All Forum Posts by: Michael Gavitt

Hey all,

I think I have my very first deal in the works. Let me give you all the details and you can tell me if I miss anything in my sequence of steps of how deals like this usually go (no money down no credit distressed property flips)

Alright, I found one foreclosure in my immediate area for $19,000 market value is $42,000.

Now, I'm going to do my due diligence first to make sure there is not anything seriously wrong with the house (my father is an appraiser so that should help) then i'm going to call the bank directly and speak to the REO line and I am going to offer $9,850.

The only problem I see now is enough interested investor buyers. I'm going to tell the bank the offer is through proof of funds so I am thinking it is probably a good idea to have a buyer lined up first, right?

I got a number off craigslist, the "We buy homes for cash" people. I've tried looking through public records online but they all want a fee to see buyers. Am I headed in the right direction with this deal?

I still have to finish building my team for this as well. It would be so helpful if someone could tell me the basic team that deals like this require. Realtor (sort of?), real estate attorney, and title company is what comes to mind.

Thanks for the responses everyone. let me me more specific and lay out a hypothetical. I just want to make sure im on the right path.

I know I dont have many options as far as investments starting out, as credit and money cant play a factor now. I know I am limited to flipping property mainly.

So my options here for flipping are 1. calling banks and seeing if they have any distressed property they want to sell, and 2. finding deals myself through various sources (newspaper, craigslist, etc) Also finding investors for each way. Am I correct here, and/or missing anything regarding this type of investing? The only thing im not sure about then is calling the bank and negotiating the deal.

For example I see one foreclosure in my immediate area for $19,000 market value is $42,000

Hey all,

As the title suggests, I am just starting going all in on real estate investment. Let me give you a little background about how I came here.

I was doing an apprenticeship in appraisal. My father has done it for many years and I was doing it under him. He had to retire early and as a result was not able to finish my apprenticeship. I must of looked for over a year for another appraiser willing to take me on and I could not. That is major problem in that industry. There is a mass exodus of sorts and hardly any new blood coming in as a result.

So fast forward to today and I have just completed Fabian Calvo's course. I understand the potential here is great especially now with all these toxic assets. Now I am basically sitting here reading all these articles from various sites not sure what to do. I know I need deals I can do starting out that are no money down and no credit. I would assume the easiest would be bank foreclosures with a flip? Something like this is needed so I can pay off my student loans that are haunting me, then be able to finally rebuild my credit so I can do things like invest in various rental properties in the future.

In terms of networking there really isn't much here (west virginia) in terms of people, REI clubs etc. There is one about 1 1/2 hour away from here and I talked to the guy for half an hour, he sounded supportive. He mentioned that there were some in my area that did do it but are not anymore. So here I am with an overload of information, its like I have various pieces of the puzzle strung about and I just need to put them together. ANY advice, tips, anything would be greatly appreciated.