Newbie Questions - Getting Started
Hello everyone. Let me start off by saying that there is sooo much great information on this board it is really blowing me away.
Let me give you a brief history: My wife and I own our home located in Palm Beach County, FL with approx. 55K in useable equity and we own a lot in Port St. Luice can be sold for $55K - 65K (current HELOC bought lot for $25K 10 months ago). We also have approx 20K in cash available for other REI. We are very interested in getting started in REI but are encountering a few obstacles:
1. Not sure what type of "system" to follow. (I think the subject to is very slick.)
2. We would like to buy and hold to lease, unfortunetly home prices have risen so fast in our area, rents have not kept up. So unless we are able to obtain properties in distress, we will not be able to do much REI.
Now my question is, what is the best way to find distressed properties: Advertise - "Need to sell fast, call ***-***0? or is there some other information that we should be looking for?
Thanks for reading and I look forward to your responses.
Thanks,
Matthew Marks
Here's the link to your county clerks public record site, http://www.pbcountyclerk.com/records_home.html Do a search for LP (lis pendens) and PRO (probates) get the names of the defendants and go to your property appraisers site, http://www.pbcgov.com/papa/, put in the name now you have the address. Do a mailing on the addresses you have collected.
Dear Mark,
I'd say that distressed properties, foreclosures or rehabs are my bread and butter.
The best way that I've found to quickly find such properties is through a realtor.
Here're a few steps.
1.) Don't tell the realtor that you have the cash that you have, ok?
2.) Get a list of the foreclosures that you'd like to see and go look. Now, when you find one, have the realtor pull comps (compareables. What the properties in the area, like that one, sold for and how fast). That way you'll know what to offer.
3.) A rule of thumb is to make, at least, 20k after sale, holding costs and rehab.
4.) Go to the book store and buy Find it, Buy it, Fix it and give it a read. It's a good book.
Now, you're doin' rehabs. Next, read everything on this site, regarding Subject-to purchases. Why? Man-oh-man. You're in such a commanding position and can go nuts with Sub-to.
Who's program would I suggest? John$Cash$Locke's or William Tingle's. They're on this site under the above tab called Partners.
I called John$Cash$Locke once and he walked me through quite a bit--eventhough I didn't own his program! Now that's aces in my book!
Hope the above helped,
OnTheWater
wpruett - Thanks for the info the clerks records were exactly what I was looking for.
Onthewater - thanks for the additional info.
Thanks,
Matthew Marks