new investor in need of help

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new investor in need of help

Chris Jones
Hackensack, NJ · Member since 2008 · 49 posts · 1 vote

Hello everyone, I’m very interested in getting into the real estate investing field, so all I’ve been doing lately is acquiring some basic creative purchasing and financing tactics I could use to help out motivated sellers and myself, it’s a true win/win.

So my questions are:

1- I know this question depends on the seller’s needs and my financial ability, but under what perfect conditions should I try to utilize each creative tactic (subject-to, lease options, contract of deed, straight options, and owner financing)

2- What contracts I must use and have signed when utilizing each creative tactic (subject-to, lease options, contract of deeds, straight options, and owner financing)

3- Once the appropriate contracts are used/signed for each tactic, what are the following steps I must take; now I’m not talking about the complete a-z steps. I just want to know that once I have the contracts signed, do I just hold on to them and start looking for a buyer or renter for the property or do I first record the contracts at my local court house to put a cloud on the seller title (to show my interest/part ownership in the property) and then start looking for a buyer or renter for the property

If any of these questions sound crazy I’m sorry I’m a beginner. I know an entire book can be written on each creative tactic I plan on using but I’m just interested in knowing the basics (the contracts that are involved, and what to do with them after they are signed, and under what prime times should I look to use each tactic), I plan on learning the details through the school of hard knocks, that’s through actually getting out there in the field learning and making mistakes.

another reason why I just want the basics, is because I don't want that whole "paralysis of analysis" thing to happen to me that happens to most beginning investors, its so easy to get overwhelm in this business that’s why most fail and the ones that are somewhat successful take so long to do so.

So if anyone can answer all of my questions or part of them I’ll be so thankful

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  • Account Closed
    Real Estate Investor · London · Member since 2008 · 3k+ posts · 74 votes
    19y

    You are asking for too much.

    You want a road map with all the curves for every possibility. Which contract to use and when. What to put on the contract and then what to do next. There is no way this can be done. More knowledge and intelligence is needed as the details can really matter.

    Here is a very high level set of suggestions.

    Read all you can. While doing that focus on trying to do deals so you are getting your hands dirty.

    Focus on listening to what the seller needs to accomplish. Assume the solution is not likely what the seller is asking for. Many sellers think they need X but when you talk to them there are other ways to solve their problems. Just learn to find the problems.

    What you do and what you sign will vary based on the problems you are trying to solve. How you exit a deal will also drive what you do. Maybe more than the seller's problems. You can not solve every seller's problem. You do need to make sure that every deal you do has one or more exit plans that work for you. I am trying to say that your exit is more important than the seller's situation. Better to pass on deals that do not work for you than to move forward and end up being a motivated seller later.

    For a road map that is pretty detailed consider Weekend Millionaire. You can find it on Amazon and in bookstores. Maybe libraries.

    John Corey

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  • Chris Jones
    OP
    Hackensack, NJ · Member since 2008 · 49 posts · 1 vote
    19y

    Thank you so much for the reply...................your 100% right, i guess the contracts will vary depending on both the sellers needs as well as my needs (my exit), oh yeah and i will be checking out that book you recommended, THANKS

    so i guess its time to get dirty, LOL

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