Re: New to R.E. investing

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Posted by EV on March 03, 1999 at 07:51:33:

In Reply to: New to R.E. investing posted by Ronn on December 31, 1998 at 16:13:00:


: Hi;
: I've just recently become intrested in RE
investing. I've also bought a few books and a TV
course. I don't expect these things to be magic
bullets. I do, however, feel that I'm armed with
sufficient information to go out and do some really
stupid things. Let's hope I don't! I plan to begin
making offers soon.

: I would be intrested in talking (e-mail) with
anyone who is in a similar position. Just comparing
statagies and war stories would, I'm sure, prove
helpful.

: I'm in the Fresno CA area. I have already bought
two single family homes, so I'm not completely
ignorant of the "real world". My main intrest is in
multi-unit buildings. I only check e-mail a couple of
times a week so be patient.

: Ronn

Ronn,

I think were in the same boat. I'm going to look at my first property this week. I'm a mortgage broker, but that's the limit to my expertise. I took a couple of hours away from the office to look for properties with Realtor signs, for sale by owner(FSBO) signs, or run down properties. I called on several, and in my community there are a lot of homes for sale. I called on a duplex that was a FSBO. It is owned by four siblings (three of which don't live anywhere near here) one who manages the property. He is an atty. and really doesn't like messing with it. I test closed him on the phone about carrying back all or some of the loan on a 24 month balloon. He complied..so we'll see.

Also I'd like your opinion. The two combined rents are $650. I'm not sure what to offer this guy, I think I'll call the assessor's office to get a ballpark. Don't you think I'd need a positive cash flow of at least $100/month?

I usually do stupid things this will probably another one.

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