Newbie Needing Advice

[Antoinette Wright]

Hello Everyone!

I have been wanting to get into real estate investing for over a year now. I have done all the research and I am ready to get my feet wet. I have come across a duplex that 79K. 100% occupied with 1400/month income. I have tried conventional finance, but do not qualify. Is there any advice for how I can find financing. Also, do any of you think this is a good deal? Thank You in Advance for your advice!
-Antoinette

[Gregory Childs]

If you really are new at this your post should read thus:
Hey guy's help me out - I have narrowed it down to these eight deals & two of them I have under contract (with contingencies).. I have the following exit strategies.. the motivation of the seller is... my timeline is XYZ, I can put up $x and I need to find a way of funding $y.. What's my best method of getting these deals funded.. How can I wholesale a couple of them to build my cash reserves.. etc, etc.

If you are looking at only one deal at a time you will get emotionally attached to that deal .... "the last melon" (Ice Age). However, if you have a bunch of deals that you are comparing, can see the exit strategy for each, undertsand your ROI/ROE (easy concept for an accountant), how much skin you can put in the game and what you need to make the deal work - then you are on the road to finding the "right" deal.

As a company, we intentionally put out blind offers on properties so that we can control the asset - once we have it under contract we can then assess our position. We already know that the deal works fiscally for us - we only have to assess how realistic our "vision" is for the project and does the "advertsing" (i.e. listing information provided) live up to reality.

If you have the right deal idenified, get it under contract (with contingencies) - the money will be found. The problem is most people don't put in enough effort to look at a plethora of pottential deals to get enough "good" deals to select from. RE investing is a contact sport.

Also, when you post please provide enough information to help us help you - you don't even provide the part of the US that you are located in. A deal in D.C. or Seattle is very different to Tampa or Cleaveland. The more information you provide the better advice you will receieve and also the more serious your enquiry will be taken.

Keep up the good work - just put your investing into a new level of activity and analysis. Just think of this as an auditing process - get into the details and look at enough reports to come to a conclusion that is valid!

TTFN,

Greg