Help!!!
Hi to anyone willing to help...
I am new to the real estate business. I'm hoping to one day be a r.e. investor. However, I am operating on zero cash. How do I begin to tap into this business without $$$? How do I go about getting my first deal? I was thinking about doing some assigned contracting...where do I begin with this in my area of Marietta, GA.
I do subscribe to a site that gives me a list of preforeclosures...Can I begin here?
Can you explain assigned contracting in details for me? Is bird-dogging the same? If not, what is the difference? Also, are there any laws against flipping in GA, IL, FL, MDand NV,
Thank you for your help!
Sooooooo many questions we can tackle one item. No money? OK place cold water on your face and realize no money deals are out there, but you MUST be ready to accept that they are hard to find. Thus you will have credit to fall back on. If you subscribe to a foreclosure list, what was the purpose if you do not have any money? Yes, you can get a home 'Subject To' but if the payments are behind, you will need money. Lastly, a mentor may fit your needs and your questions may receive a balanced response in the TCI beginner/newbie forum.
Good luck,
Eric & Rosa
[addsig]
Assigning contracts works, and is safe if the contract has the appropriate escape clauses.
Bird dogging is another approach.
You might also try locating private investors in your area. Try a local REI club. Investors could help in two ways: if they buy properties you could bird dog for them, when you have proven yourself to be diligent and competent they may fund some deals for you.
I have found a couple of good mortgage brokers who have had access to private investors, but it may be difficult to find one who will cover an entire down payment.
There are options out there, good luck.
Oh, there are lenders out there that will lend 100% of a rehab if you can buy it for x% under full market value. You usually have to fund the repairs though. Again, an investor may be able to help there (or credit cards, but I would personally try to avoid that).