You may want to start about not buying real estate, think of investing as searching for equity. Learn how to sell real estate you can control.......not legally own.
In my opinion when you reduce your motivation from real property, houses, commercial, land or non conforming properties and start to understand how to CONTROL equity, your investing career will be rewarding and profitable.
When getting facts about a property, determine how much equity you are negotiating for. The questions you ask; how much do you want, how much do,you owe? The difference is called equity. If they owe $50,000 and you think the fast re-sales amount is $70,000, you now know what ur negotiating for $20,000. All you have to figure out is how much of that equity you can negotiate for yourself.
What I do after I control a property (after making full disclosures on a skinny contract), is sell after three weeks of marketing using the auction method of sale. I like the auction method because the controlled property is being offered to the public in "as is" condition for all cash. On the above example, the equity is $20,000, that's your desired profit, so if you are wrong with your estimate and you only make $10,000, you are still ahead since you have spent very little on the deal, take your $10,000 and do it again, if you are really wrong or the auction doesn't go as well as you expect and make $5,000, so be it........have a great lunch.
Charles
