Idea from a new guy
Hello.
My name is Michael, I'm at the ripe old age of 17 ,18 in a couple months, and I just graduated from High School. I have been sitting on the idea of getting into the real estate market for quite some time now. But I kept telling myself I'll get serious tomorrow. Tomorrow came and went, soon weeks had past and I hadn't really done much aobut it.
That has all changed though. Like I said earlier I just graduated from school and it will look bad if I am sitting around doing nothing with my time. So I figured it's time to get serious, besides this not having much money business is getting old. :wink:
Now that introduction is out of the way it's time for the details of what I am trying to work on.
It's called an option to purchase aka a double closing. What it basically boils down to is I agree with a value on the home owner/seller and then i do my best to find a buyer for however much more I can then that. And then at the closing I get whatever the difference is.
If it does not work out, like the original owner finds a buyer or he/she wants to back out. After all it was called an "option" so I was not required to do anything.
I know the concept sounds fairly simple. But I also know that in reality it won't be, I have no illusions about what those guys on late night infomercials pedal.
Does that sound like a realistic way to make money with real estate? Are there any potential legal issues with working something like that?
Yes, I did buy one of the programs that I found on the internet. But I also had it mostly figured out by just reading the introduction part of it. I read all of it ,over 150 pages, in one night.
I wanted to get right out there and start working it. But unfortunately that fire soon faded. But it's back again and it won't quit this time. I am unfortunately addicted to iron. Particularly the old American kind. Especially the ones that are powered by a big block V8 and a 4 speed. 8)
Any comments and suggestions are more than appreciated. I am just looking to get my feet wet, and hopefully be on the way to a very successful career.
One more thing. If that does sound like a reasonable plan. What would be the best way to approach the homeowner, and finding buyers?