Posted by Stewart on January 14, 2006 at 16:49:10:
>Get an 800 number from Kall8.com.
I have a friend that swears by http://www.packet8.net/
I guess you can get a local from anywhere in the Country for $5 a month. It will ring in your home or at any localtion that has high-speed internet. You can actually take the box with you when you stay in motels.
Stewart
out of state investing - Posted by bob
Posted by bob on January 13, 2006 at 21:32:04:
I am interested in doing some REI in Florida. However, I am located in New York. I want to deal with properties which don’t need rehab in Florida.
The question is how can I make this happen. I intend to flip the property without spending any money of mine. How do you deal with confirming the info provided to me by the seller is accurate about repairs and condition of the property. Also,when I try to sell the property, how do I show the property especially if it is still occupied by my seller.
Any suggestions would br highly appreciated.
Re: out of state investing - Posted by Killer Joe
Posted by Killer Joe on January 14, 2006 at 23:23:32:
Bob,
I’ll just say this from the viewpoint of a someone who does this, it aint that easy, but it sure beats punching a time clock. I have met others on this board who do the same and we get to compare stories when the opportunity arises.
Do yourself a favor, find someone who you can spend some time with and compare notes. Make sure that person has been through the process of aquiring out of state properties. You’ll be glad you did. It’s completely doable, just do your home work, and seek to dispell any romantic myths about the process. You won’t be sorry.
KJ
Re: out of state investing - Posted by Charles
Posted by Charles on January 14, 2006 at 12:53:11:
I do not live in FL, but I am working on several transactions at this time. I do have a real estate agent as my partner.
Her job is to follow up my leads. Three months ago I was looking for a replacement property for a 1031 tax free real estate exchange.
I wanted the property on Amelia Island, just out side of Jacksonville.
Before I went to FL, I send 4,000 letters to most owners on the Island. I got many responses and looked at most of them, done satisfied my needs at that time, but I did meet an agent and purchased a winter home there for $475,000 to use as my replacement. (I am still getting calls from my mailing)
What you are asking is not impossible, but it takes knowledge, a system and the ability to write an offer with all the right clauses in it.
At this time we am making an offer of a property we can get for $650,000 that we should be able to sell for $725,000 quickly and another for $1,200,000 marsh front potential subdivision property that we should be able to turn quickly for about $200,000 profit.
The first thing you need to do is to build relationships with other investors or Locators (bird dogs) and offer them a fair share of the equity 33-50% of the deal.
You need to know how to analyze the transaction, you need to get confirmation from others; agents, home inspectors, appraisers and your Locator to be sure that your opinion of value is correct.
You need to know that there is some equity profit potential in the transaction. If you can?t turn $20,000 or more, you need to look elsewhere for a more profitable property.
Once you are sure, you need to go into contract and start to re-market the property for sale immediately.
What I do is offer the property for public out-cry auction or have a sealed bid auction sale.
My objective is to turn the property over as quickly as possible.
If it is a really big deal, over one million dollars, I will send one of my experienced buyers to the location to inspect and market it for me.
When you have the ability to control and flip real estate out of state, you will find a tremendous market, the entire county.
The best way to test this is to run ads in the local paper where you are going to invest. Get an 800 number from Kall8.com. This is a great service to tract your calls.
Your ad should be simple, personal and it needs to stand out from all of the many others.
WANTED: Any type of real estate to complete a 1031 real estate exchange, buying for family trust. If you are ready to sell, we are serious, honest and ready to make offers. Brokers Protected. Charles 443-253-3886
It is truly an exciting real estate game, and can be very profitable.
Charles Parrish
Re: out of state investing - Posted by John
Posted by John on January 14, 2006 at 07:54:53:
Bob,
Let me get this straight. You want to invest in R/E in fla. by buying a flip. You want to use no money, commit no time, and buy and sell sight unseen?
REI is hard work. A combination of EDUCATION, EFFORT, and MONEY is needed on every deal. It is doubtful that a deal will come along like what you describe. How can you due your due diligence, with out even seeing the property.
I suggest you rethink your plan