US real estate

[themagician]

...Think I can guess, although I might not understand some of the big words. Or are you moving up to, 'Actions speak louder than words?'...cause I've kinda grown fond of my limbs after so many years.

themagician

 

[Uptownbulker]

...Think I can guess, although I might not understand some of the big words. Or are you moving up to, 'Actions speak louder than words?'...cause I've kinda grown fond of my limbs after so many years.

themagician

Yeah, the last guy that got what I suggest for that peculiar and scavenging species was Lord Lovat; It was last carried out on the unfortunate person of Simon Fraser, 11th Lord Lovat, Chief of the Clan Fraser - who had chosen the wrong side in the 1745 rebellion (Bonnie Prince Charlie and all that). His execution was carried out in London in the Spring of 1746.

 

[premiumsource]

getting off of a tangent a bit, but hilarious

 

[themagician]

...Oh the joys of being in the company of an educated man!

Before we get banned for thread-hogging, I shall defer to you Uptownbulker and let you have the last word, if you desire.

Glad you enjoyed our double-act premiumsource. Sorry we got off-topic.

I shall go off to prostitute myself further.

Have enjoyed this harmless spat immensely Uptownbulker. We must do it again sometime.

themagician

 

[apocdog]

Can any of you guys recommend any good forums and books for real estate newbies? I really want to start flipping property by next year.

 

[themagician]

...I know of none apart from the links below apocdog, but I did think of writing an ebook on selling your property WITHOUT using a real estate agent, which would include advice on how to do up the property for maximum effect and minimum expense, but this will take a while.

If nothing is found by anyone, I might take this more seriously as there is obviously a place for it and then I'll need all the BlackHatters to show me how to prevent illegal downloads from my website. lol

A Google-search might help.

http://ibrown.armandomontelongo.com/?gclid=CMSA56H_2ZMCFRAbewodbTCgWQ

http://www.propertyflippinginfo.com/

http://www.homesmartreports.com/

http://www.jdpower.com/homes/articles/Property-Flipping

http://www.investing-secrets.com/?gclid=CPnq1eX_2ZMCFQsXewodHSXZUg

http://www.realestatejournal.com/columnists/housetalk/20030228-barta.html

http://as.wiley.com/WileyCDA/WileyTitle/productCd-047003937X.html

themagician

 

[Jax71]

Nice, I thought this thread had died. There's some good advice here! Thanks.

 

[Toby]

I'd be happy to help with any ideas as I am a lowlife, scumbag, realtor. Best Toby

 

[tobilove23]

Has anybody done wholesaling in realestate?

 

[premiumsource]

Yes, I do wholesale quite often. If I find a good deal and can't rehab it myself since I have all crews busy I would purchase it and sell it to another investor. It's easy money in my opinion. Of course it takes experience and you need to know who to offer the properties to. On the other hand I've never made more than $10,000 on a wholesale deal. But a nice thing about it is that you can do many of them throughout the year and can make a fortune, of course if you know what you are doing and have right people to offer it to.

 

[oldenstylehats]

Right after I got out of school, I worked with a real estate development company developing entire communities in an emerging market in Tennessee. It requires considerably more capital, time, and energy, but we made a TON of money. If I ever get back into real estate, this is exactly what I'd do.

 

[Atlas]

Thanks but I firmly believe that all realtors who act for anyone but themselves, should be rounded up and sent to an island for five or ten years so that they can feed off of each other trading seashells, rocks and grains of sand.

LOL! In many ways, a realtor is nothing more than a salesman and we all know there are plenty of dirt bag salesman. But then again, isnt that what this forum is all about with Black Hat marketing

 

[jsnoodle]

@premiumsource - good info and tips. you definately know what your talking about in this business.

got a few questions for'ya:

as for distressed properties what is your adivce on looking for them? I recently attended a foreclosure auction so I'm a little familiar with how they work. do you recommend picking up properties from there or going to the owner before the auction to work some sort of deal out? I have some sources for REO property but haven't looked into it much.

Also do you basically compare recent sales in the area to the value of the distressed property to get a guage of the profit margin? What kind of analysis do you do to consider purchasing a property? the market where i'm in has been hit with very few sales and a huge buyers market. my only worry is getting stuck with a freakin property i won't be able to unload.

also you had talked about doing a lot of the work yourself which i agree. handyman work is nothing new to me.

again, awsome rock solid advice!!!

Thanks!

 

[premiumsource]

What I do is contact the preforeclosure owners and offer them cash and help moving and such, also homevestors has a lot of properties that they simply don't have time to flip so I pick it up, you can find those properties on their website.

I look for properties that are for sale by owner, I put ads in the newspapers, billboards, ads in front of home depot's and such.

Driving around your neighborhood and locating those properties might work too. Also connect with several agents so they can let you know once there is a fixer upper out there.

I analyze the property by basically looking how much needs to be put into it for it to look better than recent sold houses but to be sold for a few thousand less so it moves quickly. That's why I recommend doing some of the work yourself in order to make it better but to underprice it alittle comparing to comps. Also for this to work you would need to have a real estate license because those couple of thousand dollars will make a huge difference. Hope this helps.

@premiumsource - good info and tips. you definately know what your talking about in this business.

got a few questions foor'ya:

as for distressed properties what is your adivce on looking for them? I recently attended a foreclosure auction so I'm a little familiar with how they work. do you recommend picking up properties from there or going to the owner before the auction to work some sort of deal out? I have some sources for REO property but haven't looked into it much.

Also do you basically compare recent sales in the area to the value of the distressed property to get a guage of the profit margin? What kind of analysis do you do to consider purchasing a property? the market where i'm in has been hit with very few sales and a huge buyers market. my only worry is getting stuck with a freakin property i won't be able to unload.

also you had talked about doing a lot of the work yourself which i agree. handyman work is nothing new to me.

again, awsome rock solid advice!!!

Thanks!

 

[hotstox]

Try wholesaling/flipping the contracts first before actually closing on a flipper. What this consists of essentially is finding a good deal to flip, getting it on contract, and assigning/flipping your interest in the contract to an investor who intends to flip it. There are a variety of ways to do this, but average assignment fee could be 3-6k for a SFH, even higher if you can negotiate a good deal with the owner. It's a great start, and I personally know more than a few mid six figure a year earners who ONLY wholesale. It's much easier than it sounds, and you just gotta have the balls to make offers. Low offers to people who need money at that. I know guys who make 100s of offers a day.. so get to cracking.

 

[premiumsource]

I found combining these two works wonderfully.

 

[jsnoodle]

first off, thanks for the good info.

actually my county has a list of auctions taking place all the way out to december 2008 on their website so there are definately those diamonds out there to be found. just gotta find'em!

thanks!

 

[premiumsource]

you are welcome. Good luck man. I hope your business takes off.



[QUOng toTE=jsnoodle;143835]first ofou cf, thanks for the good info.

actually my county has a list of auctions taking place all the way out to december 2008 on their website so there are definately those diamonds out thouere to be found. just gotta find' em
thanks![/QUOTE]

 

[MaskedMarketer]

Hey everyone,

Im thinking of getting involved with RE and flipping contracts seem to be an easier way of making money than rehabbing the place and selling. Is this like shortsales or is that a different method??

How do Foreclosure Auctions differ from Tax Lien/ Deed Auctions and whats a better/easier/quicker way to make money? Does anyone here have experience in Tax Liens/ Deeds or flipping Tax Lien/Deed contracts??

Try wholesaling/flipping the contracts first before actually closing on a flipper. What this consists of essentially is finding a good deal to flip, getting it on contract, and assigning/flipping your interest in the contract to an investor who intends to flip it. There are a variety of ways to do this, but average assignment fee could be 3-6k for a SFH, even higher if you can negotiate a good deal with the owner. It's a great start, and I personally know more than a few mid six figure a year earners who ONLY wholesale. It's much easier than it sounds, and you just gotta have the balls to make offers. Low offers to people who need money at that. I know guys who make 100s of offers a day.. so get to cracking.