Posted by Bill K. (AZ) on July 27, 1999 at 24:26:02:
Janell,
I have never done this, but I’ve read that others have successfully run ads in the local newspaper that say something like:
FIX-UP SPECIAL
3/2, 1800sf
123-4567
This ad will draw rehab investors as well as owner-occupants who might wish to pay a little less for their next home by putting in some “sweat equity”.
Bill K. (AZ)
What Course Is The Best - Posted by Janell
Posted by Janell on July 26, 1999 at 09:09:39:
Can anyone tell me what course would be the best course to help me get started in buying properties?
What Do You Want To Do? - Posted by Bill K. (AZ)
Posted by Bill K. (AZ) on July 26, 1999 at 11:23:56:
Janell,
What area of REI are you interested in? There are great courses on flipping, renting, mobile homes, buying tax liens, buying notes/paper, etc.
By the way, one of the most successful investors on this site lives in Maryland. You’ll be in good company.
Bill K. (AZ)
Re: What Course Is The Best - Posted by Janell
Posted by Janell on July 26, 1999 at 09:17:37:
I live in Maryland is this state a good state to invest in properties?
Does anyone else live in Maryland and is doing good in purchasing homes with no money down?
Re: What Do You Want To Do? - Posted by Janell
Posted by Janell on July 26, 1999 at 13:51:29:
Thanks for responding to my question
I was interested in purchasing foreclosed homes.
But for some one starting off like myself what area in REI would be sort of risk-free or an area with a greater chance of me increasing my profits with out investing alot of my money into it.
Re: What Do You Want To Do? - Posted by Bill K. (AZ)
Posted by Bill K. (AZ) on July 26, 1999 at 14:30:16:
Janell,
As you probably know, nothing is “risk-free”. However, you can certainly reduce the amount of risk in any area of real estate investing through education.
Purchasing homes at foreclosure can be a good source of income, but you MUST do your homework in this area. Without proper knowledge, you could be purchasing trouble instead of an investment. In addition, if you decide to buy these homes at an auction, you’ll need to come up with the cash shortly after you win the bid. Now, unless you’ve got investors lined up to take these off of your hands rather quickly, you’ll have a lot of money tied up in properties until you can resell them.
For investments that don’t require a lot of money, I’d be looking to flip properties. With this process, you can find properties, get them under contract, and sell your contract to another investor BEFORE much, if any, money is required from you. You would be assigning your contract to another investor for a fee, typically a few thousand dollars, who would then close on the transaction and bring the cash required. Of course, this works only if the deal allows the investor who steps into your shoes to make a profit as well. But, you can get in and out of properties quickly with this technique.
I hope this helps.
Bill K. (AZ)
Re: What Do You Want To Do? - Posted by Janell
Posted by Janell on July 26, 1999 at 15:02:22:
I have read a few artilces in the “how-to” section about flips.
I have one problem.
How do you find a “Fix-up” Investor?
Re: What Do You Want To Do? - Posted by stampedingVA
Posted by stampedingVA on July 27, 1999 at 11:15:32:
I’m also a newbie looking to flip properties. Haven’t done any deals yet. Still learning…
My suggestion would read as many books as you can to educate yourself. If you can afford the courses offered on this site, great! If not, like me, then books will be a good alternative.
Ron Legrand’s books on flipping seem to be highly recommended. I’m waiting for the shipment myself.
I’m also reading some books on fixer-upper properties. Though I may not rehab those properties myself now, it’s quite similar to flipping in the sense that they’re all dealing with fixer-upper houses.
Many will be gladly to help you on this site, but this board - including the articles - cannot replace the education that you need to get yourself.