so, I have a possible investor group in.. and maybe even a couple people in the family that could be my first investors.
I have a house in mind:
It is a short sale fair market value on the dean research site says 122k, it is listed for 99 on zillow, and my realtor has it listed for 79.
Maybe i am missing the most simple part of all this but if values are determined.. shouldnt' i just be able to apply a certain percentage say 50% of that value and make offers all day?
And then the offer, do i really just ask my realtor to bid 60k on this? I have never done the process before so how do I make sure I have 30 days to make sure it checks out.
Am I missing something here? 1.find property.. 2. bid 50% of FMV, 3. if accepted send conctractor for estimate, 4. and then shop it to investors,
and I have 25 days or so to sell it? Is it really just that easy?
Who is Dean Graziosi?
Are People Actually Successful?
Does Dean Practice What He Preaches?
What Deals Are The Students Doing Right Now?
Chris
No. It is NOT "really that easy"!
Seven weeks ago Jan commented in one of your threads and told you when you basically asked the same question, study and learn what you are doing before you just try to jump in and screw up! (These were not his exact words, but it all means the same thing!).
There are many, many threads on this site telling you how to figure your offers.
He also suggested you fill out your bio more fully so that we know more about who you are. You will get much more response to your questions if you do these things, because then people will believe you might be serious about doing this.
tough love, just what we need. Thank you
And yes, I am very serious. Just trying to simplify things. I will go to the bio now..
Chris
I am quite impressed that you took my response in the spirit that it was intended.
I understand what you are saying about trying to simplify, but you will be doing yourself a real disservice if you do not take the time to study first and know what you are doing.
You can lose a LOT of money and credibility very quickly if you don't.
I wish you all the best!
Karen
I am investing "site unseen"
which is just a numbers game. That is it.
help me add to the process here if you have invested site unseen.
I have a list a power team, a possible group of investors to market to once I lock in a deal. Now it is just finding the deals.
My real estate agent is sending me properties that need work, as is, fisbo, short sale, etc every day.
I have heard a couple things on making offers.
1. ask for 60% of the asking price. (dean said this on his video blog the other day)
2. ask for 50% of the fair market value (found on total view real estate)
3.? maybe you add your strategy here?
If you are investing site unseen and have some feedback for me that would be fantastic.
ok got my investment formula -thanks nstreet
Value of the Property
- Profit of at least 10%
- Fix up costs
- Holding costs (value of the property x 1.2% x number of months I will hold the property to sell or rent)
- Closing costs (3% of the value)
- Realtor Fee (6% of the value)
= the most I will offer on the house.
Making an offer on a short sale tonight>>
Because I am not seeing the property first the fix up costs are unknown tho. I figure if they accept, I can just send my contractor out to give me an estimate.
also got a few tidbits from a book I was reading..
Right now I just need to make sure the contract has a couple things on it:
1. "Subject to partner approval"
2. And or Assigned by
3. Thirty day due-diligence period to make sure I can find a buyer, and have my contractor assess the building for repairs
Wish me luck! Going to start rocking some offers soon!
Have something to add? Love to hear it! I am just doing the dive in and see what happens approach so.. we'll see.