Posted by jeff on November 07, 2002 at 17:33:51:
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run comps, deduct repairs, deduct encumberances, deduct expenses, deduct anything you think may be in the deal, then see where your profit lies. if its enough to justify everything else, go for it.
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im sure attorney fees vary greatly from attorney to attorney. ive had mine review several forms and really have no clue what it cost me. he pretty much keeps a running total and i pay him a lump sum occasionally. but its never much, so the form check shouldnt be much.
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hmmmmmm, thats a toughy. watch uot for everything. its so easy to get turned around backwards when your first starting out, everythign you do will be an experience. your gonna make some mistakes, but so did the rest of us. heck, i still make them. just try to keep them at a minimum. anytime your dealing with 100K, make sure you double check everything. most of your mistakes will just be aggrevating and not too costly, as long as you have an attorney review everythgin you do until you know whats going on, you should be OK. make sure its a good RE attorney though, ive dealt with some that specialize in other areas and have no clue how the in’s and out’s of RE works. the most important thing you need to do in the beginning is to build up your list of contacts, thatll make things go much smoother. your biggest advantage to succeeding in CREI is to offer things that noone else in your area can, like higher equity properties, financing for less than perfect buyers, etc.
good luck!