Real Estate Investing!

Scared man... :o) - http://www.dealmakerscafe.com Forums

Original message

DISCIPLE

"Scared man... :o)" , Mon 2 Apr 15:46

Put up some bandits and ran an ad "We Buy Houses... Any Condition... xxx-xxxx. Got a call. Here are the #'s

Pmt is 367
Tax Asses at 35,600
FHA loan... been there 4 years...
Neighborhood is won of the worst in town.
2 bed 1 bath...
Couldn't find comps on sales or rentals...
Current on pmts

What do ya think...
I keep looking for some comps...

Replies:

DISCIPLE

"Re(1):Scared man... :o)" , Mon 2 Apr 23:06

Hey everybody.... thanks for the info.... I need to tell you guys that I am a licensed agent and have access to our MLS. The comps came in at a dismal $15K. I drove by and saw individuals kinda just hangin' around.... hahahaha!!! I'm gonna take "Wolverines"(Roberto) advice and pass on this one... I haven't done my 1st deal yet, but I'm becoming more and more confident as the days go on, and as I learn from you Dealmakers. Right now my investment strategy is to:

1. Aquire properties (Subj To, Land Contract, L/O), with small or no down.
2. Sell on L/O with little down or Land Contract with Large Down.
3. Get as much cash upfront from T/B.
Get at least $100 per month Cash Flow.
Up price to create nice backend.

I like the goal of 200 Roberto... That's motivating...

Carlos...

Ben
Moderator

"Re(1):Scared man... :o)" , Mon 2 Apr 18:42

Disciple,

I use http://homeadvisor.msn.com/selling/overview.asp and www.ditech.com to look up comps. Try these and see if it will find them. If not call a realtor in the area and ask for comps on that home. He or she should be happy to give you some comps.

Ben
Moderator
www.dealmakerscafe.com
Where the average real estate investor becomes a Dealmaker!!

Roberto

"Re(1):Scared man... :o)" , Mon 2 Apr 17:12

What do they want? Jusk ask what they are looking for. I tend to stay away from 2/1's in my area because most people looking for a home have a family and want that 3rd bedroom. Not to say a good deal cant be had on a 2/1.

What is your investment strategy? Are you looking for passive income or immediate flip income?

Comps can always be found. If nothing has sold on that street, pull a map and find the adjoining streets. Call some appraisers or realtors that you know. Look at old MLS books if you can get a broker to lend them to you. Most of the time they just throw them away. Try calling any realtors that are selling homes within a mile of your property and ask them what they are selling for. Use square footage as your primary basis.

You are scared because you aren't getting the info you need. If you are just starting, don't buy in the worst hood in town.. Leave that for when you get more experienced...

Above all, if you are going to be a Dealmaker, you must adopt the philosophy that you will find a way no matter what. Use your creativity to find comps. Keep on lookin' til you get what you need!

Let me know something when you find your comps. I would recommend you stay away from bad hoods for now.

Rob

"Whatever you do or dream you can begin it. Boldness has genius power and magic in it." - Goethe

Bryan

"Re(1):Scared man... :o)" , Mon 2 Apr 17:07

Get it under contract (with a weasal clause, of course) and then do the research! Don't wanna miss a deal because you worried too much in advance.

Mark-FL

"Re(2):Scared man... :o)" , Tue 3 Apr 10:39

Sounds like a rough area. I get alot of calls on houses in the combat zone. I feel uncomfortable about checking out a house and having to carry a second 30 round clip. How do you deal with this type of bad proerties? If I could find a way to make $10.00 on a house like this I could be a millionaire by the end of the month. Any suggestions?

Success is the ability to go from one failure to another with no loss of enthusiasm. Winston Churchill

Ben
Moderator

"Re(3):Scared man... :o)" , Tue 3 Apr 10:47

Mark,

I will go look at these homes only after I have gotten all info from seller. If I can get in cheap, even if there is work to be done I will put with a property management co. for a cost of 10% of gross revenues and just rent the thing.

Ben
Moderator
www.dealmakerscafe.com
Where the average real estate investor becomes a Dealmaker!!