I just signed papers today to close on a HUD home in Lakewood, that I am buying with a builder partner to fix and flip in the next six months. It is pictured here in its present condition. Because this is a major fixer, we will be putting $50-60,000 into renovations. Had I been using contractors other than my builder partner, I would be spending $100-125K for the same work. Not for the feint of heart....
I am financing the deal with 0% APR credit card financing at less than 4% for 12 months. My builder partner has a private loan with a private lender he has used previously for remodeling.
I also hired a VA in India this morning, who is researching FSBOs in Seattle for me. This is an assignment from real estate investment guru Ron LeGrand that is due tomorrow morning. We students are looking for homesellers willing to sell subject to existing mortgages, or on a long-term lease purchase.
And finally, I have joined Home Buyer Network as a Deluxe member to identify motivated buyers and sellers. Many sellers need to sell quickly in this down market, and I have a variety of creative acquisition techniques to enlarge their pool of prospective buyers. Check it out at www.fastsell.net if you know anyone who is having trouble selling their home and needs to sell quickly.
If you are not out there making offers, you are not in the game. This is as good a market as any in which to be an investor. No, actually, it may be the BEST market for investors with cash, knowledge and experience! If you don't have all three, partner with someone who has what you need - and GET IN THE GAME!
Be smart, but take action! Contact me if you think I can help!
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