All Forum Posts by: Danny Day

Looking to start out in Pre-foreclosure short selling. I'm going to get a front site up and start posting ads in my area. I had a few questions regarding pre-foreclosure.

I've been reading some books on the subject, and one of the books says you can do all the transactions without a broker (and save some $$$). How do you do a transaction like this without a realtor (buying the property from the owner)?

I know due diligence is crucial in anything dealing with foreclosures. Do you recommend a way to check for liens on the property? Title company?

Also last but not least, could someone explain to me the pre-foreclosure process (on how people profit).

From what I see for example: Mr. X owns a house worth $180,000. He owes the bank $80,000 on the loan. He is behind on his mortgage payments, less than 90 days and will soon go into foreclosure. I offer to buy the house for $80,000 (assuming there is a clean title) and take over his mortgage. I invest some quick cash in the house, and turn around and sell for $195,000.

Thanks in advance

Danny

Thanks for the advice, this is why I moved to looking into the real estate field, ambition and go getter would describe me in a few words.. I think I'll fit in....

As far as places in my area, I've landed one through a friend, but I really want to get out of Texas.. I'd like to intern somewhere in a place I'd like to check out to live, I'm mainly looking at LA.

Thanks again,

Hello all,

I figured I'd post this because everyone here seems to help out. I'm entering my senior year in college, and am looking for an internship in the real estate field, preferably commercial real estate development, but all I've found so far is places that charge to submit applications to firms.

Hopefully someone could point me in the right direction

Thanks in advance,

I plan on doing this as well. Very smart investment.

The surrounding area is the historical area of town, so prices vary. Prices range from 100k-300k due to there being mansions right next door to smaller houses.

The ideal plan, would be to have an investor buy the property for us and then we would lease to own from the investor, paying him a percentage higher than what he paid for the property over time.

We are deciding on down payment as soon as we can get a final price, and after the property has been inspected.

The property is very well maintained. The owner / land lord lives two houses away and takes very good care of the property. Not much yard to maintain, but over all the property is very clean cut; inside and out.

Yes, we have looked at other properties. Reasons vary as to why we have not settled on another piece of property, mostly due to zoning restrictions in our town. Most of the large houses are zoned for single family living, so more than two people with different last names can not live together at the house. I have heard through the grapevine that zoning should be considered, but not be a deterrent when buying property, because zoning can always be changed.

Also, this location is ideal because it is fairly close to campus.

Allstar

The property is located in San Marcos, TX. I have the offer from the owner to sell, but he has not came up with a price just yet. As far as grants go, that is a good start. Thanks for the input, and I will keep you all posted.

allstar

well, i am a junior in college. i have little/limited capital and a part time job. i have good credit but not enough credit or down payment to invest in this peice of property.

since i've been at my school, we have managed to start a fraternity, and now it has come three years later when we are in need of a house. none of our alumni can afford it, because they are just out of college as well.

i'm not looking for excuses why i can't get it, i'm looking for how i can get it.

4 duplexs 2 blocks from a major campus with a pool / hot tub.

how do i go about funding this? or how do i find an investor?

thanks in advance

Thanks for all the warm welcomes!

@kimorents-
As far as my investment strategy intrest, they keep changing day by day, the more I learn. At first I wanted to start out with stocks/bonds/debt/securities etc. The more I learn and the more I read, the more I want to develop into the real estate field. More assets on my balance sheet is my ultimate goal. On the side though I'd like to venture into small/medium size business. I am in central Texas in a little college town outside of Austin, TX. I live in San Marcos, TX. Happy Holidays!

@dcg123-
What book did you read? I just finished up his new one, "Think big and kick ***, in business and in life". It seemed O.K, the best one I think I've read by him so far is "Why we want you to be rich". I also notice you're in the Houston area, thats where I am originally from! Northwest side of Houston! Go Texans!

I was lurking last night and found lots of great information. Once I do some more research and find out how to get some funding, I can't wait to close on that first deal!

Just dropping in to introduce my self, my name is Danny and I'm a student attending a college in central Texas. I came here looking for knowledge and advice as I make my way into the real estate world. I am young, and I have fairly no capital right now but I do have dreams, and I do have drive. Since I've taken economics in high school, I've always pushed my goals higher and higher to make it to the top. I feel like I've already missed my first step by not start earlier with real estate - it almost seems unfair (from what I've read). I'm a person with a can do attitude who thinks bigger and higher than any person I've ever met.

I started getting into real estate development and investing after reading many books by Donald Trump (I know he may not be the most liked guy here, but he did get me into all of this). I am currently in college for business finance.

If I have any questions just please keep in mind I am brand new and always trying to learn!

Thanks!