Site leaders can u breifly tell us newbies how to get and complete their frist deal in 30 days 20 posts by 10 users

Posted: 09/04/2008 at 05:42PM

Now i dont know too much about this it took me a while to get my frist deal but atleast i got one done and i did take a alot of help ofcourse. but in the sprit of growth tell use how to incress speed and efficey when aquiring properties and either cash flow it if its pretty to flipping the deal and/or rehabing the property what are the steps to do these things and what tips you mave have to incress these our produtivity as new investors

Posted: 09/04/2008 at 09:10PM

Rod,

What you're requesting could easily fill an entire course.

We have no idea what you did to make your first deal happen so there's not a really good place to begin trying to explain how to improve.

No offense intended but if I were to share exactly what I do on a daily basis to locate highly profitable deals, it honestly wouldn't make sense to you at this point simply because of your present experience level.

I suggest that you simply step back and look at your first deal. Really break it down understand what went smooth and what didn't go exactly as planned.

Then adjust it and create your own system for continually doing it better and more streamlined than before.

You don't need a dozen different ways to make it happen at this stage of the game. Master a couple and expand from there.

Posted: 09/04/2008 at 11:57PM

Here Ill start

step 1 locate property
driving through each and every older sud-div and/or rundown city areas
looking for vacant properties or Fsbo signs

Calling newspaper ads
fsbo
rentals

Placing newspaper ads
in real estate for sale section

Bandit signs
you must know your local laws
and place it in high traffic area


Ant farms
Family and friends that do
a lot of traveling/ or needs extra
you can even ask the local
mail man

Realtors
work deals with them
and it could pay off

please add

Posted: 09/05/2008 at 01:38PM

Negotiating is not step one there is a lot more to with
if u find an seller
u must find out there motivations for selling

liens, taxes owed,

are there any names on the deed besides the person your talking to and

how much they want

would they bewilling to finance

please add if i forgot anything

Posted: 09/06/2008 at 10:37AM

My opinion: if the newbies think they are going to complete deals within a 30 day period, their expectations are awfully optimistic.

It takes time and work to find the deal. It takes 30-60 days, or even more, to close escrow. Once when buying and again when selling.

It takes time to find a qualified buyer-- especially in this market.

There has to be some time for a bit of fix-up or at least cleaning.

To me, an expectation of 6 months to do a simple deal would be a lot more realistic.

To close a deal every 30 days would be very possible, but it would be necessary to get the properties into the pipe line. Each deal finished might be in the pipeline for a few months.

Patience is a valuable asset for a real estate investor. It's a lot easier to pilliage and burn in a hot market. When things are moving slow, buyers aren't buying, and banks aren't lending, things don't move quite as fast.

Posted: 09/07/2008 at 02:34PM

Rod asked a question, then received some answers in which he proceeded to state that the answer was wrong, then posted the answer to his own question.
Our question to you Rod is why do you ask a question, then answer it yourself? If you already know the answer, there is no point in asking the question.
As far as your grammer and spelling, I made the suggestion to help you out, not ridicule you and the suggestion remains. It gives an appearence of an uneducated and unprofessional person and that is not what I would want to portray to others, do you?

Will and I don't often agree, but I agree 100% with him on this!

Mike

Posted: 09/10/2008 at 01:08AM

Rod, here is your answer.

1) Locate a FSBO with equity that will do 20% or more in discount for cash/ Short sale properties with 40% Or more off the BPO.
2) Negotiate a deal with the seller.
3) Sign contract including clauses that allow you to show the house. Also have seller sign investor's disclosure notice.
4) Show the house.
5) Help get end buyer approve.
6) Send them to your broker
7) Get one under contract (the one most qualified to buy house) for full Appraised value
8) End buyer and seller go to close.
11) Title company or closing agent sends you a check.

Posted: 09/16/2008 at 05:59PM

I just wanted to touch on what Ned said earlier. You need to build up a TEAM of professionals that help you. These would be the lawyers, contractors, real estate agents, general laborers. It's important to build a good team in the beginning. Once you get too busy, you'll depend on the more and more, like.
This business relies on relationships, build a rapport with these people and they will WORK FOR YOU!

Hope we've been helpful!