Posted by phil fernandez on July 02, 2001 at 17:13:35:
Rik,
Two things you will need.
1./ You will have to know FMV like the back of your hand. What sells for what in which neighborhood. Be the expert of knowing value in your local market.
2./ You will have to know where and how to sniff out these deals and how to negotiate them so you are leaving enough profit for your investors that you will be finding the properties for.
Looking be a ?Deal Scout? for other investors - Posted by Rik NJ
Posted by Rik NJ on July 02, 2001 at 16:14:18:
I am a relative rookie in this business but I have read several REI books and taken a few courses as well. I?m looking to begin my REI ?career? as a ?Deal Scout? for other investors. I am looking for investors in NJ that are looking for consistent, quality, deal flow.
At this point I?m interested in learning proper REI evaluation and selection process and procedure. I am pretty savvy in evaluation of financial statements for businesses, and I can only assume that the fundamentals are the same for REI.
Please send me an email if you are interested in working together.
Thanks,
Rik NJ
Re: Looking be a ?Deal Scout? for other investors - Posted by Mike R
Posted by Mike R on July 02, 2001 at 23:50:12:
I’m in Ocean Co. NJ, just wondering what you have come across so far? Drop me a line if you like.
Mike R
Re: Looking be a ?Deal Scout? for other investors - Posted by Rolfe Kurtyka
Posted by Rolfe Kurtyka on July 02, 2001 at 17:45:24:
Rik;
Might want to make a quick check of your state’s laws regarding your business idea.
Here in Minnesota, if you receive payment for finding deals for others, you need a real estate license.
If you bought the properties and then sold to your investors, you’d be limited to 5 transactions in any 12 month period. One property would equal two transactions (buy + sell).
After all, this is Minnesota, the land where nothing is allowed.
Good luck with your venture; Rolfe