Making Money In Real Estate. Short-sales? Wholesaling?
I am a gentleman who has currently invested in about 8-properties of real estate. Not very successfully I might add to this point. For several reasons, mistakes made, learning as I went, bad-timing and bad luck. I could go on and on. My quesion is I still believe I can turn my situation around. Short sales? Wholesaling? Both are something that I need a mentor in. Please help and advise, give me a chance and knowledge to be successful.
First step is to stabilize your cash flow situation with the 8 properties. You may have to refinance and/or increase rental incomes. You may have to dump some of the properties if absolutely necessary.
If you then still want to invest more, work with someone who knows that particular Real Estate Market inside and out and has years of experience. This is a Real Estate cycle that has happened before but this one is going to be rough and long lasting. You need to Know what your doing.
Comment by Jim P — October 12, 2009 @ 10:09 pm
I am doing pretty good with rentals.
My present favorite investment is short sales and then renting back to the previous owner. They are happy to stay, I get a house with nothing down and the mortgage paid. Plus, they are emotionally invested in the house, so far keeping them as well as when they owned them.
Both sides are hoping to sell back to them after their credit is clear (I am looking into how long I have to wait to make this legal). I am personally planning on a profit from the sales, and hopefully they understand that.
Comment by Steve V — October 12, 2009 @ 10:54 pm
Renting.
Comment by Landlord — October 12, 2009 @ 10:54 pm
Maybe greed, but why not. I see some movement in the lottery a house away schemes. might work don’t know the rules.
Comment by dpepperd — October 12, 2009 @ 11:33 pm
Yep, try to rent them out , put them on the market with a realtor and hope the mortgage biz will get better (predictions are about two years). Or you could owner finance them for someone who can’t get the mortgage – make sure you get a down payment in case they default so that you can buy yourself some time to foreclose and still pay the mortgages.
Comment by Jim — October 13, 2009 @ 12:14 am