hello to all!
i’ve found two properties that i am going to make a move on, both from investors that attend the club i have joined. i have not formally met them as of yet. here is what they are offering in florida where i reside:
3/1, 1203 sq ft, 1955 block, no work needed, $165k, $185k arv. listed as “discounted retail”.
3 story townhome, 3/3.5/2, 3300 sq ft, needs carpet, assignable “sub2” contract $290k, $325k arv, will rent at $2500 per month, has boat dock on canal leading to lake.
i plan to call them today (thurs 14 april) to determine if this is a possibility for me, here are my concerns:
they may have seen me at the rei meetings (we avg about 125 weekly) but i’m sure they don’t know that i’m a novice, how should i approach them?
i haven’t got all my “ducks” in a row as of yet. i’m still looking for an attorney, title company, appraisor, inspector and state specific contracts (is there anything else?). IF i can work out a deal with one or both, would it be acceptable to use their “ducks”? how should i ask?
i’ve come a long way in roughly a month but due to time constraints (JOB, other responsibilities, i’m sure you understand) i haven’t gotten around to filing a dba just yet. i’m going to try and get this done asap. is it mandatory that i have this before i sign my first deal?
from the info that i have provided does anyone think these would be a good start for me?
for property #1 i’m thinking along the lines of a L/O.
for property #2 i’m not sure yet, any suggestions?
I’m just starting out too (just closed on my first property) and don’t have any real expertise. However, I would be real skeptical about getting a “good deal” from another investor. If it was a good deal, they’d probably hold on to it. Just my toughts…
Sounds like someone is getting his ducks in order!! As a new investor working on his first deal… Start with one at a time until you get to know everything. If you were me, which you are not, I would go for the lower end deal first. Purchasing it from an investor or not. Do a “sub 2” and L/O it out sounds good… The reason i’m saying go with one deal for now, is you might get overwelmed on too many to fast! Start low and build yourself up, if you know what i mean! For the DBA, you can do this later. I would look more into an LLC though, LLC’s better protect you. But again thats MY opinion!
Anywho… Good luck on whatever property you choose, or both in that matter!!!
hi big dog!
thanks for your input. actually i was thinking the same thing as far as getting a good deal with an investor. but the way they are presenting their property it appears there is room to profit and still help someone find a home.
by the way what kind of transaction did you just close on and how long did it take you to actually get started after you were interested in rei.
Almodesto The RI class I took suggested that we as investors start a C corporation and better yet a Nevada C Corporation. Many Many Many benefits yet you can live and do business in anyother state. Congrats on getting deals. I’m four months new and no deal yet.