Posted by Tim on April 02, 2004 at 18:33:10:
Rami:
I attended a newer investment club in Chicago that has a vision focusing of networking and education. The guest speakers and group members are very active and experienced in the Chicago area. Contact Phil and ask him to send you information on the next meeting.
Email: herrejon@excite.com
Best of luck,
Tim
looking to build cash in RE - Posted by Rami
Posted by Rami on March 30, 2004 at 23:04:55:
I am fairly new to real estate. That is I have only been reading books and posts at this site. I tried several free phone workshops but turned out mostly to be sales calls.
I live in Chicago and my goal is to flip properties, probably foreclosures, to generate some cash flow for maybe 1-2 years and then invest in properties to rent or to lease to own tenants. My current situation is I have less than avergae credit and little cash but I keep hearing about no money down deals and no credit needed. Is it possible to invest with bad credit and no money and still be able to make money? Or is actually being a scout/birddog for an investor a better idea to generate some startup up cash?
I appreciate any and all help. Thank you.
Re: looking to build cash in RE - Posted by anon
Posted by anon on March 31, 2004 at 15:20:31:
subject 2 doesn’t require credit but i’d get some cash reserves first.
Re: looking to build cash in RE - Posted by Terrence Thomas
Posted by Terrence Thomas on March 30, 2004 at 23:15:37:
Flipping usually doesn’t require any money or credit, just time. I’ve driven neighborhoods & sent letters to owners of vacant property. I then flip those properties to investors. My opinion is don’t birddog, if YOU find a deal then YOU get the contract and flip the house for your own profit.
Besides that, I don’t know about the market in Chicago. Joining an investment club would help you.
Re: looking to build cash in RE - Posted by Rami
Posted by Rami on March 30, 2004 at 23:37:44:
Thanks Terrence.
How do I find investors? Just looking in the paper for people who advertise that the buy homes? Are there better ways? How do I get them to take me seriously?
Re: looking to build cash in RE - Posted by LeonNC
Posted by LeonNC on March 31, 2004 at 07:33:45:
They’ll take you seriously when they know you know what you’re talking about. The only way to do that is to learn. You can learn by reading and studying, or by listening to tapes, or by going to seminars, or by all of the above.
Building cash first is a smart move but it’s also a difficult move if you ask me. Although I’ve done some flipping I’ve found it very difficult to do. You’ll hear everyone say flip houses for cash. It’s just not that simple. Try to think of other ways you can grow your cash reserves like I have.
Leon
Re: looking to build cash in RE - Posted by Rami
Posted by Rami on March 31, 2004 at 20:40:09:
That is what I am doing now. Any suggestions?