All Forum Posts by: Patrick Saco

I didn't want to spend money on an appraiser, but it seems like my only option.

Thank you Tim. I actually did ask him what he was looking to get for the property.

He wants $13K, claims it needs about $8k in repairs. On zillow, properties similar to this one sell for $32k-$38k. The numbers look ok, but it seems too easy.

Whats a good resource for rundown property prices?

Originally I was marketing for properties in nice areas (Oakland & Macomb County, MI), but since it was my first lead, I was open to check out a property in stagnant city (Pontiac, MI).

I have met the owners, viewed the properties, gathered information on the property etc.

I used zillow to give me comps on properties near the house, but its hard to estimate when zillow displays properties that don't need repairs. Whats a good way to measure the value? What numbers do I use to make a good offer?

Once I come up with a number, I just pitch it to the owner with the purchase agreement?

Sorry for asking such basic questions, but I'm determined to succeed in this business and don't want to form the wrong habits.

I'm 23, looking to go back to school to get my Bachelors in Finance. My Dad was a Real Estate Agent, dabbling in Residential and Commercial. Besides accompanying my dad to the office and some house showings, I don't really have any background.

For some reason, Commercial Real Estate is more appealing to me than Residential. After some research, it seems that commercial agents need a significant amount of money saved up (1 years worth) to live off of the first year.

I wasn't really sure Agents made money quicker than brokers, I just assumed from the research I have done.

Thanks for replying!

Hello. I was wondering what the best route would be to get this type of business up and running. I've never worked as a Real Estate Agent, I am not licensed. I've contemplated becoming a Commercial Agent, but can't really afford not making money for a year, so I figured I should educate myself.

As of right now I'm reading Real Estate Finance for Investing to learn how the financing side of real estate works and give me a better understanding.

What would you recommend for me to achieve this?

I spoke to a few guys who claim they've been through it all when it comes to Real Estate & Investing. They told me I'm wasting my time wholesaling, that the strategy is unheard of and looked down upon. Is this true? I'd like to know before I invest anymore of my time.

Thanks for that Jon.

@Dave, the book has no author for some reason & just shows the name of the company and address. I got it from a friend.

I got this info from a book titled "Steps to financial Freedom through Real Estate Investinf"
By [REMOVED]

Do I prepare a separate purchase agreement for the seller and buyer?

I got a homeowner who wants to help her mother get rid of her home and an investor who is interested in the property.

I plan to inspect the property tomorrow, take notes & photos and forward the info to the investor.

So if the investor wants it, I understand I have them fill out the purchase agreement along with the seller.

From what I've researched, my next steps are:

-Check the title on the property?
-Once that is cleared, I do a double or simultaneous closing?

Am I missing anything? Is that the correct order?

Absorbing every bit of info possible on REI. The two main strategies I will use are wholesaling & lease options/options.

I want to know whether or not a Realtor License would be beneficial to those strategies or would it impose restrictions in trying to make those deals?

The reason I am asking is because I see some members mentioning how much they saved by having the license but on the other hand it seems like having a license restricts the flexibility in any deal you are able to make.