Re: What to do - Posted by Pam WA
Posted by Pam WA on May 31, 2001 at 23:39:37:
I haven’t done a lot of this but see if this makes sense.
- Network with investors in your area. If you absolutely can not afford to hold property, look for rehab property to sell to other investors rather than holding yourself. This is called “bird-dogging”. Get the control, not the ownership. Yes, some of the courses will explain how to write a contract to give you the right to resell and make a profit without closing yourself.
No, houses do not always resell immediately even if they are at a reasonable prices, you offer terms, etc. You could consider Lonnie deals but you still may have to hold for a while.
- If you want credibility (my opinion) you had better be prepared to make an ernest money deposit. $2000 is more than you need for that. Remember you are looking to resell before you close, or simultaneous closing.
- Check archives for advice on improving credit.
Remember, maybe only one of 20, 30, 40 or 50 deals will be one you can make money on. Do the homework, find a mentor if you can (locally), and ask more questions here when you get more specifics on deals.