Gettin' started

Find out how many payments (? amount) their behind, whether their loans are assumbable without the lenders approval or if you'd need the lenders approval. Work out a short sale amt to give to the lender and shop it to another investor for a fee to make some $$$$ off of the deal.

If there's $120K owed over what the FMV is and you're also saying that there are a number of potentially large expenses in repairs that will probably be needed before being able to resell it, how can this be a good deal for Jay to look into?

I'd love to hear what some other investors have to say about it and if I'm just missing some sort of "angle" on this scenario.

Thanks in advance,
Suzi

The seller is in a situation where they can work out a short sale amount that the lender would accept. If that amount is accept then he can create equity for himself or sell to another investor for a fee.

You need to figure out what your net operating income (NOI) after all expenses will be. Basically Gross annual income minus re taxes, bldg insurance, light maintenance, mgmt costs, vacancy, and replacement reserve. divide that by the cap rate of .1 or .15 and that will give you a value that an investor would be willing to pay. Subtract from that all cost to put the property in long term rentable condition, clear title (roof, appliances, paint, fixups, profit, assessments, back taxes, etc) That will give you a not to exceed price to pay on the short sale. hope this helps

Iam new to all of this and just finish reading DG's book. I want to get started on looking for a realtor that fits what I am looking for. What would be the best why to find one e-mail or calling? What would be the best thing to say?

This is a little off subject but I will try to answer your questions as best to my knowledge. You might also want to start your own thread in the forums so you aren't changing the subject to someone else's thread

I'd say the best way to contact a Realtor would be over the phone. I used to email them and NOT ONE has replied to me. I am not sure if it is something wrong with my email, but I would call them to make sure they get your message. It also would show that you are more serious about it.

Look for a realtor that:
- Must be agressive
- Knows the local market
- Is able to help new investors like yourself.

Also, explain to them what your intentions are. Tell them your goals and where you plan to start. Let them know that they will be apart of most, if not every deal you make (more money for them).

And lastly, make sure they know what they are talking about, if you are sitting there teaching them information at first, then why even use them? I am sure later on after you get good you might learn something that they haven t, but they should know more than a novice investor does.

Dont give up until you find one that fits you. Be prepared to go through a few!

Hope this helps! and sorry to jay for getting off subject!

Thats my fault for getting off the subject. Sorry Jay!

Thanks Dominic for the good words. I will call as many as I need till I find one.

Anytime!

Once you know more than me I hope you will give me advice in return

Good luck and cant wait to hear your first success story!!!