website to find deals

[Kelly Sanchez]

Hello, has anyone ever used the website myhousedeals.com to find properties? If so, do you find that the number in the listing are pretty accurate? (they often post Est. ARV and Est. Repairs, with a profit potential #) thanks!

[Michael Lee]

   Hello and welcome to BP! I do not have enough experience to give you any info on that particular website with your questions.  I do have other thing you could free (except your  time) and for an expense getting it.  What I would tell you kind of depends on your niche selected.  I do not know you are still a W-2 employee  and are starting on part time basis or a full time basis.  I am 60 years old and I tend to treat a lot of Internet people just trying to get your money.   I am slowly recovering and I have started anything yet and I am pretty opinionated not trustful of most that I have run into.   So be careful of the people you do not know them very well or are untrustworthy.  Do not make any assumptions of people you do not trust and know well.

Their business card does not mean anything but it has their "so called" position does not mean that they know more than you.  Stay in control and do not always trust to do what they say until you are convinced they do.  Your continual education is important so you can read financial statements and know the difference between good debt and bad debt.  Be a problem solver for the owners.  Try to build good relations with the owners.  That will probably help you more property deals.  After you select your niche and market area there are a few things you might want to do before you start investing in property.

One of those things you might consider is to form some type of a corporation or a LLC. That will help you personally and keep you clear of any business-related lawsuits. You might have to hire an attorney and/or a CPA to advise you what you ought to do. Another thing you might consider is to get your financing figured out and get a loan letter that states their average close time and your maximum amount you qualified for. Another thing you might want to do is to find an office location that is convient to you and have minimal distractions. You can locate that office in your home, just make sure you can close it off and if you can control personal distractions. Do not try to do everything yourself.

Finding a good Team of professionals that are local and experienced in what you are going to do.  A good Team can be very helpful by helping you get things done.  The primary Team has Attornies, real estate Agents or Brokers, a CPA ( or accountants that know ), Inspectors, General Contractors, and Handymen.  Track everything you do and review them regularly and possibly help you reduce expenses and increase your income.  Properly prepare things before you take action.   Always remember to do math analysis and try look at your prospective properties before you make an offer or at least have a clause in the a Sales Contract that allows you the time (about 10 to 15 days) to make a detailed inspection of the subject property and possibly back out of the deal without a penalty that hurts you too much.  Do not cut any corners that makes a property look good on paper. 

Just know that sometimes you just have to walk away.  By the way, I got into the construction business when I was 17 years old including those college years.  I also had a real estate broker license for about 30 years but I never did that full time..  If you think that I can help you in any way please contact me through BP at any time.  I am usually on that site every day.

Good luck to you!