All Forum Posts by: Jason Lam

If you saw a 2br , 1bath house for 100k how much would you offer them half? or lower? (fairly good area)

I am still learning about real estate investing. and I do not have a buyers list of my own but lets say if I did have a buyer list and someone on my list will buy the house. but only for 70k. I get the price of house down to say 50k, then do you sell it to the buyer for 50k or for his 60-70k depending on negotiations.

Or do you keep this house as a rental and put a mortgage on it to purchase the property.

Ok so let me get the process straight.
(create a buyers list)
1.First you find the house,
2. then you negotiate the price with the seller,
3. Get the contract, and after that you have to do research of if the house is legal to sell.(i am planning on getting a license so i can be my own agent, which adds a side question should i get my license this early in my learning phase? taking a fundamental in real estate class in community college)
4. Find a end buyer to buy the contract (someone from the buyer list)

Basically what I wanted to know whats, is Yellow Letters something for the more advance investor that has the money to make the deals. or is this also somethign beginner (birddog even) to do? This website is really amazing, as I am spending hours on here, a lot of my questions are being cleared and everything is getting less confusing. Its the amount of the information that I am taking in and not understanding the orders they go in. For example I just learned about 50% and then heard about 2% and went what? then learned the 2% and it connected the whole 50% and 2% together and made me go AHHH thats soo simple!

I was wondering where or how people go about finding their first property? I am currently awaiting to take a course in real estate fundamentals. But while trying to find houses or apartments they cost 200k +. Now I am trying to figure out how people find those 30k houses are they searching online? Craigslist? or driving around neighborhoods in person and calling the sellers with the bandit signs out.

Hi I was wondering if there is a link to understand more on yellow letters. But my question is If you are sending out all these yellow letters to homeowners, Do you pay upfront in cash for their property? get a loan to buy the house?

Thats exactly what I wanted to know! Wow thanks man, I am going to look into that Assing the contract one.

The only thing I cant wrap my head behind is, so once you talk to a homeowner, and get the contract, do you already pay them the lets say house cost 400k, do you pay them the 400k first, or do you just have a contract for a house worth 400k and you just find someone off of your buyers list to get the contract you are currently holding and forkout that money.

I was wondering how do you get the "propertys under contract" is this a contract you create with the owner of the home and try to sell the property to a buyer on your list. Or do you buy the house with your own money and then sell it to a buyers list. I am reading around and seeing ways to get buyer list but I have no clue how you get the Contract in the first place. totally new and will be taking a fundamentals in real estate course at a community college in winter.

Had a question someone may be able to answer.

When you rent out a home, how much do you have to put aside as loss money. Incase a tenant doesnt pay rent and you lose money from that, how do you get a tenant that will pay you consistently or is that a fools dream?
My buddies parents rented out a house to a guy that didn't pay the rent for 3 months and even broke a window. this got me to thinking is their a way to make it fool proof? So that the tenants that rent your propertie pay what they are suppose to, to decrease your risk of losing the property because they didn't pay the rent. (Mortgaging a home, and then renting it out so the tenants can pay off the mortgage)

Hey, My name is Jason Lam, and I literally just out of the blue decided to take an online course in fundamentals of real estate. I am clueless about real estate and hope I can get some of these questions answered. My biggest question is, after taking the courses, getting my licenses, How does one get the money to start acquiring properties to start a career as a realtor. Also how do you make a living when you first start out after getting the first property.

I was watching youtube videos when one of the goals that were presented to me was

- Obtain 6 properties, and have the tenants pay off the mortgages for you.

Is this what all realtors do or are their hidden cost to doing that?

What he says to do is, get a home and mortgage it for 20 years, and have the tenants pay off the mortgage for you. pretty straightfoward but I cant help that he left something crucial out.