I am a newcomer to RE investing and still learning. This being my first post I hope I explain this right. I have been talking to family and friends about RE investing. Some people just can’t believe that you can find properties that are selling significantly below FMV. There are some that are interested in the idea though.
So I am wondering where can I find documented proof that investor A, bought property from such and such bank (or some other distressed property) and sold it for profit. If I could prove to the ones that are interested in the idea, that it is possible to buy low and sell high, I’m fairly certain that I can convince them to become private lenders.
I have tried going to the County records office, all they could think of was to search sheriff deeds. At that time I was not prepared for the amount of time it would take to search through hundreds of properties, but if that’s what it takes then that’s what it takes. Does anyone have any suggestions on how to configure searches so it won’t take days to sift through all that paper work?
I have also thought about going to a realtor, but I have no idea on how to find and approach one that has experience with REO’s and other distressed properties, other than opening a phone book and start calling. Does any one have any suggestions on how to approach realtors to get them to help me with finding this proof?
I need to do this for free, (long story short) because of the unemployment rate nobody will hire a person who needs hip and knee surgery when they have a whole pile of other aps and resumes to choose from. Therefore I am unemployed, 47 and living in my dads basement and looking for an alternative way to make money.
Please Help. Any and all suggestions on where and/or how to find proof is highly welcome.
I am not sure where you live, but you could start by doing any of the following:
Read the papers to see which Realtors advertise foreclosures, short sales & REO’s
Call Brokers and ask which Realtors do those things
Ask them for searches on the MLS that show all cash sales of any type of property
or SFR’s or units
Talk to a Title Company and get the same info
See if the County Recorder will supply you with that info
In some stores there are magazines that show RE deals, Realtors, Investors etc
Get the list of cash buyers. Then call, email or send a post card and say this:
Hi ______, my name is so & so and I just closed on a similar property like the one
you just bought on such and such street. "Would you be offended if I present other
properties like that one to you for your consideration from time to time?
Start out birddogging for other investors. Collect a modest “finders fee” for each property they buy from your lead. The deals the investor closes will give you the numbers you are looking for and won’t take any money out of your pocket while you are doing it.
Even with “proof”, you will not easily convince someone to invest with you without a track record. Once you have a track record of success, then your credentials will give others confidence to invest their money with you.
Get training to be a property manager and learn how to manage rentals. You can get employment in that field. Call some local property management companies and ask if they take on apprentices.
Study and get your real estate license. This will make you qualified for other jobs as well that require licensure. Plus it is a heck of a good all around education. You may be able to get low-cost or free classes at your Adult Center or Junior College.
It’s time to get out of that basement and get some learnin’! Just by being out and around you will discover work opportunities.
Good luck and welcome to REI Club. Keep us informed on your quest.