Why isn’t Carlton Sheets Buying town after town? for one there is more deals than anyone person can do for instance, I attend local REI meetings with about 300 other investors I have rarely seen these investor outside of the meeting hall, we all invest in the same area of the tiwn cities, each person has a different plan and what they are looking for.
Why isn’t everyone doing on money down deals? well there are very few 100% loans one person can do through banks, but what they really mean is that there is techniques that allow you personaly to come into a deal with no money I.E. bringing in money partners you do the work and they fund the deal, assignment of contracts, 100% (65%-75% ARV)rehab loans from hard money lenders. There are more still, these technique sometimes hard to learn, but at some point each investor will either run out of downpayment money and credit so they will have to turn to money partners or hard money lenders, for a lot of people this is getting out of their comfort zone, they do not feel comfortable asking around and talking to private money lenders. If you want to win in real estate you must always be a fear fighter.I hope that opened up your mind to a few more options.
I’m just starting out my self. I feel like I am running around and not getting any where. Set a plan, I’m trying myself. Don’t give up! Look forward
- Fear, doubt, comfortable living paycheck to paycheck. Same can be said as to why everyone doesn’t own a business.
- Depends on how creative your are, what type of investing you desire, and knowing the right people (HML, for example).
- Why should he? He can do nothing, nada, zilch, and still makes millions of $$$'s.
- Read success stories on this site, on CREOnline, on REIPlace, and two dozen other REI sites to see how other “common” folk have made a success in the industry.
If your friend still balks, then go find a new friend - okay, just half-joking. But you need to surround yourself with people who can tell you you can and how you can, not with people who will tell you you can’t and procede to hold you back. My wife is probably the biggest nay-sayer on the planet, but I am slowly getting her to at least see that it can be done. (Now all I have to do is get a deal under my belt to show her that it can be done by me.) ;D
One more suggestion is to join your nearest real estate inverstors association, and talk to those who are doing this every day. The ones who say it can’t be done don’t do it, so how can they know? Just read the posts in these forums…there are plenty of people who do this every day. It can be done.
Im resurrecting this one.
Im pretty much stuck right now. I want to purchase multi family but im not getting sh*t for leads. My re agent has sent me a few but they are cash holes and the numbers don’t fit. Most of whom I already researched on MLS.
Im wondering if I should rethink my strategy and purchase an underpriced townhome, lease-out or make paymets… then go for the “cadillac” heloc in a year or so?
Have you tried to use more than 1 agent? I have a few, and it is who brings it to me first who gets the commision. Have you tried to called ads in the sunday paper under investment properties? Have you join your local REI club for good leads? I my area their is a lot great deals, sometimes you just have to look harder. May I ask how much capital you have to start with if any? It would help to know your strategy first.
You are looking at multi-family… like duplexes or apartment buildings? how many units? Are you buying to hold and rent them out or to rehab and sell to an investor?
Give me some numbers as to what you have seen that you consider not being able to work with.
capital : about 1 grand.
Also have VA guarantee.
An example of a property is a duplex (2 2br 1 bath’s)asking price 275k, owner still owes 200k on it. One of several in the area where comps are around 225k. It has had some cosmetic work including new grass but that doesn’t justify the 75 or 80k. rents for 800 each. break even at best, likely debt.
Another is a one bedroom shack, near no school or business, asking 200k.
IF you havent guessed i live in so. cal…, land of inflated prices.
Well I am not a landlord, but I would be a bit shy about doing rentals if I only had $1,000 cash. It can be done I am sure, but for me I would need to have more cushion should the furnace die or any of the appliances that ceom with the unit go out. Plus with a cash flow of $300-$500 a month it will take awhile to save up enough for that one or two months that you have a vacancy.
So yes that owner is not ‘motivated’ look fro motivated sellers. Who knows that guy may be one 2 months from now when he still hasn’t sold the thing.
ok how do i get started in doing assingment deals?and are they the best thing for a newbie to focus on?and what forms do i use? what is a quitclaim deed?can i use them for assignments?
Check the Subto forum, you will get the explanation you need.
With regard to “hot-to” questions…
Today I learned the important lesson that people have been drilling away at here, that being that
-we are not in the business of buying houses!
luckily it only cost me a quarter tank of gas to learn it. After spending the day with two sellers who wanted WAAAAAy more than the property is worth, I see why this is a business of HELPING PEOPLE.
You cant help a person who isn’t motivated, and neither of the sellers were motivated. The first home was barely habitable and needed complete bathrooms and carpeting, new paint in 80% of home. Replacement of sheet walls in livingroom, replacement of kitchen cabinetry and all hall and kitchen tiling. No appliances to be found anywhere, except the toilets collecting mildew in the back yard. 50% chipped paint exterior, 1960 single pane windows thoughout needed replacement. The only thing that looked good was the water heater.
My contractor gave me a off the top of the head estimate of 20k in rehab costs.
Comps in the area of 180-220 for this size-type but those being in habitable and top condition.
What did the seller want? 250 - 300k without repairs, and he didnt budge.
This was supposed to be a learning experience so I didn’t negotiate because that wasn’t my plan but i couldn’t help throwing out a number of 180k to guage his reaction.
The other was a duplex conversion at 275K which my agent comps did not support, and it had a “no appraisal” contingency demand. ahahaha.
The seller acted insulted when I questioned that.
All in all it was a good learning experience in what business I am trying to break into. That being the business of helping people who WANT MY HELP.
Im now switching my focus to marketing my help so that I can stop wasting time searching for properties.
Lesson learned. To wrap this up Qdiesel in my opinion you need to switch your thoughts to how you can help people in need find your help.
There is a “marketing” forum also on this site.
Hope I didnt ramble with this.
Best of luck…
Switch states. You can invest in other parts of the country. You are a short drive from one of the hottest and still affordable markets in the country…PHOENIX. MULTIFAMILY…take a look at 29 PALMS. Part of this industry is forming teams…these teams will be agents in other cities that will meet your investing needs. I buy nationwide and it works out ok. Save your 1K for plane tickets when you have found a deal in lets say ARKANSAS and try to do little to no money down. Its still a residential prop. Never never never give up!!! WC anyway I hope this helps. Let me know if I can help you.