OfflineHi all,
My name is Andrew, and over the past year and a half I have been reading and re-reading Dean's Books, but have not gathered up the courage to take action yet. Amidst dialing the Success Academy number every so often, I still remain to be a bit uncertain and am trying to decide which niche I want to get into in the near future for REI.
Last night I came across a craigslist ad of a family that needs to sell their house to avoid going into foreclosure. It it roughly forty minutes away from me, and does not have an address to look up for information. It gives some brief information, including 3 bed, 2 1/2 bath, approx 2,000 sq. feet. The seller is asking $180,000 obo.
I did email the seller informing him that I was a real estate investor and might be able to help, and to contact me soon.
What are my next projected steps? I am feeling a bit nervous, but it felt good taking the first action step. I plan on assigning the property, but would not be objected to other options. I have read finding how to find buyers in the book, but any advice would be greatly appreciated!!
Thanks,
-Andrew
Good Job Andrew on making it that far ..
First , I would get on Dean's totalviewrealestate.com and find out what kind of numbers I am working with. You need to get a good value range for what the property is worth.
Secondly , talk more to the seller - listen to them to find out their magic buttons ( areas that will allow you to get what you need ) . Dean talks about that in his books.
Thirdly , if the numbers reveal that the deal makes sense , then go view the property and decide if you want to make an offer on the home.
When you make the offer , know what your exit strategy will be . Decide if you want to assign the property to another investor , rehab and resell or buy and hold.
Lastly , take a long hard look at the numbers to see if the deal makes sense or not . Also , listen closely to the seller as he reveals his needs and what it will take for you to purchase the property. You want this to be win/win.
Just take action and you will get results.
Good luck Andrew !
Randy
randy has some good points!! do call them to find out how you may be able to help them out ! even if you have to bring in another investor you can learn the ropes as you help them.def find out the fmv of this property as the asking price really doesnt matter if you are going to make an offer and make a profit.first you can help them find a way to stay in the property if at all possible then if not find a way to lock this up if the numbers allow.total view is a great tool and also check the value on zillow .com and as many other sites to get a REAL value of the property.the fmv is the most important # because if they owe more than it is worth then where is the profit for you?
also depends on what stage of the forclosure they are ,how many payments are they behind?what r the pymnts? what kind of mortgage? what %? how long the mortgage is for 20 yrs,30yrs? these r things u need to know to ask yourself "do i go forward or move on to next deal!!hope this helps
good luck andrew and congratulations on taking action keep going dont stop!!!!!!!
jay
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Thanks so much for your responses,
As a first time investor, you both know it can be nerve racking to try and push through the first deal. It's awesome though, this environment Dean has created on this site. It's like a family waiting to help you if you need it. I appreciate your insight and encouragement, and those questions you provided for me to ask. Things like these are learned, and with help like your guys' it def. can be made possible. I am going to keep moving forward, and now I know for sure I won't hesitate with any questions or comments I have in the future.
Thanks,
-Andrew