All Forum Posts by: Brittaney Woods

What you do need to do first is find a good real estate property and purchase that property under 25k.

How this PM found you without you having a deal first is confusing to me. I myself find it very dangerous to have money without a deal. Why? It is very easy to be complacent and purchase something just to buy it. Yes, there are people around that have the money first but trust me they are sharp-discipline hawks (seasoned people). I am local and this market is cut-throat. I invite that. I will hate for you to place your private funds into undesirable areas, confusing condos, rusty mobile homes or go with an unscrupulous "partner".   How is your experience on the field? Have you crunched through the local data to determine exactly what $25k can buy in your area? What will be your concept to understand repairs to then pitch a property to a rehabber? If you bring a rehabber and he smells you don't know your numbers he will capitalize on it and dominate the negotiation - you can bet on it and you almost force him to it. I am not trying to give you a hard time here... But if you are in Miami and you are not careful you can burn through $25k easily. What are the expectations from the entity that gave you this PM? When do they want their money back? Interest? The PM didn't give you any terms (interest, etc.)? That's another flag. More complacency. It is the burning fire sensation under your feet what will propel your critical strategies to greatness. The fear to lose that PM money. An idea, could be to leave the $25k untouched until you have a proven concept on how to get in and get OUT with a profit in your hand for you and your PM.

What are the terms on the private money?  Your end goal is gonna take quite a bit more than 25k.  You could use that money for a down payment on a rental property (or possibly multiple depending on an array of factors).  You could also use that along with other money either from a partner or another lender to do a rehab or other shorter term deal to build up your cash to get you closer to your end goal.

Just look on the county's property appraiser ( google ______ county property appraiser) and the owner's name and mailing address should pop up.....once you type in the address.