Any RE investors in here?

I want to start out in RE investing. I have found a few franchises but from reading many, many books and websites I have the nuts and bolts of what they are doing. It looks like it can be pretty lucrative.

These franchises I have seen will allow you to use their money to buy homes at a discount. Then you buy them with cash, you close fast and then find people to put in them, owner financing. You can make out like a bandit. The only problem is that they may stiff you, slow pay, etc etc. but nothing is guaranteed.

Anyhow, lets say you find a home selling for 100k or even better it is heading to foreclosure. You offer them cash, 70% or 70k for the home. You then owner finance it to someone for 100-110k and collect the money. Put in the contract they must try to get bank financing within a certain amount of time, that is where you would really collect your profit. Or you could possibly sell it to other investors or possibly even sub prime lenders or people working for them at a discount and still make some nice quick cash.

The hardest part will be finding the deals. Not everyone will accept such an offer on their home but some do. My local paper has 10-15 ads in there every weekend. So it does work. Plus there are tons of sites online to make offers to people for their homes.

Anyhow, if anyone would let me know if you do this sort of thing, want to do this sort of thing, let me know. Maybe we can do something or possibly I can learn even more.

wow. This sounds right up my alley what you are talking about. I have been looking into RE off and on for the past 3 years in my area and know the market in and out and up and down.

I have some ides but not sure where to start. What sites are using to look into something like this? You are sort of a broker?

This what I want to do, quick flips. I have a few people I know who are about my age (30-35) who want to get out of the apartment leie but dont want to look in the whole looking for a house process. I figure I could buy something that is better than their apartment than maybe sell it or rent it to them for their 1st starter home. They just dont want to do all the legwork. Most are single or dont have kids. Nothing flashy just a start for them.

I see so many homes in my area right now that are at very good prices that I am sure the home owners are getting frustrated as they have been up for close to a year and you never seen this a year ago. I think most would bite on a lowball offer quickly.

My gf who has a very average paying job wants BADLY to get in the RE game but I dont want her to quit her job to compete with hundreds of agents. She has quite the eye for this stuff also and like I said we both know the market in and out.

Would love to hear more. Thanks!!!

iceman, hit me up on the email. I sent you one earlier man. Talk to you more about it there. Also, if your online with a messenger like MSN or aol or yahoo. I got all 3 let me know.

DayTraderNation said:

iceman, hit me up on the email. I sent you one earlier man. Talk to you more about it there. Also, if your online with a messenger like MSN or aol or yahoo. I got all 3 let me know.

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give me about 30 mins. I have to get some things taken care of.

nope I am not a broker. There are investors out there who will pay you like 80-85% of the homes appraisal, just as long as the appraisal fits the neighborhood and home and isnt inflated. If the comps are there, your golden.

The hardest part is finding the homeowners who want out for one reason or another. The best thing is we dont care the reason, we want the home.
Cash is king. Easily close in less then 3-5 days compared to the traditional 30-45 days the bank takes for their loans.

We just need capital, the more the better. Sure you can start with one home but what if you buy one, the next week another one comes to you? That 2X profit opportunity we have there. Just need capital, thats all.

WHy pay a franchise with info when we have the info. The ones I see are 10k to 50k or more. Shit, we can do our own advertising, our own commerical, our own printing. Get a home office rocking. Like I said, we can rent-to-own to other people who cant for one reason or another get a bank loan at the time. Have them put down 5-1k, charge them, 10% more then the appraisal. We pay 70k, worth 100k, sell to them for 110k, thats 40k profit potential. Plus, we gouge them a little in the interest rate, 9-10% we charge them.

PLus in the contract, in 1-2 years, they have to APPLY for regular bank traditional financing. So, I have friends who are brokers or know brokers who can basically get anyone approved. We dont care how, just as long as they do, we then get our check from the bank, 110k. Net 40k, boom, go to the next one. Now obviously, holding this for a year or so, means the 70k would be tied up. But maybe we just have good brokers get people approved and in there anyway possibly to get the original investment back and build the bankroll until you have enough to leave it out there for a little bit longer.

The best part is that there is 100's of ways to go about all this.
Maybe it is worthwhile to start and use other banks or investors capital until you can build a roll. The bad thing is the interest you will pay on that will eat into your overall profit. But you have to start somewhere.
But if you can find a 100k home for 70k cash. The least of your worries will be getting that 70k back, thats for sure. Like I said, sell it to an investor for 80%, you just made 10% profit or 10k on the deal since it appraised for 100k. He dont need to know what you paid, none of their business and they dont care either.

My mortgage was with a sub-prime lender. Guess what? less then 6 months, they sold it to a BIG company, GMAC financing now holds my mortgage. We can do the same thing. Possibilities are endless. Hit me up on the email to chat more or my yahoo email is my messenger, send me a message.

I would look in for houses in the 100 k to 200 k range that appeal to first-time home buyers. Look for a house that, with 20% down, you could rent out at a break-even at least. Get LEVERAGED in to what your comfortable with and get the right tenants in there. If you put 100 k down on three houses that are worth a combined 500 k, and a bull market in housing comes along (and it will sooner or later) , you'll put $100,000 on to your net worth if prices go up 20% for a given period, as an example. At worst, you have your tenants paying off your mortgages, so you're still building equity even if prices stay the same. If you stay in the market of "first time home-buyers" you can't go wrong over the long haul. I'd go for a slow dollar through a portfolio of well-chosen homes instead of trying for a fast dime, but that's just me.

Great info Anti, thank you!

DTN,
I emailed you. Hit me up.

ice, still havent gotten it yet. Will do when I get it.

Ive bought and sold over 40 homes.. rehabbed them and flipped them also work alot on real estate rental property if need to ask any ?? feel free and Ill do my best to help.

ice, sent you my messenger contacts.

Dilly what part of the country are you in?

Orland Park suburb outside Chicago .....Properties I rehab in other suburbs outside the city ..I have a closing in 2 weeks.Bought the property for 85000 sold for 132000

Dilly how do you find them yourself, realtors or a little of both? DO you do the rehab yourself or sub it out?
You in business with friends or self?

In the beginning I bought hud and v.A properties but a couple years back the appraisers were appraising them too high to make any profit.So after bilding up a small rep with some of the real estate people they got me a few properties knowing I had the cash and close quick.The majority of the properties I get now are bank foreclosures.If you can close quick it gets there attention.The last one I did was from a mortgage company.Its best to know your area you want to buy and use the internet.If you live in section A and see a house that you know should go for more find out the story.Depending on how much you can do yourself I would say you have to get the property under 45000 what it is going for.Look for small square footage homes that have 3 bedroom 1 bath.Go after a home that appeals to the first time homebuyer.Stay away from the big stuff.I also went to auctions but am finding out your bidding against people that want to live in the home.I do 90% of the work.I use Home depots 6 months same as cash as that how long it usually takes from start to finish including closing.I dont do roofs heat or AC .THE ONLY REASON YOU NEED ANY PARTNER IN ANY BUSINESS IS FOR $$$$$$$$$$$$$$$$$.Anti liberal is giving us good advice the man knows of what he speaks

If you decide to to sell on contract, I wouldn't. If someone defaults, you have a hell of a time getting them out. Do a rent/lease to own deal. Can be structured almost identically with same financial results but tenant in most all cases can be gotten rid of more quickly. You can still charge a premium and the option to buy language can be set up so you are still getting an excellent return on your money.

Anyone with a credit score above 700 and having good lines of paid past credit, can make money with no money down...Just use your credit....

If someone is really interested and wants 75,000 cash in 6 weeks. Just let me know...We will buy 4 to 5 houses and purchase 2 businesses, all on credit...If they fail, your house's and bussiness go into foreclosure...YOU STILL KEEP THE 75,000.........

For more information, ask a mod for my e-mail address.


:money8:
BOTTOM LINE, IS YOU PUT NO MONEY DOWN.

are there real estate "touts" on this site now?