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Author Topic: What should be done with this??  (Read 3073 times)

Offline NewREIinDET

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What should be done with this??
« on: January 20, 2005, 12:50:00 pm »
Hi all,

I know there is money to be made here, I'm just not sure how I would go about setting up the deal. I don't have a lot of capital to work with but my credit is decent.The homes are outside of Detroit. Any Ideas?

BUILDER WANTS Sold. Two new contruction Cape Cods. 2000sq.ft. 4-bdrms, 2.5baths, oak kitchen, 1st floor master with vanity, walk-in closet. 2-acres natural gas, paved road, 9 daylight basement. Appraised for over $270,000.00 Asking $219,900.00

NewREIinDET

Offline joehagan222

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Re:What should be done with this??
« Reply #1 on: January 20, 2005, 01:21:21 pm »
Hi;

You must be very new! Unless you have very deep pockets,walk away. You have too many variables.
Unless you want to live in this home,rethink your approach.

        JOE
Just for you (BABY)!

Offline tedjr

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Re:What should be done with this??
« Reply #2 on: January 21, 2005, 04:40:39 am »
Howdy NewREIinDET:

What happens when cars are not selling? They lower the price and give deals to buyers like rebates and zero interest. The same thing could be happening with the houses you are looking at. Joe is probably right here. At two grand per month I could not afford but a few payments and I would have to give it back to the lender. What kind of marketing can you do different than they are doing? Are they advertised and in MLS? If you want to try something you may get one under contract and try to flip the contract if even possible. If it did not work you would have learned and not lost as much money as actually closing and trying to sell at a higher price while the builder is still selling property next door at lower prices.

Hope this helps a bit.
Ted P. Stokely Jr

San Antonio, Texas

Offline NewREIinDET

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Re:What should be done with this??
« Reply #3 on: January 21, 2005, 05:44:10 am »
Thanks guys

Your right Joe I am really new. I was thinking of a flip, I wasn't sure if  anything else  could be done. But your right Ted, flipping would probably be really tough. Well I 'll keep on looking and studying.

Thanks again.

NewREIinDet

Offline joehagan222

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Re:What should be done with this??
« Reply #4 on: January 21, 2005, 07:37:31 am »
Hey People:

Most of the opinions given on this sheet are just that! I am sure that the time spent on the computer could gain profits for those who are experenced! If most would spend the same amount of time with a (REIN) group,or just being in the field trying to find a property to work a deal on,they could make it in this business!
(ALL) of you beginners should have a mentor. (NO IFS OR BUTTS ABOUT IT) If you get into trouble on the first deal, then what? Just like every other business, you can`t learn overnight! Allways (THINK BIG),work small!!! If you are weight lifting ,you would not start with a 500 lb. weight.
Work some small deals until you can get some experence!!


              (JOE
Just for you (BABY)!

Offline ARamirez

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    • Mobile Home Solutions - Investing, Buying, Selling and Financing Mobile Homes and Mobile Home Parks and Communities. Consumers and Investors Welcome!
Re:What should be done with this??
« Reply #5 on: January 21, 2005, 05:48:22 pm »
NewREI,

Just a related news story regarding your inital post of purchasing new homes...

http://www.kvvutv.com/Global/story.asp?S=2637422&nav=2NiwTjR3

Abel B. Ramirez II
MHSolutions.biz
REI Noob - 2 deals purchased, 2 completed.
Dallas, Texas
214-529-5626

 




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