All Forum Posts by: Ljay Jones

i wanted to ask about something that another invester told me. You know how you see signs around saying " we buy houses " ?? well he said he is one of those people and what he does is find people that needs to sell their house then go to the lender to get the price reduce then find a invester to buy it from. I guess he is kind of like the middle man. Is this a good thing to start out at while building credit for my business ????

I subcribed to county records research. For those of you in cal. or nevada who are thinking of subscribing. Here is my experience. It is alot of money. For my county I paid 89 a month. The site isn't exactly user friendly. once you know what to do, it's no problem. The biggest downside, which they don't let you know upfront is, they only give you info for month you purchased in. So, I purchased the beg. of Feb. I can't see anything before that. Oh, I can, if I want to pay 89 dollars, for each month I want to go back, and I have to check every day to see if there are new listings. The only good thing about this service..is , it does let you know which loans are in default, and it lists all loans in order...which is very helpful, and save alot of time. I live in a small county, so for me this service is a waste of money. But I could see how it would work for someone in a large county like L.A.

i been to alot of real estate sites and i was wondering if anyone knows of any sites that list houses with addresses. thank you very much

A few weeks ago I made a 155,000 offer on a house listed for 177,500.
It had a couple of problems, but would work for me, as either residence or rental. At that price, as a rental it would just pay for itself.
Anyway, they said no, they owed that much and needed to get full price. A few days ago the agent called mine and asked if I would consider a counter offer, that they were working out what they could accept, and get back to me.

So I had time to think, and decided one of the things in the my acceptance/counter was that they would have clean up the residues, fumes, chemicals, and odors of the fragrance and toxic chemicals in the house, and come down to 170 or a bit less, maybe pay closing costs, all or half.

The agent called back. they would put in a dishwasher of their choice--they had removed the exixting one, raise the price to 183,500, and pay 3% of the closing.

Needless to say, I said, "No thanks."
:mrgreen:

ofgift

Hello, as it turns out I'm about to sell a property. I'm going to effectively have just over 1m dollars cash money to invest in something. What would you do if you were me?

What is the best way for me to acquire properties with no money down?

Pay more for them, like someone said on here I think your never gonna get good price AND terms PICK ONE

There are many properties for sale in the metro Detroit area where I'm located.

I'm interested in turn key properties and not fixer uppers (painting and carpet is fine, and minor repairs I can deal with) no major fixes though.
No money down and turn key, you will really be over paying

My goal would be to acquire control of properties and rent these properties and produce an income after my expenses.
This would be the price area:
$50,000 per home single fam. residential 2-3 Bed bungalo, rent for $700-850/month. (brick home prefered)
Most likely I'd have water in my name, taxes could range from depending on property.
City of Detroit taxes are very high, and they include $300 for garbage removal, since the city is broke. Taxes can seriously cut into profit potential here.

I could hire property mgt. for about 10%, would this be a good idea?
I've heard if you can't manage the property yourself, don't buy the property.
[b]This all sounds nice but I think you need to LOOK at a deal before you just juggle around figures in your head.
[/b]
Would Land Contract or Lease Option be my only alternatives?
Would Lease option be better to see if the property would work for me and be less risk?
Maybe I could Lease option for a year to see if the property is worth purchaseing.
No contract and options are not it, I really think you need to look at other avenues in RE, I think you need to be thinking about OPM rather than No money down.

thank you!