hello to all,
I been reading this forum and articles for some time now i also read several books that has to do with real estate investing. One of the books that i read that I really liked was a book by peter conti. Actually I read several of his books but the first book I read was Buying Real Estate without cash or credit. Then I read multiply streams of income and finally I read Making big Money inVesting in Foreclosures without cash or credit. Really great books and Im thinking about joining his mentor program IDK yet dnt have the money right now but when I get it I will join the program. BTW the author mention that you can buy real estate with out cash or credit. Im interested in his method buying forclouses sub to deal lease options and rent to own. Ok lets say I found the a owner whose willing to lease option the property and I have to catch up on back payments and geting the property in move in condition. I understand that my exit strategy can be a rent to own and I collect a upfront down payment that cover the back payment and the repair cost. But if I dont have the money to do the repairs how can I invest with no money or credit can somebody please explain it to me. I also read several rich dad poor dad books and books by donld trump. Im just ready to take action. I also read that people wait intil they know everything to start investing Im just ready to put what I already read into action. I dnt know if its fear or what but thats what I think it is. Somebody please Help I want it so bad I dnt have many friend I just sit in the house and read read read and try to learn as much as I can about real estate.
I also would love to work with a mentor also. Dont worry I done my home work and in my opinion I am very knowlegeable. I just want to work with someone hands on. I dne my book work now Im reading for the training. Is there someone out there willing to help me. We can split profit or whatever work for you Im open I just want the field training. I am located in Buffalo NEW York.
Thanks Every one
You do not need a Mentor. What you need is a financial calculator. Then go out to your community and find a deal. Use the financial calculator to analyze the numbers. When you see that you are sure to make a profit on the deal ,jump on it. You have made your first deal. Rinse and repeat as necessary.
That is very good advice… It certainly worked for me… However there are those that do need guidence…
Happy house hunting
Ok besides the mentor part what about the other questions I asked as far as repairs.
OK so you have this house that you bought subject to or RTO. There are many ways to get the repairs done without it coming out of your pocket.
Not in any order of preference.
1 Credit cards
2 Contractor Friend that will work with you and get paid when you sell.
3 Line of Credit at local Lumber yard for materials and hard work.
4 Find house that does not need repair.
5 Make the current owner responsible for the repairs before you buy.
6 Local high school shop class project.
7 Community development grants.
These are just a few I am sure that there are more, but you get the idea that you need to focus on the solution to a problem rather than the problem itself.
To be honest here, I kow that you feel that you are knowledgeable already so then you know that the best way to use various real estate strategies is with minimal to no risk to yourself. First of all, if a seller wants to only lease to you AND expect you to make repairs and make up back payments, you don’t do it, you get the DEED! Then flip for cash. If the payments were current however and I REALLY liked the deal (equity spread etc.) and had some some money to blow, I would consider makng the repairs only if I were able to lien the house with a 2nd mortgage for the cost of the repairs AND the reapir cost to be 2K or less. You’ll be able to collect more than that from your tenant/buyer. Make sure the paperwork is done BEFOREHAND with the seller. (Title check, signed L/O Agreement, verifying payments are current, etc.) If the repairs are major then just go for the deed and don’t bother with a L/O proposal. Too much risk to YOU! Let me know if I can help further. I’m in Philly.