Can I.....?
I recently approached an investor and convinced him that I can research property owner/parcel information from a variety of diffrent sources.
The proposition is, I locate properties in preforeclosure before other investors and agents and I grease the wheels for my investor, who later approaches the homeowner and starts to deal.
My investor is a very sucessful dentist who is looking for properties that he can either rehab or flip.He has been an investor for over 30 years. When I met him in his office he got a call, He had just bought a property at the foreclosure sale last friday, it was now wendsday, he then informed me that he had sold it making a sweet $20k profit in less than four days.
He has millions that he can invest and all I need to do is locate potential candidates, Can I call the title company and have them prepare a list of properties going up for sale? Will they charge me a fee?
Any more information would be greatly appreciated!!
Thanks,
Jorgan Cattin
It sounds like this may be a good opportunity for you. Before you go running off in all directions, find out where, what, price-range, -in brief what makes Dr. Plaque's boat float. It would help to know how far he wants you to go and of course how,how much,and how soon you'd be compensated for your efforts. Have an understanding before (written) you start your valuable services.
My investor is looking for properties anywhere in the county. He wants single, duplex properties that he can rehab or flip, he has is own construction company that does his rehab work exclusively. Price is not an issue, remember he has millions to spend. He currently owns preoperties in the $40k up to $400k range I know if I found it and it looked profitable he would go for it. I of course will get a written contract before doing any work, although I am not worried about his integrity.
If the guys making $20K in just days and has been doing investing for 30 years and has knowledge of the auctions, and is a millionaire chances are he's got to have a pretty good idea already of how the game works. This guy is making money in the REI game because he knows how to spot deals and has knowledge of how to turn the deals in which he is given. Most local investors around here all read the Daily Journal of Commerce and there are several local foreclosure data processors to get fresh weekly preforeclosure info for less then the cost of paying someone to scout properties. I would see if he would be willing to mentor and show you how he's making such good money on deals and offer to help him in any way possible in exchange for learning his successful techniques.
I agree with GJB, ask the man to show you the ropes. Its not everyday that you are going to know someone with this much experience. If you truly want to make money in this field...you got the gold in front of you.
Good luck out there!
He hasnt been investing for 30 years, he did it for a wile and then took a 15 year break. He is in his 60's a close to retiring. The reason that I want to work for him is, I am only 17 years old. I have studies REI for 3 years now and would love to work for him, he figures that I can find him 2 deals a week and we figured $500-1000 each, think about having that kind of money as a senior in high school, it unreal. Besides bird-dogging is the only type of invbesting that I can get into because no conventional lender is gonna give me money for a house with out a cosigner and my parents have no faith in my REI ambition.
I agree witht the above posts about getting him to show you the ropes...
I got an idea though...
Tell him to become a member here and help all of us poor souls trying to start out!!
What do you say?
[addsig]
I will ask him, but I won't make any promises.
There are plenty of ways to make money investing in real estate without working through lenders... In fact I read a couple books on it by Peter Conti and David Finkle...you can get a copy online for free if you want. Just go to "Resultsnow" dot com and click on free book. It is completely free....you dont have to pay for shipping either. Hope this will help you!