- 10
- 10
- Joined
- Dec 31, 2005
Whats up NT...
Me and a buddy of mine are getting into REAL ESTATE. Not thinking of becoming a Real Estate agent or anything. Just looking into short sales, quick flips, andfocusing on foreclosures.
**Accomplished Goals**
-Network with successful real estate investors
-Establish a relationship with a trusted lending institution
-Establish a relationship with a trusted contractor with connections to other contractors
-Research, Read up on books, go to real estate seminars
-Visit local cities with foreclosed homes, research the area's, environmental surroundings, etc.
Right now, we are brainstorming ideas of what we can call the company. Within a couple weeks, or at least sometime in May, we hope to have a TAX ID and havethe name under a LLC (Limited Liability Company). My buddy said, we should instead of an LCC, have it as a corporation, or incoporation. Not sure of thedifference, which is what this post is about. To gain knowledge from experienced NT'ers in the field.
*Forclosures- pretty much, a homeowner for some reason (laid off job, divorce, fired, etc.) are not able to make monthly mortgage payments for the house. Homeis then seized by LENDER or state, or whoever. Homeowner's credit is put in a deep ditch for 7 years. House is then sold for 30-50% off MARKET VALUE.
***PRIOR TO THAT HAPPENING, I come in and say, hello homeowner, I see you're in deep dookie, i'll buy your house for $X,XXX (X% less than marketvalue). I will give you $X,XXX to get yourself back on your feet. You DON'T FILE for foreclosure, your credit is not shot, I give you this amount of moneyto build another foundation for yourself. You win, I win.
***I then fix the house up a bit, sell it for the market value. or even a little under so it'll seem as if the buyer is getting a good deal. Easy profit.selling price-purchase price/renovation cost/other cots=profit ...profit=contribution to next "SHORT SALE"
*******PLEASE KNOW THAT I AM A ROOKIE IN THE GAME, THAT MY EXPLANATION WAS VERY BRAUD AND GENERAL, THAT IT IS A QUICK FEW SENTENCE SUMMARY OF FORECLOSINGHOMES, I AM NOT AN EXPERIENCED NOR A PROFESSIONAL, FEEL FREE TO CORRECT MY STATEMENT OR ADD ON TO BETTER INFORM READER****(not trying to get flamed for comingoff as a know it all)
***REASON FOR POST****
NT has a pretty diverse group of people. I know there are pro's and experienced real estate investors who's been in the game for a bit. I'm justanother motivated person commited to come up in the world.
*any tips, pointers, advice would be appreciated
*any websites that i should check out would be cool too. i've done a lot of online reading though, but everytime i try to google something, something newcomes up. so maybe you guys know some other good sources.
*advice on what proper steps i should take in creating this business, so i don't run into a lot of bumps down the road.
I live in the NORTHWEST by the way, 19, business partner is in his 30's. Have a little around $10k that i can contribute to the business.
if you have any questions for me, feel free to PM. I know a little bit, at least enough to get someone to listen. I'm in WASHINGTON STATE. NORTHWEST MARKETis not yet tapped, so it is an advantage for anyone interested in learning the trade.
*over 60% of all millionaires started their wealth in REAL ESTATE. 90% of millionaires are "First generation" millionaires meaning, they didn'tinherit the money, they made it themselves, they were the first generation in their family to become millionaires...........not that it matters or anything.
Thanks in advance NT
Me and a buddy of mine are getting into REAL ESTATE. Not thinking of becoming a Real Estate agent or anything. Just looking into short sales, quick flips, andfocusing on foreclosures.
**Accomplished Goals**
-Network with successful real estate investors
-Establish a relationship with a trusted lending institution
-Establish a relationship with a trusted contractor with connections to other contractors
-Research, Read up on books, go to real estate seminars
-Visit local cities with foreclosed homes, research the area's, environmental surroundings, etc.
Right now, we are brainstorming ideas of what we can call the company. Within a couple weeks, or at least sometime in May, we hope to have a TAX ID and havethe name under a LLC (Limited Liability Company). My buddy said, we should instead of an LCC, have it as a corporation, or incoporation. Not sure of thedifference, which is what this post is about. To gain knowledge from experienced NT'ers in the field.
*Forclosures- pretty much, a homeowner for some reason (laid off job, divorce, fired, etc.) are not able to make monthly mortgage payments for the house. Homeis then seized by LENDER or state, or whoever. Homeowner's credit is put in a deep ditch for 7 years. House is then sold for 30-50% off MARKET VALUE.
***PRIOR TO THAT HAPPENING, I come in and say, hello homeowner, I see you're in deep dookie, i'll buy your house for $X,XXX (X% less than marketvalue). I will give you $X,XXX to get yourself back on your feet. You DON'T FILE for foreclosure, your credit is not shot, I give you this amount of moneyto build another foundation for yourself. You win, I win.
***I then fix the house up a bit, sell it for the market value. or even a little under so it'll seem as if the buyer is getting a good deal. Easy profit.selling price-purchase price/renovation cost/other cots=profit ...profit=contribution to next "SHORT SALE"
*******PLEASE KNOW THAT I AM A ROOKIE IN THE GAME, THAT MY EXPLANATION WAS VERY BRAUD AND GENERAL, THAT IT IS A QUICK FEW SENTENCE SUMMARY OF FORECLOSINGHOMES, I AM NOT AN EXPERIENCED NOR A PROFESSIONAL, FEEL FREE TO CORRECT MY STATEMENT OR ADD ON TO BETTER INFORM READER****(not trying to get flamed for comingoff as a know it all)
***REASON FOR POST****
NT has a pretty diverse group of people. I know there are pro's and experienced real estate investors who's been in the game for a bit. I'm justanother motivated person commited to come up in the world.
*any tips, pointers, advice would be appreciated
*any websites that i should check out would be cool too. i've done a lot of online reading though, but everytime i try to google something, something newcomes up. so maybe you guys know some other good sources.
*advice on what proper steps i should take in creating this business, so i don't run into a lot of bumps down the road.
I live in the NORTHWEST by the way, 19, business partner is in his 30's. Have a little around $10k that i can contribute to the business.
if you have any questions for me, feel free to PM. I know a little bit, at least enough to get someone to listen. I'm in WASHINGTON STATE. NORTHWEST MARKETis not yet tapped, so it is an advantage for anyone interested in learning the trade.
*over 60% of all millionaires started their wealth in REAL ESTATE. 90% of millionaires are "First generation" millionaires meaning, they didn'tinherit the money, they made it themselves, they were the first generation in their family to become millionaires...........not that it matters or anything.
Thanks in advance NT