All Forum Posts by: Prasoum Dane

Hello folks,

How do you search and contact owners who are in per-forclosures. What are some of the strategies people have used successfully and how does the process goes? Does it really worth to pursue those properties. There is one property in my neighborhood, which is on zillows for more than 1000 days but it is still not up for sale.

Thanks

Praveen

I am just starting out in RE investing and need some help on how to choose/refine a criteria. I did some reading and at this point I feel I would like to follow buy and hold strategy and looking for SFR that doesn't require too much of work. I am looking within 20-50mi from the place where I live. From this, how should I proceed? Any suggestions?

@Brian: Yes I don't consider, at this moment an investor, as I am still learning and just started thinking about real estate seriously about two weeks ago. I still need to go through creative finance post. I want to build up the equity in my house but now I realized that probably ARM is not the way. I am also looking for buying a property to build a cash flow and I thought that probably this is the easy way to build a cash flow but I am wrong.

@Nathan Emmert Good idea...Thanks. As Brian said, I still need to go through those post to learn more 

Hello,

I am just starting in real estate investing and thought that I could do something with the house I am living in, which currently has $100,000 equity and is in area which has strong rental demand. Basically I have 30yrs mortgage which I am thinking of converting into 5/1 ARM and the savings, which I think would be 1% in interest, to invest in paying down the principal. I would be able to generate a cash flow of $500 by this approach and in 5 yrs I would be able to repay $30,000 in principal. At the same time, within those five yrs, and probably within two yrs, I would search for a new home and move. If after 5 yrs my cash flow still remains at $600 or more I will keep the property but if I can't refinance at the same rate or if my cash flow go down, I would exit and sell the house. Please let me know any downside of this strategy. Do people use ARM to build the equities in house.

Thanks for your help.

Thanks everyone...

The real reason I was thinking of becoming an agent is to get access to MLS and to spot the deals. Is there any other advantage of becoming an agent? How you can do the comps on your own to know the value of a property.

I would like to start as a real estate investor and going through material available on this web site as well as book Millionaire real estate investment. As suggested by many and since I have very limited experience in real estate, I thought I should go for real estate agent license. When I looked at the time and investment required to get the license, it seems almost $600 in MA plus I do have to pass the exam. Could you please give some guidance on how much time is required for preparation for exam and how tough the exam is? 

Also I talked to a real estate broker to list with them on part time, she was not enthusiastic about me doing it on part time. Would I be able to list as a part time real estate agent if I pass the exam? Also how beneficial it would be get a real estate license for spotting deals and becoming an investor.

Thanks