All Forum Posts by: Douglas Christian

I am like Mike I would not see this deal as a benefit for me. It is a benefit for the owner. What he is actually doing is allowing you to LO the property until the market turns itself around and then he will give you the option to purchase or he will then take back the property. Why would you not go and just put the property under contract and try and sell it to another investor and make a few bucks that way.

See I would probably look at taking the property SUBJECT TO THE EXISTING MORTGAGE. But, what I am reading does not sound like the seller is to motivated. See motivation is the key that makes real estate fun and exciting. Where there is no motivation there is no DEAL.

I do not see an upside in this the way you describe it and I am like Mike I would not take on this one like it is structured.

See Andrew it is great to see your enthusiam. What I would recommend is joining your real estate investment club in your area. That is where you will find a lot of info and will be able to ask real questions and get the help that you need. This site is great, but you need to be around the environment.

I would also recommend reading some investment books and would not recommend learning true real estate investing from a REALTOR. Actually many of them do not know as much as you think that they do.

You are young and are headed in the right direction. Take it all in and learn and grow over time.

Pls be advised it SOUNDS easy, but let me tell you in my world it has been, but you best have your buyer and some money from them before you go out and make an offer that gets accepted.

I would advise you to work with others first and get the system down pact. Many tell you that they will buy from you and then when you get the deal they get cold feet.

As for Bob I still think that you are too high on the offer to the bank. What are you afraid of? See what it sounds and looks like to me that many are in love with these properties and are afraid of rejection. I would go in and offer them $20k CASH. I guarantee that they will comeback somewhere in the twenties or low thirties so you did not even try to go low and that is what I see everyday from investors. It is your money why not protect it. They are trying to sell you something so you have the CONTROL.

There are some good thoughts, but I agree with the CASH FLOW issue. I do not go into anything that is not going to CASH FLOW. To me that is REAL ESTATE SUICIDE.

I would do the numbers see where they are and because you are young and your dad would like to get involved with you I think that is great. See many give opinions, but if I had my dad and it was willing to go in with me. What I would do is find the best opportunity for the both of us.

What is the difference between buying a single and a four plex? Many are telling you to rent out rooms, well if you buy the four plex I see that has renting out rooms. What if you do not like your room mates. See I own many properties and some I go by on a weekly basis and know one I MEAN KNOW ONE knows that I am the owner. Why because I keep it that way.

Make sure that whatever deal you decide to do, that it CASH FLOWS up front. See that means that you got a really good deal. You can always get another property, but when you start off purchasing right you will never go back.

Bandit signs are good, but code enforcement helping you locate vacant and abandoned houses and then you sending them postcards would be the way I would go. Many people use bandit signs and I used them until they started really enforcing where you could put them so I decided to go with the locating the vacant and abandoned houses and marketing directly to that crowd.

Also you can partner with a wholesaler and do a few deals and learn there way if they are good and use many of there techniques.

I believe that the sellers agent is probably trying to get you to beef up your price so that his commission can be higher.

Here's my approach always, give them the 300k, which I would have probably went lower than you and lost out if it were meant to be. You sound as though you have fallen in love with this property and that is the WORST mistake possible. You have actually made the agents job easy, because he is feeding off of your emotions as I am as I read these post.

NEVER, NEVER, get personal with a deal it is business. What happens if a unit goes vacant. See you must always look at the worst case scenarios and I have not read one from you where what if I get stuck making a monthly payment how long can I do that.

I would pull my offer and that would allow you to see if there was another offer on the table or not.

I am a DEALMAKER and it sounds like you are emotionally attached.

Since you really won't have anything into this property, why not just wholesale the deal and move on. Why would you sink money into it and not be assured that you can get the money back out in the end.

I would personally SALE it wholesale and then find a few more like that one. This sounds like a deal you might want to consider keeping and renting out. But, you are probably not wanting to be a LANDLORD.

Consider your options.

Douglas

Andrew

I believe that the same rules will apply for you as far as the taxes. You will pay your standard real estate taxes.

What areas are you looking in. Hopefully you will consider everything such as location and price. I spoke with you before so if you have any questions pls give me a call.

Douglas

If you are able to pay cash and buy and fix the property that would be the way to go. Then you could go and get a equity line of credit or refi the property to pull out some of your cash. CASH IS KING. Remember the less hands that have to dip into your bag the more you will have in your bag.

Consider the Carolinas for your 1st or 2nd properties.

See as a wholesaler here in Charlotte, NC I have always tried to bring properties that buyers can pay cash and do there renovation work.

The problem is that most investors want to be in neighborhoods in which they intend to live. You will not find properties like this to wholesale and be able to pay CASH for them. Every now and then you can happen across one or two, but for the most part you are going to be in transitional neighborhoods and see a big increase in rental market.

I see deals as CASH ON CASH and LOW RISK. Even if you make a mistake with a low end property it does not kill you.