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agent0 Category: Business Strategies
Current Grade: B+
Total Views: 217
Member Comments: 2
Posted on: 07/09/2009
Posted by: agent0
Blog Points: 94
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 Hello Community, 

So I have some bad news and good news.  The bad news is that i wasn't able to do the deals I had put offers on last week.  But the good news is I've connected with a lot of good people who are doing the same thing i am.  I'm currently working with a investor who has a team who provides money for him to buy deals. He wants me to find good deals in the Michigan areas.  This is what I've been waiting for!!!  All I have to do is find the deal and after it gets funded and added onto the portfolio then sell.  I have to say to everyone BE CAREFUL.  Just because your getting a good price on a deal does not mean it's a good deal. I got a crazy story.  Well today I went past 18 homes that were bought by an out of state investor.  This guy purchased 18 homes without going to see them or doing any due dill. on what he was getting himself into.  These home were bought for as low as 500 dollars in some cases. So I met with my partner who received the package yesterday.  The investor wants them sold.  So I went past the homes today.  Needless to say they all sucked, each one of them sucked.  Half of them were all burnt out, and the craziest part was at the last stop I saw two back to back drug deals go down right in front of me.  Ok where did the investor go wrong.  First of all how are you going to buy that many deals without seeing them first.  Second now he want them gone at all cost, but come on the neighborhoods are not places where I would dwell so I can't relate on getting rid of them that fast.  I have to say investors PLEASE DO YOUR HOMEWORK.  JUST BECAUSE YOUR GETTING A GOOD PRICE DOES NOT MEAN IT'S A GOOD DEAL!!!!!!!!!  What My plan is to find deals in GOOD AREAS going for the cheapest price.  It's so easy to grasp.  Just ask yourself one question.  Would you rather buy a 10,000 deal in a bad area or good area.  You can still get the gravy prices if you find them.  Stay away from bad areas, no matter the price.  So I would suggest getting your zip codes in order and going from there.  I have a company who deals with hud.  They only work in 7 states thou www.mcbreo.com.  They have great deals for very low prices.  The states they work in are Michigan, Nevada, Arizona, Colorado, Utah, Wyoming, and Montana. If you want to invest in those markets go to the website and click on your state and you'll find everything you need. I assume you investors know your areas and what areas are good and bad.  So let me know any feed back on your success of what you have found on the site.  Happy Investing, see you all soon.

Vieving 1 - 2 out of 2 comments
agent0

Posted By: agent0 on 07/12/2009

 I guess the investor jumped the gun and had no exit.  He's counting on my partner to move them, who is depending on me to help him.  But I personally think it's a waist of time because of the location.  The only thing I'm thinking is doing some kind of tax credit.  But the deals are not good in my opinion.  I believe this out of state investor is going to be upset.  What he should have done is contact someone who knows the market first then he would have got a better package.

 
mdelanuez

Posted By: mdelanuez on 07/12/2009

Definitely need to do your due diligence.  I wonder what kind of exit strategy that investor had in mind when he bought those properties.  I wish you the best in finding those deals in Michigan, everything will work out just great.