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bebe88 
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Joined: Feb 24 2010
Location: Right Behind U
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 Posted: Jan 10 2013 at 7:56pm |
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All yall need to look into real estate wholesaling as well, Google it
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EPITOME
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Joined: Feb 08 2007
Location: Escarpin
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Posted: Jan 10 2013 at 8:04pm |
 dreamz wrote:
EPITOME wrote:
dreamz wrote:
SamoneLenior wrote:
no credit checks, in this day and age? really?
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that is extremely rare and ill advised.
get a broker specializing in foreclosure. tell her what you're working with and that you want the best bang for your buck. she'll tell you who will more than likely finance you and help you find as many properties as will fit into your financing. our last rental purchase, we purchased three 3-4 bedroom homes for a $21k mortgage. property taxes and insurance are built in. since we don't mind section 8 (pays on time, errtime) the homes rent between $850-1100.
this is the time to funnel your money properly into a future where you can sit on your ass and annoy bhm if you so choose by the time you're 41.
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 i didn't know there were brokers for foreclosures.
my parents are thinking about buying this apartment complex w/one or 2 other people. it is expensive though |
yes. especially in lower-income areas. and after you get in close with them, they will give you a pre-listing heads up on properties that meet your buying profile. a lot of banks will list their foreclosures with a certain few realty offices, and those offices will have brokers who deal almost exclusively with those types of properties.
apartment complexes are a lot of work and a lot of headache though. i would love to get rid of our three but the roi is too good. we also bought them as foreclosures maybe 12 years ago. i've been keeping my eye on one in the next state right now lol.
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that's why i am hesitant for my parents to do it. i rather them buy income properties in DC tbh
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bebe88
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Posted: Jan 10 2013 at 8:18pm |
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Your parents can start with a duplex-fourplex...then when they can afford it, hire a property mgr.
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SamoneLenior
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Posted: Jan 10 2013 at 8:40pm |
bebe88 wrote:
Not yet, I'm literally just starting. I'm trying to find someone to take 2k down....the one person I found does not have tenants & I would need tenants up front. I may try to wholesale it though.
Cocoa wrote:
bebe88 wrote:
With owner financing with multi fam properties, u usually don't get credit checks.
See, you are paying this person mortgage with money u collect from Ur tenants. So if u make 8k monthly, mortgage may b 3k.
Not hard at all... |
So I take it you are making it rain in your city.... nice!
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I asked someone that works in a bank and does some loan work I was told this is impossible are people just taking cash, like no banks are involved?
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SamoneLenior
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Posted: Jan 10 2013 at 8:42pm |
dreamz wrote:
SamoneLenior wrote:
no credit checks, in this day and age? really?
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that is extremely rare and ill advised.
get a broker specializing in foreclosure. tell her what you're working with and that you want the best bang for your buck. she'll tell you who will more than likely finance you and help you find as many properties as will fit into your financing. our last rental purchase, we purchased three 3-4 bedroom homes for a $21k mortgage. property taxes and insurance are built in. since we don't mind section 8 (pays on time, errtime) the homes rent between $850-1100.
this is the time to funnel your money properly into a future where you can sit on your ass and annoy bhm if you so choose by the time you're 41.
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thanks dreamz
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bebe88
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Posted: Jan 10 2013 at 9:44pm |
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No banks, these properties r already paid off by the owners
Unless u get a property pointed to.
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bebe88
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Posted: Jan 10 2013 at 9:44pm |
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*subject to
Not pointed to lol
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oh_so_moody
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Posted: Jan 10 2013 at 9:56pm |
Another broke, cheap ninja in Atlanta? Ohhhhhhh, okay.
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miana79
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Posted: Jan 10 2013 at 11:09pm |
If I have to suffer like that, makes no sense.....he could have gotten sick with that sort of diet and eating expired food. like wtf??
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SamoneLenior
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Posted: Jan 11 2013 at 8:28am |
bebe88 wrote:
No banks, these properties r already paid off by the owners
Unless u get a property pointed to. |
okay, thanks again
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