OfflineI have read Deans book and am very motivated to get started into this investor business but I am very concerned about the timing. Just wondering what everyone thinks about just starting out in this REI business with everything that is currently going down on Wall Street. Will there be any money to loan out there? And if so how hard will it be to qualify for it?I am going to talk to some realtors and mortgage brokers, but thought I might get some feed back from those of you already investing. I think it is going to get harder and harder to get into the housing market as things seem to be going from bad to worse on a daily basis.
A scared "Newbie"
Gerryette
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Many a folk are going the wholesaling route and just taking a no risk option with sellers, telling them straight up that they the investor are only taking the option to buy if they can find a buyer themselves to sell the property to for more than the seller themselves are asking.
Many sellers are fine with the option agreement as they just need to unload at the price they have stated.
The key to wholesaling is to have an established buyers list and marketing pipeline set up amongst solid networks, if your buying you had better ensure your not paying more than 50 cents on the dollar just to be safe.
For every 100 homes on the market, 1 may have equity, look at many! But contract on few, it's a minefield regarding the old ways of investing.
These days it's short sales and big discounts!
Best of luck!
Helping those that I can with real estate at www.BeARealEstateHeavyWeight.com
There is SO much potential in todays market its unbelievable! But you do have to work at it EVERY day. And, at least for me, I have my awesome realtor who checks every morning for new listings. I've been walking through 3 houses every day! But here in Jersey I can assure you that it is getting harder and harder to find the good deals because they are being snatched up by people who 'know' people in the banking/mortgage industry. I experienced it first hand on two deals where I had full price offers in with preapproval letters within hours of the listing and due to 'mishandled' paperwork my offers never made it off the screening agents desk - the bank never even saw them! Talk about frustration!!!! But you just have to keep on keepin on and believe and KNOW that real estate CAN change the course of your life and you are at the wheel. Dont let anyone or anything discourage you from your dream!
Laura
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
Feel free to scroll through this little e-book of connections that I put together Laura, it may introduce you to a few more industry players along the way: The Internet Real Estate Yellow Pages (copy and paste this text-> http://www.magicbullets.com/gifts/A%20link%20directory%20for%20you!-1-s.pdf
Helping those that I can with real estate at www.BeARealEstateHeavyWeight.com
Thanks so much - what a ton of resources...I cn tell I'll be up late exploring new information!
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
It is an insiders game Laura. Just like the stock market. Believe it!
Helping those that I can with real estate at www.BeARealEstateHeavyWeight.com
hi - just wanted to point out that no matter what state I click on under the free listings sections - nothing comes up. My computer or site problem?
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404