All Forum Posts by: Shara Carlton

Hi Quentin. My advice for the best way to get started is as follows: GET STARTED. You can't decide whether to look for buyers or sellers first, then LOOK FOR BOTH at the same time. In this game (or any business you start), I've learned that you have to Not be afraid to multitask. People get cold feet when they start to think about all of the "challenges" they are facing. Take those challenges head on! If you run into a problem, come up with a solution! Have confidence in your abilities, and take every advantage you can (with out throwing others under the bus #karma). You already have one advantage: your partner. Why not split up the work load? You'll definitely cover more ground doing it that way.

Welcome Remon! I might have some ideas for you. Email me. [email protected]

Hey Wanda! I am a real estate consultant (not a licensed agent) and I started my business in Atlanta, GA, but I recently moved back to Chicago, my hometown, back in November. I have established some great connections with contractors, lenders, other investors, etc. Let's network! Send me your info, such as where you are looking to buy, how you prefer to work, questions about neighborhoods, or anything else you think might help us both. Welcome to BP! and Happy Investing to You.
[email protected]

Owner financing is one. Though it has its risks...

@Dariusz Chlopecki email me your buying criteria. I am a wholesaler dealing in Chicago and I keep my fee small and simple to make sure my clients get the best deal. [email protected]

I have a property for sale and people are offering to buy it, but I am getting alot of "owner financing" offers. I want 48K for the property and someone is telling me that I should do 8k down and finance the rest, but for how long should I finance, at what interest rate, and why???

Kim Knox, if a property has been on the market for too long (maybe because the neighborhood is not very marketable), wouldn't it be logical for the agent to go in on such an agreement for the sake of getting the property sold at a decent price as oppossed to continually lowering the price?

I just read an article by Michael Creel about using a non-agency agreement to receive SOC at closing. If I approach a listing agent with this, what might they say? Does anyone have any advice or disagreements about using this method to cover closing costs?

@Bill G., Thanks for that advice. Sincerily

Arktavious Sally, My exit strategy is, of course, to sell the property. However, I guess what I'm trying to do is create a twist to this wholesaling thing. I have found that, in my area (Chicago), there are no homeowners out here that are in the pre-foreclosure process. If you come across an abandoned house, it has either been already foreclosed on or has already been snatched up by other wholesalers. I have also noticed that MLS properties are selling at pretty low prices. So, what I was thinking of doing is getting an HML for the purchase of a foreclosed property through an agent and then quit claim it to an investor for the amount I put down + some kind of profit (maybe only a $1000 or so, I'm not trying to get rich, I just need extra income). Then it will be up to the investor to rehab and sell it at market price by the time the balloon payment is due (hence the 18mo terms). The monthly payments wouldn't be too high because I don't plan on purchasing anything over 20-25k. Its just that I know that I wouldn't be able to keep up with the monthly payments + rehab+ other stuff with my current income. Furthermore, I would like to make a profit quicker than a buy/hold/sell will allow. I'm just fishing for a way to increase my income and my intuition is telling me that REI is it...it's just not completely telling me how.