Beginners advise please?

[rlking]

Hello, I am posting this message in hopes of getting a little direction. I am new to the world of RE & I am sorta working with an old friend. She has been in the field for 7-8yrs and is well established. She has given me a list of charge off properties (70), and has instructed me to "get some offers". The problem is... I don't really know where to start. These listings all seem to good to be true, but I am told by other sources that they probably are what they seem. 56,000 property selling for 15,000??

Can anyone point me in the right direction to learn about this?

Thanks...

Rick

[AJ290]

Your "friend" may be well intentioned, (and that's open to debate), but she has set you up for failure.  You've been thrown to the wolves and expected to walk out unscathed.  Have to wonder about her reasoning.
Focus on one aspect of real estate.  Learn it, apply it, then continue your education as you gain experience.  For what it's worth, have a look at options and lease options as a starting point.
Good luck.

[Summit]

Just a FYI story... When I got into this industry many years ago I got a list just like that and followed a deal that was going under for $40,000.00. We will call the Owner Fred Flinstone (Thats almost how long ago this was) Well I spent weeks trying to track Fred down and when I finally did I was stoked when he told me "Yeah I will do whatever you want" Well long story short. Mr. Flinstone had a 40k second and a 215k First and guess what the house was worth? YEP 255k. This was back when the First Bank of Bedrock really didn't do Short Sales. So chances are your 15k is a second mortgage that filled foreclosure before the first.   

[Bluemoon06]

I’ll bet your well established friend is a real estate broker.  Real estate brokers don’t know how real estate works.  What they do is sell real estate.  The can also sell shoes, or cars or insurance…  The business of real estate has nothing to do with brokers.  They are like the clerks for the real estate investors. 

They can give you advise on how to become a real estate broker but as for investing you need to talk to an investor.

[tatertot]

"get some offers?" Could you give me some more information here. Does she have them under contract and want you to find buyers? Does she just have the list and want you to negotiate to buy?

What kind of offers are you supposed to get?

If you are suposed to find buyers, what sort is she hoping to find? Wholesale, retail, landlords, flippers?

If she wants you get them under contract, what sort of contract? Purchase? Lease option? Short sale? Subject to?

If you could narrow the question down, you might get some specific answers. "How do I do it?" is a question where the answer could fill a few hundred books.

[moellerryan]

Rick,

Investors will take a look at deals but you have to have something to present to them.  Do you have the information on the property in a nice package with an enticing summary of the deals?  If so, I recommend promoting the summary on social media, investing sites, forums, in reiclubs and find buyers in that market.  You need to build a buyers list and generate leads with the summary, then supply more information.  Best of luck Rick!