Odd Situation - Posted by lamarr

Posted by JT - IN on August 16, 2001 at 05:41:10:

Please don’t take this as me trying to be rude, because I am not, but to the point!

You have been advised, over the past several weeks, by some of the best-of-the-best, on this site, to read, explore and educate yourself, as to the techniques that are utilized, to consumate these type of RE deals. Now you are saying you do not understand the L/O. How can this be, if you would have taken previous advice, and learned the L/O, then you would NOW understand the L/O. Now this is not rocket science, so anyone can learn it, with application, but have you done so? I don’t think so.

You ask a host of other questions, and request help at putting this deal together. Many could provide correct answers to your questions, but without the foundation of learning the techniques used here, what will you do with this advice? Not much, cause you will not understand what is recommended, as these techniques do require you understanding these basics, in order to apply them. Are you prepared for this application? I don’t think so again.

As has been suggested to you previously, Read the How to Articles, Success Stories and the Archives. When you have a better understanding of the subject matter, then you should consider contacting sellers, and posting questions about the above situations.

Sorry for the harsh news…but if you will ever have an opportunity to succeed in this business, you will have to follow someones direction, rather than running astray as you have been doing. Good Luck


Odd Situation - Posted by lamarr

Posted by lamarr on August 15, 2001 at 22:00:54:

Hey gang!

I have what I think (after talking to her at length)is a motivated seller. I attempted to buy a house from her earlier, but I just could not get enough structure to make a good deal. She also has condos for sale 3 of them. These are in the city’s lower rent district. I’ve called my title co. to get the comps. What I need to know is the best way to go about aquisition. Where and how do you get money from a condo? I’ve been reading and preparing myself to just flip for a little until I could flip for a lot or even flip and hold. I don’t think I really understand how the L/O thing works. Here are some starting figures. She would like 30k (looking at the area, and depending on the comps, I’d offer like 22k if that), market rents in the area are at about 750 per month for a condo of this type (1 in a 4plex- 2bd/1ba. There are association dues 120 for exterior groundskeeping and payments on the balance owed of about 200 per mo. Should anyone be able to get me on the right path here, I’d really appreciate it.

dewCOanser part 2 - Posted by dewCO

Posted by dewCO on August 16, 2001 at 11:00:51:

If you’re just starting out, you might consider getting a deal or two under your belt via a method that you more easily understand, i.e. flipping. Don’t try to learn all the methods at one time. Without RE experience I think you will get confused in a hurry.

P.S. You also need motivated sellers. Don’t just expect to negotiate the price down, without there being a motivated seller.

Re: Odd Situation - Posted by dewCO

Posted by dewCO on August 16, 2001 at 10:57:59:

JT is right. What do you mean how do you get money from a condo deal? It’s the same as a house deal, only there are HOA fees that you have to consider too. In my opinion this makes it much harder to make a deal work. Also you have to learn how to find out about the HOA and if they are considering any (large) increases in fees or doing any special assessments. Not for the faint of heart in my opinion. Also $750 a month rent for a $30,000 market value or less. Sounds too good to be true. Hope you know what it will rent for and aren’t just listening to the sellers version of what it SHOULD rent for.