All Forum Posts by: Tom McGiveron

what are you dreams? welcome btw.

welcome aboard! you've accomplished much in a short time.

talk to your attorney about shorts. you can also read up on them a little here and on other sites.

the pitfalls will mostly lie within the houses themselves and wthin the numbers.

you've got to analyze the deals.

when you make offers, just factor in the cost of using a real estate professional to sell your properties.

any update on these properties?

there's no doubt that it's definitely an interesting time to be in the business. i love it.

also, as a REALTOR, if you start buying up "investment properties" - you're not really representing the best interests of the seller. that can get sticky if you start buying up stuff.

people stick to what makes them money. it's like any other business - agents work on and in THEIR business. his business is moving properties fast, using investors that pay cash and close quick. that's why he called you.

alot of investors will say - wholesaling will be the quickest and "easiest". easy because you're not sitting on land, you're not busting your butt or contractors butt to finish a rehab, etc.

you're purchasing with assignment rights and you're buying at a signficant discount so that if you cannot wholesale to investor (a possibility, but more than likely, if you've done your networking homework, not going to happen) - you'll be purchasing a property signficantly under market value (over 30%).

with foreclosures - that's different. banks won't really get involved with people buying with assignment rights. they don't want to get mixed up in that. foreclosures - actual homes that have been through the entire process and are bank owned are not really deals. banks look to get fair market and most (i'd say) sell within 10 to 15% of market value (depending on where you live)...and at 10 to 15% of "market value" - who's determining that? a bank or the actual market - buyers.

anyhoot. good luck!

think about it. you're going to pay an attorney what? $500 (minimum) to sit down with you to draw something up. i mean if you meet with someone and they screw you over, you're out money and you move on.

just do as many as you can and make as much money as you can as fast as you can and while your competition is sleeping or worrying about what type of contract to draw up, you're planning your next farming session and planning your next weeks schedule to meet and greet investors at the next chamber meeting or rei meeting.

go go go. the market never sleeps.

how do you plan to manage these properties?