Posted by Rob FL on June 17, 1999 at 16:10:35:
Did you actually pull comps on the exact piece of property you mention? The meidan price in Orlando is roughly 105K, but I concentrate on prices much lower than that like say the 80K and down range (Many even in the 30-50K range). Motivated sellers sometimes will sell for discounted prices and flexible terms.
P.S. Nick, when are you going to stop asking vague questions and starting doing some actual investing. Or are you one of those people who buy a course, read through it, and then since how much dust and mold it can collect on the shelf while saying to yourself a zillion times “I don’t know how to get started.” DO SOMETHING!!!
How In The World Are People Getting These Great Deals? - Posted by Nick
Posted by Nick on June 17, 1999 at 14:07:50:
I flipped through the Chicago Tribune where they list the
real estate transactions.
I looked up the real estate transactions in my community.
I live in a neighborhood where the average piece of
property sells for about $275K.
Yet, I saw transactions where several people bought
properties for about 100K.
I located and personally went to the properties. There
was nothing wrong with them, they were not in need of a rehab or anything like that.
How in the world can a person buy real estate for such
a great discount?
Nick, Nick, Nick…I have a cure for you - Posted by Jim IL
Posted by Jim IL on June 17, 1999 at 20:58:21:
We have spoken previously on the phone, and I do find you to be a bright young man, with the world before you.
But, soon this “paralysis of analysis” will have you watching the world pass you by. (imagine all the deals you could have had already IF instead of posting broad questions here, you had written offers instead?)
I often see you post here, questions regarding REI, and they seem to be broad sweeping questions that any course here could clarify.
The bottom line is Nick, you need to get a course and some books, and then get out there and make offers.
No house can be purchased without an offer.
The deals are out there, trust me.
There will be slow times, we all have them, but there are other times when it seems that you are, “in the zone” and every deal you find works out.
We got two more today, and all from just looking for the deals and making ourselves visible. (both seller meetings today came from the sellers calling us on our classified ads)
So, not to be HARSH or overly critical, but get off your duff and go make a deal!!! (or two)
You are young, and many of us here envy that. If we would have known then what we know now, we’d be light years ahead in our REI carreers.
Go get em,
Re: How In The World Are People Getting These Great Deals? - Posted by chris (FL)
Posted by chris (FL) on June 17, 1999 at 16:22:18:
Since real estate is not very liquid , if one wants to sell a property to raise cash quickly , one must discount. Your job will be to find those people motivated to dump their real property. On the other side , there are individuals that can’t / don’t want to borrow from a bank for their domicile. They will pay a premium to the investor that takes back a mortgage for a house that is desired. … Discount and/or great terms + premium and higher intrest rate = fat spread for investor / speculator.