All Forum Posts by: Derek Guyer

How to make big money in foreclosures with no cash or credit

by Peter Conti & David Finkel

I loved this book.

Birddogs locate properties for investors and charge a finders fee or something like that for locating it for them. They may be investors or soon-to-be-investors who need the get a better feel for the market or get some cash to work with to begin their own investing. Some of us do it full-time, others part-time.

Hope that helps. Welcome to the site.

Duster,

First of all, thanks for serving our country. You have my respect.

Second, if you can walk out with about $30k in cash to work with, I would suggest the Midwest, where you can purchase a property (duplex) for cash with that amount. I would then suggest you pull out a mortgage against it putting your cash back in your pocket and then repeat the process until you have gained the desired cash flow.

It's a simple process and there are a lot of investors doing it.

You have more than enough captial and could do quite a bit of good for yourself. I don't suggest doing the property management, but you can do what you like. I personally do not have any interest in dealing with it. I want freedom and prefer to let my manager take care of it.

Shoot me an email if you have questions or I can help you further.

Luke, welcome to the site. This is a great place to learn and you are smart for starting now.

Feel free to ask questions and never feel stupid for asking something. You have to learn...it will help you avoid very costly mistakes.

Great list.

Indy_REI,

Land Chasers is headquartered in Indianapolis. I rarely find any Indiana investors on here. It's great to have you on here. Welcome to the site!

100% agreed.

I agree with Bryan on this one. Do the research and if nothing else, you will be much more educated. Chase down every side of it and ask every question that comes to your mind. The only stupid question is the one you don't ask and in real estate, it could cost you a ton.

Spend your time doing intense study on as many deals as you can and you will be more educated and better equipped for every deal thereafter, if not a little bit of money.

If you would like to talk further, shoot me an email. I would love to help in any way I can.

[email protected]

DOS= "Due on sale"

This means if ownership of the property is transfered to someone else other than the borrower, the total amount due on the loan must be paid immediately.

The only reason that paying a property manager is too expensive is because most investors aren't buying low enough. There are plenty of deals where there is more than enough cash flow and you don't have to kill yourself doing all of that junk. If that sounds insulting, I don't mean for it to at all.

I like the lease with option to buy as well and do it myself, but think that having a property manager creates the desired result where your money is working for you.

As an investor, I want to be free and doing the property management is NOT an option.