OfflineIs anyone having problems with their buyers for their wholesale deals or is it just me? I have 8 buyers that were all very interested in my property and alluded to me that my numbers on the property were excllent, but none of these buyers have stepped up to the plate to buy the property. I think they are scared maybe with the economy news, etc. One of the buyers told me that he had too much on his plate and another mentioned that he had too much going on.
Dean had mentioned that we should not have problems finding buyers when it's a great deal and that it's 30%-60% below FMV. But it appears that there is a problem here. I had one investor mention that his hard money lending company went out of business and he can't even sell his duplex that's worth $97K for $12$.
Who else is having problems with their existing buyers?
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
I notice a few of my buyers are having problems with their renters loosing or getting laid off their jobs and not able to pay rent. This has cause a few of my buyers to slow way down on buying any extra properties right now.
A few of them are even having to sell their own investment properties to get by.
I guess though if they were real motivated buyers and had "deep pockets" that this recession wouldn't effect them and they will buy anyway.
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
The market is bad all over. I am surprised at how bad the rental market has turned out. I acutally thought this would be a net positive for the rental market. But clearly its not.
I would REALLY tighten up your numbers. If you are trying to wholesale at 70% of FMV, that isnt going to work. I would start at 50 and work DOWN.
It's a whole new ballgame out there.
Hey everyone. 2 things are happening right now that are creating opportunities like never before.
1. Unemployment is rising fast which will cause prices that have already been dropping to drop further. It may cause another wave of foreclosures that will make the foreclosures from the mortgage and subprime meltdown look like childsplay.
2. Really bad news from the mainstream media is keeping buyers who are ready to buy frozen in their tracks and sitting tight. These people are qualified from banks but they are scared to death.
Both of these things happening will create a virtuous cycle of bad news creating job losses that create more bad news and more job losses.
What does it really boil down to? It boils down to being able to get real estate even cheaper than I would have ever guessed. Prices will keep falling. As prices continue to fall you will be able to charge less for rent and still be able to cashflow like crazy. It will weed out the weak, creating more for the strong willed. Don't get weeded out. Be strong! Fight! Fight! Fight to the bitter end! Times like this create opportunities that don't currently exist. Try to help people. Keep helping people the main thing. Find out what they want, want they need, and find a way to provide it for them. People need affordable housing right now. They need your help because they are unprepared. You have prepared well. Don't run away! Be strong! Stand up and fight for your family, keep your mind sharp, watch for opportunites and create wealth that will shower down on your family for generations! Get it done!
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
I would think this is a GOOD sign. The investors that ARE buying have so much on their plate because they KNOW now is the time to buy. They are scrambling to pick up as many as they can. Maybe they don't need as many bird-dogs/assignors, they have so many deals coming to them. Do NOT give up on that BUT...
I know a lot of people here are thinking assigning is the ONLY way they can get in the game. I would bet that a lot of people may just be scared to put any of the risk upon themselves. I am not suggesting anyone be unwise with their money, but if you DO have access to private money in your family or stocks/mutual funds that are falling, falling, falling, maybe now is the time to re-invest that money into real estate. The people buying from YOU are going to be SO rich when this is said and done. Who says YOU can't be one of them? If you can create a deal on a property that has GREAT cash-flow and is in a neighborhood where people are SEEKING to live, you will have an AWESOME opportunity to straight out rent (have someone PAY you to take care of your property until you can double your money), or lease/option. I know it's not for everyone, but don't count yourself out of the loop without looking into it. ALWAYS be re-evaluating your situation and keeping your options open. You deserve it all!
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
What's great about real estate is that we have so many different ways to make money. Even with all this bad news about the economy, the bottom line is that people will still need to live somewhere. As Rina and Cbrpower mentions, we need to be able to utilize our real estate tools for each real estate situation, just as a carpenter picks certain tools for certain projects. Also lets not forgot about commercial deals such as 100+ unit apartment buildings. These types of deals have major impact on on our profits. It could only take one commercial deal to be a millionaire and that can happen in 45 days.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
I agree, I was talking with a woman in the bank the other day. She said she knew someone who invested in foreclosures in all kinds of areas. She asked him why he would invest in bad areas and his response was "If people are living, they need a place to stay" She told me he has been doing very well with his investments. If we think positive, positive things will happen. You and only you can determine what can happen, when you think, you must think failure is NOT an option.
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen