Hey everyone, I’m the new guy!
I just found this site by accident really, and am very intrigued by what I’ve read so far! Let me give you some background on myself that might enable you to better understand and answer some of my many questions!
I live in Ohio. I own and occupy a two family house that I purchased four years ago. My brother-in-law is a very successful real estate appraiser who took over the family realtor business as a youth. He and I have discussed on numerous occations on partnering up to find and do deals on homes and land. INcluding but not limited to, flipping homes and buying to rehab for profit. Much to my disappointment, we have yet to do it and I am at the point where I am ready to move on without him. Now here is my dillema. I do not have the capitol, or the connections that he has.
Here are some of my questions that I hope some of you can help me with.
I realize these may seem trivial, but I am new to this and am eager to learn! Please feel free to redirect me if I ask redundent questions. I searched the forums for a couple of hours, but still have questions!
Can someone with little to no capitol really get started in this business?
Or is that a marketing ploy to get my $39.95?
I had a bankruptcy discharged a little over two years ago. It was mostly due to credit card debt. I kept my house and truck. I’ve since re-established my credit and have purchased a new truck at 1.9% and currently have a beacon score of 670.(fair) Is it possible for someone in my situation to even consider doing this business???
If so, what direction should I go in? Where should I start?
What literature can I purchase that will explain stuff like: Subject2, Lease options, wholesaling and what not.
Any one know of any websites that list tax sale property for Ohio?
Thanks a ton folks, I really appreciate the time and thought I hope you will give me.
Maybe one day I will be able to pass along some advice or info to someone else!
I wrote out a long reply, and accidently hit my back button and it poofed… I Hate that! LOL So here is ashortened version.
YES You can do this with no money down. I’ve done 3 deals and 2 were completely 0 out of pocket for me, and the one I have up for resell now I Have about 2K of my $$ into. You utilize partners, Hard MOney Lenders, Onwer FInance, Sub2 whatever it takes.
Read these forums and you can learn enough off of them to get a deal or 2 or 3 done, I did. Read all you can… ask questions, and find exactly what kind of investing you like before shelling out the $$ for a course. Just my opinion of course
I have been using hard money lenders as i am currently in Chapter 13 and also am still in a Chapter 7 case that is two years old. I too have no money. I just bought a $56,000 for $28,000 that borrowed the $500 earnest money and appraisal money to get the deal started. I posted the info on this deal earlier too. I have just started painting and doing the tile work and other repairs myself. i could have flipped the property and made $2500 or more but wanted to stay in for the long term fix and sale and possibly $10,000 to $12,000 profit. If i can do this deal with zero dollars and no credit score you can move mountains. Do not hesitate to ask questions and learn what you need to know. The best knowledge comes from looking at deals and knowing when you have a bargain and a motovated seller whp does not want the property. Any one can pay retail but it takes a lot of work to stumble onto a deal. I was lazy and lucky and found this in the MLS after another buyer could not perform. Looking and searching and being there was not just luck however. I have 3 more deals under contract too and am looking for the funds as I type to help fund these. PM me or email or call if I may help further.
Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737