Possible, Maybe, Not Sure, Need Some Advice
Hello everybody,
I just called on a house selling for 209,500. Comps in the area are right around 216,000 so he is selling for retail. He is open to contract for deed but wants 20% down. He told me to make him an offer as to the payment amount and structure. I was thinking of getting a non exclusive option on the property and trying to sell it Contract for Deed and get a little spread on down payment, and maybe a little on monthly. I was wondering if anyone could point out any problems with my reasoning/offer solutions-or tell me to move on to the next one. He is building a second house in a different area. Please tell me if I am just wasting my time.
Thanks to everybody here who offers their knowledge and wisdom for a simple thank you.
Ryan
You are pretty brave and i hope you know the business pretty well. There is not really a time frame because everybody is different. Realistically about 8 monthes to a year i would say. that is about how long i have been doing it and i have done decent but not good enough to support a full family comfortably.
Do whatever you think will be the best for you. If you want to jump right in just make sure you are educated enough.
goodluck,
Ryan
I think it also depends on what state you are trying to move to. Another thing to consider is if you own your home, you can rent it out and that can create an addition few hundred dollars a month until you have it together.
I have been told that if you do invest full time, you are a lot faster at making money because you are either going to sink or swim. I have not been that brave and a whole year later, I only have 1 rental property.
Good luck to you!!!
Thank you for the advice.... We are planning on paying cash for our residence, and putting an equity line in place for cash to use for flips and rehabs. We do have cash flow from our rentals of $1000 to $1500 per month. I am really wondering how many months of a cushion to figure in, but 8 months sounds reasonable to me too. My husband is in the contracting business here, so that will help on the rehabs. And I have been wanting to play the cash flow game- loved his books. Is there a way to play online???? Thank you all!