All Forum Posts by: N/A N/A

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Thanks!

Wow, I never thought of that.

It sounds like market analysis is much more important for commercial properties.

So once I save up a bunch of cash from flipping (notice the positive attitude), I guess I might look in to residential real estate. But I don't want to be a landlord!!

I'm going to need to find a few good property management companies I guess.
:wink:

Thanks for the info!
-RedMan

I see a lot of talk about renters and landlords etc... but isn't commercial real estate a lot easier to manage? The tenants are businesses and usually have less need. Also there is usually a property manager (at least for larger commercial properties).

So why would anyone prefer the residential market? Is it strictly because of cost (the residential world can be cheaper).

Just curious.

-RedMan

Very good advice Imentor.

I'm getting a subscription to the local newspaper... what should I look for? I've heard of letting the for-sale ad's age a little and then calling all the 3-week old ones to see if they are still for sale (and now in distress). Does that theory really work? Is there better info to get from a newspaper?

I've also been driving around looking for signs that say "For Sale By Owner". I've heard some of them can be highly motivated as well.

AND... I asked a real estate agent if she could send me listings that have fallen off the MLS. I haven't gotten any response yet, but do all of these ideas really work?!

Now I just need to stay consistent.

So basically... with a sandwich lease there is a chance that someone will break their signed contract?

That makes it sound like there is no more risk than any other investment... there is always a chance that someone will break their contract.

Maybe it's more common with these deals because the original owner stays involved longer than with a traditional sale or flip. Once the owner sees that everything is running smoothly, they don't want to give it up.

Just a thought.

I think I'll stick to flipping for now.

ETA: Thanks to both of you for your input though!!

I just read an article about a system called the "Purchase Option" system. Basically, you find a motivated seller and offer to lease their home for a number of years and then have the option to buy them out at the end. Of course then you find a tenant/buyer to pay you the rent and buy YOU out at the end.

Anyone hear of it? (I'm sure some of you have)

It sounds really neat to try... does anyone know if it's legit??

Thanks!
-RedMan

Finding a property to flip seems to be the hard part (for me).

R2 - any advice for the 13413 zip code? (New Hartford, NY)

Any websites I could try??

I seem to only find houses around retail value, no fixer uppers or anything?!
I plan to go drive around... but I know that's not the most efficient way, it CAN'T be?!

Now that's what I'm talking about!!
:wink:

I've read a whole bunch of posts from R2. Congrats on the million dollar deal recently!!

So where do I find a website with listings for my area? (New Hartford, NY 13413 area)??

Thanks for the advice (and motivation) R2!!

That seems so obvious now!
I was trying to figure out how I was going to pay for the inspector BEFORE I got the money. DUH! Just write it into the contract!

Great advice thanks!!

I think I'm really starting to "get it".

Now what about financing again?? From what I've read so far I think I'm going to go with a private money lender. That's how you get "zero money down" correct? I've even heard of getting cash at the closing. That would be nice (I think).

Wonderful Info!! Thank You triton and charles!!

One quick question about the formula....
Let's say I find a house that has an ARV of 100,000. So the formula gives me 70,000 minus repairs (lets say 20,000) gives us 50,000. Oh wait... I just answered my own question I think... I would need to offer them 50,000 or less to make it worth my while??? How cool!

OK... new plan...
- Explain the plan to the agent and let her help me find some houses to LOOK at (and I'll look at some on my own besides)
- Find one that works with the formula above (agent can help me determine ARV)
- Find a contractor and get his estimates

If the contractor's estimate is close to what I figured, run to a private money lender (that's a "Hard Money" loan right?)

Wait... one more thing... while the contractor is there I should also have an "inspector" there right? I'll want to know about any "surprises" beforehand.

Wow, this site is FANTASTIC!

-RedMan