As of right now I do not have the funds to purchase my first investment property. I am considering the idea of finding properties for real estate investors until I can fund my own properties.
I have searched my city( which is Philadelphia) for homes that are not yet on tax liens or foreclosure list. I have a list of 70 plus home that are abandoned or that have tax liens, but have not yet been put on any tax liens list. I have spoken with several of the home owners who are in jeopardy of losing their home and would love to make a profit before they lose their home outright.
I have had trouble finding investors where I am located. I want to know am I wasting my time, and if not are there any suggestions to better my approach.
You live in Philly? Oh there are plenty of buyer/investors looking for real estate there. Be very careful of home owners wanting to make a profit before they outright lose there homes. If they are in jeporty of losing their house, they are not going to make a profit from you. You can help them, but they need to understand that they are already in deep stuff.
If you can help them and see a way to make money then great. If not you still can help them by providing your expertise to them that they may find a better way out of their solution. Its always good to help, but that does not always get the bills paid either. They should understand. :angel
Your on the right path bud, you’ve found distressed properties now you need to get one of them tied up at a wholesale price.
Once you do that you’ll need to find buyers which is the easy part. Post on Craigs List, and put out bandit signs all around the property and your phone will melt.
I have a free podcast in iTunes, just search Flip2Freedom and you find it. I explain exactly how to go from where you are now to your first deal.
The trick all this is knowing how to structure and control deals between the buyers and sellers so that you can get paid. Do yourself a big favor and invest in a few courses so to understand. Best of luck