Is my goal too high?

[investinAK]

Hi all,

I have set my goals for the next few months, and would like some feedback on a)are they set too high? and b)how can I make this happen? My goal is this: I want to wholesale/option/subject to...as many houses as possible and I want to have $20,000 in the bank account by April 1. Is this too high of a goal for someone of my stature? Keep in mind...I have NO CASH...NO CREDIT (bad credit in fact)...but I have TONS OF MOTIVATION! Any input would be GREATLY appreciated!! Thanks for your time,

Ryan

[jpopkin]

"What you can concieve and belive, you can achieve" Napoleon Hill

[Dan Auito]

"What you can concieve and belive, you can achieve" Napoleon Hill

When you Conceive and Believe unknown forces come into alignment and work to propel your toward your goal. Same author as above. In fact you can download the book "Think and Grow Rich" By going to the free gifts section of the site here! Erie? The forces are already aligning!

[investinAK]

I must say after today, I have to believe that the forces truly ARE aligning! While enroute to view a duplex, I ran into an old family friend, and they are in fact selling their home, tax assessed at $230,000 and they are asking $215,000...With an approximate FMV of around $265,000. It is a finished home, with an unfinished garage and an unfinished bigger master suite. They are selling due to them moving into another home...If anybody has any ideas for me on how to acquire/flip this property, they are ALWAYS appreciated!! Thanks,

Ryan

[Dan Auito]

Go in with a partner who has cash while you bring the deal to the table, look in the classifieds for investors looking to buy homes. Acquire, do the repairs, tweek it and start marketing it for more once you get control of it.

[Aldo]

You need to be realistic and, if you are investing on your own, you probably don't have the $4X,000 for the downstroke for that house. It sounds great but, in my opinion, is out of your reach at this point in time.
Instead, I'd suggest looking for lower end properties, say under $50,000. With diligence, you'll find a $50K property that you can get into for $30K and immediately wholesale it, as is, for $40K. You'll have made $10K and the buyer got a bargain.
If you work at it, you could do two like that and have your $20K in the bank by March 1st. The important thing to remember is not to get greedy (for lack of a better word). Sure, maybe you could get $45K in that example, but you could spend a lot more time looking for a buyer. It's great to have a goal, but it's greater to exceed that goal.

[investinAK]

I will figure out someway to do something with this house...not necessarily for me, but something will be done...I have looked for lower end houses, and have found a few, although they were through realtors, and the last time I went to a realtor, they want minimum $500 escrow...needless to say, I couldn't quite swing that much, luckily I told her it was due upon acceptance of my offer, and it wasnt accepted anyways...Anyways, I will keep my eye open...I certainly am trying not to be greedy, I just want to make the deals...it doesnt matter HOW much I make, as long as I make it...As far as my goal I have set for myself, it will be far exceeded come this April. I have the determination and the motivation. I wanted to put it down in writing so that I could be held accountable by everybody here on this site, come April 1. Besides, if I dont achieve my goal, my wife will kill me since we wont be able to do what we have planned for anniversary! :SM077: Thanks for all the advice, please keep it coming...Send me on the correct pathways to a long and prosperous future in real estate investing!!

[Aldo]

If (and only if) your phrase "minimum $500 escrow" refers to the earnest money payment which accompanies accepted offers, I have a bit of a problem with your plan. I intend no disrespect and admire your ambition but, if you can't come up with $500, this deal is simply not for you.

[investinAK]

No...the last realtor that I was dealing with on a duplex told me that normally they recieve $1000, but they could accept less...I was willing to put the $500 into escrow upon acceptance of my offer...but the realtor told me that they normally require the money BEFORE they present the offer...I didnt agree with this....and stuck to my guns that I would put the $500 up for escrow AFTER my offer was accepted, as I did now want to put $500 upfront for a longshot, lowball offer, and then wait 10+ days to get my money back, as I have a limited working capital at the moment...that's all...

Thanks for your replies!


Ryan