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TOPIC: FIRST INVESTMENT PROPERTY!!!
#6587
Re:FIRST INVESTMENT PROPERTY!!! 2 Years, 11 Months ago Karma: 1  
Daniel, I am interested in doing lease options, where I may not get a huge chunk of change at the front end, but regular, passive income and flipping that over to a home buyer who just can't do it the usual way. I have no clue how to get buyers, though I have already seen ads for potential deals--including the magic phrase, lease option or sometimes seller financing. I just don't want to lock anything up til I have buyers and from where I'm sitting that could be challenging as I don't have a phone or a working computer at home. I have to use the university for some calls and all computing. I'm not sure I feel comfortable trying to do business where passers by can listen in. I recently lost my job, so there is no income coming in to fix this. I am getting desperate! Can you help?
 
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#6592
Re:FIRST INVESTMENT PROPERTY!!! 2 Years, 10 Months ago Karma: 2  
I understand your concern about passers by listening in. Is it possible to visit the home of a friend or family member and borrow their phone (for local calls only)?
So, if I am understanding your post, you want to purchase a single family home on lease option and sell it to an end buyer on lease option at a higher price point and/or higher rent. In a way, you are your own customer. You are looking for people similar to you. Where are you looking? Buyers like you may be looking in the same place. But also, you might be your own competition. Not a bad thing (depends on the market and demand), but certainly challenging. You will need to negotiate a lower monthly payment and lower price than is the market standard, or you have something special to offer that no one else does.
The lease option (or wraparound or land contract) strategy is a good one, but you should consider expanding it. Have you considered looking at small multiunits (2-4 units)? You could still buy owner financed (in fact, the owners might be more receptive to creative financing techniques) and you could rent the units out for a positive cash flow (even live in one, if you have to--not sure if you own a home or are renting), which would cut your expenses as well. You could do repairs as needed and this would buy you some time and some future appreciation.
Just something to think about. Good luck!
 
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#6620
Moe ()
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Re:FIRST INVESTMENT PROPERTY!!! 2 Years, 10 Months ago Karma: 1  
Hello Brett, I just happened to see this. I am still in same situation. Still hoping to gain something out of this. Hope Justin got back with you, I need same help as well. Lets contact and make a network team and share ideas.
Please do reply.
Mohan
 
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#6621
Moe ()
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Re:FIRST INVESTMENT PROPERTY!!! 2 Years, 10 Months ago Karma: 0  
Justin,
My name is Jon. I live in Coopersburg, PA and my work place is in Colmar, PA. I have 1 investment property in Allentown and I intend to do more soon. If you can email me blaqdust@yahoo.com.
Have a great day!!
Jon
 
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#6628
Re:FIRST INVESTMENT PROPERTY!!! 2 Years, 9 Months ago Karma: 2  
Welcome, Jon!
 
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