m talking about; my first deal. It was a junker, FSBO. I got a P & S agreement for the amount of the mortgage balance. Oddly, HUD had taken this property back, and was getting payments DIRECT from the previous owner, no lender anymore. NEVER before had I heard of this, or know anyone who has heard of this since. To complicate it, it had originally been purchased through a government grant program that didn’t work out, there was a fire, insurance problems, subsequent foreclosure, etc, etc. Can you see how long the book would have to be to cover this?
I ended up discounting the payoff with HUD, and selling via double close. Again, no book would cover HUD shortsales, as this is rare as rare can be. How’d I know how to do it without a course? I can think outside the box. Remember, this is CREATIVE real estate. You can’t get all your creativity from a book. Learn the basics, and fill in the details when they arise with real imagination.
OR, wait til I write my first book, “How to turn a dollar into $11K with a HUD, postforeclosure, shortsale, fire, junker property and a cash investor double close.” Shoot. Forgot to include the dealings with the city ordinance people. I’ll add to that title. Look for a best seller soon.