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You Can Make A Lot of Money In Real Estate.

Discussion in 'Making Money' started by D4RK KNIGHT, Oct 6, 2013.

  1. D4RK KNIGHT

    D4RK KNIGHT Regular Member

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    I have always been told that real estate is better than money in the bank and I have to agree.

    Real estate is better than money in the bank because real estate generates money by renting or fixing and flipping.

    While money in the bank just sits and collects a very small interest rate.

    There is a lot of money to be made in real estate. Earth is not making land anymore and as people populate land dosent.

    Land is getting higher in demand and lower in supply.

    You can buy real estate right now at great prices at courthouses that have tax liens, bank foreclosures, and auctions.

    Let me tell you guys something that just happend that I came across its to phenomenal to keep to myself to those of you that are interested.

    I was looking on a real estate site and I saw a listing that was in the city I live in. I couldn't believe what I was looking at I thought it was some type of mistake so I immediately got in my car and drove over to the address to see the establishment in person. When I got there I was in shock. The property was on 8 acres with a 23,000 square foot building and they were asking just $35,000 for all of it! yes only $35,000! When I saw the outside of the building and the property I was in disbelief so I immediately jumped in my car and went to the realtor agent that was selling it.

    I got to the realtor office and asked a lot of questions. The realtor said they have a contract pending!!!!! They let me do a walk through of the building since the building was not technically sold yet. When I was in the building it didn't need much work the building is old and was used for manufacturing the building has a nice foundation, roof, drain, and the plumbing and electrical work great. I also checked the building for asbestos and didn't find any but I would probably sheetrock the majority of the walls and ceilings anyway. I have no Idea why this building and land is so cheap. I know this would cost who ever built the building way back in the day at least $750,000 with adjusted inflation. I know with the building fixed up with the amount of work in needs would sell for $350,000 or better even with the real estate market down. Im not even going to try to resell it. I got ideas im going to use the building for. The building is zoned for anything and is ok with the city.

    If im not able to get this im going to be sick.....I kinda feel sour about it now.

    Im sure the contract that is pending is a counter offer to what the owner was orginally asking.

    The contract is probably contingent though on the person getting bank financing or giving enough time to get the funds by selling an asset to get the capitol to buy the property and building.

    I called the realtor today and he told me that the contract pending is probably going to happen and the building is going to be sold. I told the realtor that I would pay $37,000 cash on the table!

    So my backup offer is in. If the deal that is pending falls through then with the offer I made is next in line to get the place.

    One other thing that I know that I can do and that is to get ahold of the owner trying to sell it through the real estate agency and tell him I will go more than he is asking. He can cancel due to seller's remorse getting cold feet and not wanting to sell the property as long as he hasn't signed the dotted line on the contract.

    So im going to have to go to the court house on Monday when its open and get the latest tax information on the property to get the owners information because the realtor won't disclose any of the sellers information! Because they don't want to lose their realtor commission.

    The only other thing I know I can do to get the building is if im not able to get the property and the contract is final. I need to offer the $37,000 to the guy that just bought the property before I could and I would even offer more if I needed to get it.

    This is the type and price of real estate that people dream about. This property is a once in a lifetime opportunity.

    If I dont get it I might aswell be in the hospitial. I look pale and feel sore just thinking about not being able to buy it. The last to days I have had trouble eating and sleeping because this can be a life changer for anyone.

    Im trying to stay optimistic. Crossing my fingers and praying im able to buy the building and the property.

    If you have any real estate type questions please dont hesitate to ask me.

    Any advice on how I can better my odds or any other ways of getting the property please feel free to post on the thread.
     
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  2. penguin2111

    penguin2111 Registered Member

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    I wish you luck! Hopefully you get it instead of them. If they do succeed with their offer then I don't think your chances of getting it are as high as you think. They either 1.) Know that it is worth more, just like you know. Or 2.) They see that you are willing to offer more money for it and will come to the realization that the property is in fact worth more than $35,000.
    For those reasons I do hope that the other persons offer falls through and you get it.
     
  3. mickyfu

    mickyfu Jr. VIP Jr. VIP Premium Member

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    No but there are people dying.
     
  4. W9go

    W9go Jr. VIP Jr. VIP Premium Member

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    good luck .... its a lot of work to renovate old stuff. and a lot of money is going in there but the price really sounds like a bargin but depending where it is ;)
     
  5. justFocus

    justFocus Newbie

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    The structure is most likely haunted. Keep your local paranormal team on hand, just in case ;)

    Nice creativity and thinking on your feet, taking action quick always leads to results.

    In any case, stay positive about the acquisition, there's no point in feeling or thinking negatively; put your focus where it belongs.

    You get a thumbs up for potential success.

    *thumbs up*
     
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  6. nanavlad

    nanavlad Jr. VIP Jr. VIP Premium Member

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    Looks to me like the Realtor might be pulling a fast one

    He is obliged to pass on your offer, and getting the owner he best price possible

    So unless the other buyer has a written agreement, then the higher offer should win
    especially if you have the cash.

    Go ask the neighbours, where is the owner, ask about the property.
    They will tell you more than the realtor.

    You may not hae the full story
    there may be legal problems,
    The Realtor doesnt seem to be too forth coming, which makes me suspicious of him
    The higher the price, the more commision they make.

    Its a realtors dream to have more than one interested party.
     
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  7. b1step-ahead

    b1step-ahead Power Member

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    Remodels and flipping can make money, lots do it. I've managed about 21 remodels and they never go smooth. The contractor always finds something more, time schedules are never kept, and they can be incredibly stressful. The market is super hot in my area and people pay cash and multiple offers are now the norm. Best advice, assist with another builder, tell them you want to start marketing for real estate and would like to shoot a video for a remodel. I make good money shooting remodels for construction companies, anyway learn as much as you can. Work with vendors that will take 30 day or 60 day terms, their hard to find, but you have to protect your cash flow and credit at all costs, once you run out, you are truly fucked.
     
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  8. NoirHat

    NoirHat Regular Member

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    "I have no Idea why this building and land is so cheap."
    That's the first thing you better find the answer to.

    What are the annual taxes for the property?
     
  9. MrBeastsOnToast

    MrBeastsOnToast Jr. VIP Jr. VIP Premium Member

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    Dude! Stop! There is obviously a reason it is that price.

    Are you seriously going to buy a property without getting a surveyor to look at it?
     
  10. alterkram

    alterkram Newbie

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    I tried real estate years ago. I think it's something that you really have to enjoy and I didn't enjoy it. I just felt it was too boring to learn all the legalities. The money may be good but I would not be happy. But I know someone who loves it and is doing great. To each his own.
     
  11. alinator

    alinator Junior Member

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    As the saying goes - IF IT IS TOO GOOD TO BE TRUE, THEN IT USUALLY IS :)

    Good luck though!
     
  12. moneyisthename

    moneyisthename Registered Member

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    Hey Dark,

    Great find! I'm happy that you have done some research and actually gone to go look at the property in person. I wish you the best of luck acquiring it! I would like to know where did you find this listing?
     
  13. TehEpidemick

    TehEpidemick BANNED BANNED

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    You should definitely check it out more. but 37k with 8 acres of land and a huge building...the land alone is worth enough for it to be impossible to lose your ass.
     
  14. DylanC

    DylanC Junior Member

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    What about the property prices in the area? Did you try to find out why it is so cheap?
     
  15. spmcnerd

    spmcnerd Regular Member

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    It's not too good to be true, I bought 10 acres for 25,000 and sold for 150,000 just because Walmart was coming.

    I hate to burst OPs bubble and I hope I'm wrong but unless you are providing coke, drinks, trips to Cabo, strip clubs... you aren't in the loop. The agent who handle those types of properties (usually foreclose) are specialized in REOs. They have a network of investors in their pocket who can write the check. The bank wants out yesterday and they don't play buy consumer rules, they have their own.

    And ditto watch those taxes!
     
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  16. D4RK KNIGHT

    D4RK KNIGHT Regular Member

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    Given that the building has been vacant and needs work. New flooring, walls, and ceilings etc.

    The annual taxes should be around 2,500 a year. Until I renovate the building and make it nice to use or resell.

    Also the property is located in a town that is a very very poor community.
     
  17. elschlongo

    elschlongo Junior Member

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    I would fin out if the manufacturing business that resided there previously got into some kind of environmental problems. Like someone already said, the acreage alone should be much higher than asking price. I was in a similar situation and found out that the previous owner had used the property for a junkyard. There was a soil contamination issue, and this guy couldn't give the property away if he wanted to. He was on the hook for EPA clean up costs that were estimated at the $500,000 range to start.

    The beauty with real estate is that the "deal of a lifetime" happens every ten minutes. If you don't believe that, stay out of real estate. Get good at due diligence, and keep your emotions out of it. Don't get all worked up on this property, because there are many more that you haven't found yet.

    Good luck man
     
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  18. cashola

    cashola Registered Member

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    lmao yeah he needs to get ahold of ghost hunters or ghost busters!

    If the pending contract takes a long time to finish it just shows the buyer does not have the money and is trying to get the money from a bank or trying to sell there house to get the money.

    Good luck!
     
  19. curve88

    curve88 Newbie

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    That would be one hell of a buy OP.

    You just got to be at the right place at the right time. I have seen real estate go cheap and even cheaper than what your describing and its getting even lower in value as the economy gets worse.

    A house that was a mega mansion called the le reve in atlanta cost over $50 million to build and it sold for just 11.5 million.

    If you do get the property a 23,000 square foot building is huge! You will have to watch out for utilities!

    Thanks for the post hope you get it man.
     
  20. Radog

    Radog Registered Member

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    Talk to the previous owner. Hire a real appraiser. Do not take advice from the bank/owner estimated values. The owner may be just trying to get rid of the property because they have been unable to rent/sell it for anything higher. If you do get it anyway, prepare yourself for the financial undertaken of using it for yourself or converting it for gerbils. I mean renters.

    There is always another bid, this is how real estate agents motivate interested buyers. If this owner wasn't able to rent it to local business, chances are there is no local companies looking to rent.