Hi! Just joined the forum. I currently live in the NY/PA areas. I’ve come to a point in my life where I needed a change. Driving a city bus in Brooklyn is taking a toll on me. I recently attended a Learning Annex seminar in midtown Manhattan about real estate. It was a real eye opener. I’m on my 5th book on real estate. I’m trying to learn as much as possible but I know there is nothing like actually closing a deal…lol
Good luck in your future ventures. You will find alot of knowledgable folks here that are eager to help you with your questions. You came to the right place.
Thank you for welcoming me. I actually know someone who has a condo that wants out real bad. It’s worth about 240-250k. She says may go down as low as 230k but I think I can bring her down. My credit is screwed up. Not sure exactly about what to do because the seller really wants nothing to do with the condo. Been brainstorming to see how I can make this my first deal. Input anyone??
Welcome to REI,
I know how you feel, I felt the same way as you. What I found out is Real Estate Investing takes education and due dillegence, but it is worth it.
One quick suggestion is to see if the seller will hold a note on the property for you?
Seller financing is a great way to get your deal done.
Who cares about your credit. You should care about hers.
If her credit is good and she is responsible - Lease/Option or Lease Purchase with her. If her credit is messed up, go for a sub to and get the deed.
if she isnt willing to hold a note or do a lease-option, tie it up with a contract with a 60-90 day close.
put an add in the paper
250k condo - MUST SELL 230k.
or something like that.
whatever price you get below 230k is yours to keep.
you’re basically flipping the property to someone else. either you can do a double
escrow[a bit tricky] or just assign your contract to someone else for a fee.[much simpler]
the hardest part of investing is doing your first deal.
i recently put a contract on 2million dollars worth of land. i have no means to purchase
it nor did i intend to put a deposit. i told the agent if they accept the offer i’ll send a
deposit for 50k in 5 biz days.
then i scrambled to find someone to flip it to. if i couldn’t find anyone, no problem.
seller just cancels contract and cusses me out!
but luckily i found someone who’s taken it off my hands for 25k. (only caveat is i get
paid when he closes escrow so it might take 3-4 months.)
good luck and happy investing.
Hey Busman95, best thing to do is jump in with both feet. Buy something in a high income area and watch you equity grow.
Thanks for the responses. I’m still a little scared about the transaction. The owner basically wants nothing to do with the property. She wants to get her parents a condo elsewhere by the summer time. She bought the condo for 100k and just had it appraised on Saturday for 250k. I’m still working on bringing her down on her asking price. My credit is messed up right now but I’m sure I can make something happen. Thanks again. Traveling back and forth from PA to NY keeps me from the pc at times.