I can't even give this house away!!

What County is this house situated in?
How much work does it require?

Hi Chanda -
First of all congratulations on taking action. However, your situation illustrates why it is so important to create a buyer's list before getting a property! You have to know what your buyer's want, where, and for how much under market. Then you "go shopping" for properties that match their criteria. Otherwise, you can end up right where you are - a property and no buyers. To get buyers, attend an REI club meeting, go to auctions and talk to those who bid, and do online searches for "We buy houses" + "your city"
Build that list today and then you will have success in wholesaling.
God bless.

Do both. NEVER concentrate on just one property. Work this property while working on as many others as you can find. It may be that you don't have the right type of buyers on your list. It could be that this truly is a property than no one wants. To me it sounds like that is the case from what you said, PROVIDING you have worked with real players, not some people that have read a book or gone to a webinar. That is who majority of "buyers" are! They have never done a deal themselves!
Now if you have strong, active wholesalers telling you "no thanks" ask them why.
Listen and learn. Not every deal makes you money but every deal can be a great education. Don't be discouraged, getting properties under contract and trying to sell them is how you ACTUALLY learn this business. So many (98%) never get as far as you have!
Finally, what are the numbers? It is for sale at $9500 right? What is the ARV? What are the remodel/rehab costs needed to bring that ARV? What is the average DOM in the area. What would be your buyers cash on cash return? Analise these numbers and you most likely will find the answer yourself!

Good Luck!
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

The above info you were given is great. As one of Dean's coaches I watch students who are new come to a near halt when they line up there first property. In reality, you should be working on multiple projects. Having one house under contract does not mean that everything else is put on hold. You still have deals to be working towards. You should NOT quit making other offers or looking for other properties. One thing you will learn about real estate is that the deal is NEVER over until you have your check in your hand.

Best of luck to you.

Hello Mary,
The house is located in Jefferson county OH. This is a list of things that the contractor suggested be done to get the house rent ready. I also have many pictures.

INSTALL NEW DOOR IN BASEMENT

NEW CEILING TILE IN LIVING ROOM, DINING ROOM, AND SPARE

ROOM. INSTALL NEW TUB & SHOWER UNIT IN BATHROOM, NEW

VANITY, TOILET, DRYWALL CEILING, AND PAINT. INSTALL NEW

FLOORING IN DINING ROOM, KITCHEN, AND BATHROOM. PAINT

ENTIRE FIRST FLOOR. INSTALL NEW KITCHEN WALL CABINETS.

INSTALL NEW CEILING TILE IN 2 BEDROOMS. INSTALL NEW TUB &

SHOWER UNIT, VANITY, TOILET, AND FLOORING IN BATHROOM.

PAINT ENTIRE SECOND FLOOR.

PAINT ENTIRE ATTIC

REPAIR SHINGLES AND FLASHING ONLY AROUND CHIMNEY.

REPLACE DAMAGED GUTTERS. PAINT PORCH AND

RAILING.

INSTALL 12 NEW VINYL REPLACEMENT WINDOWS.

Thank for your advice. I'm going to do what you suggested today. I didn't realize how important it was to build a buyers until now. I better get right on it immediately. Thank you

I can thank God that he is ABLE.
Do not focus on the yesterday but take steps in the NOW. Find a contractor that might be in the market for a project that he /she can put in some sweat equity and when it sells, split the profit.
An Ad on Craigslist might bring out a helper.
Don't look at your future thru the eyes of your past

Thank you for taking time out to give me advice. The ARV is $26,000 and the repairs are around $7000-10,000. I'm taking your advice on not giving up on this one but working on other deals too. I just got discouraged and I would hate to have everyone say "I told you so" because I know this works. Thank you.

I learned the hard way that a deal is never over until you have the check in your hand. I quit my job back in August because I thought that my buyer was ready to close. He backed out the day before it was to close. I'm not giving up and I truly thank you for your advice.

Your so right HE is able. Amen for that word. I'm going to call the contractor that gave me the estimate. Thanks for your words of encouragement and your advice.

You are doing the steps! I also have to say that I wanted to jump on a few houses, but although they were not in war zones I was told that I couldn't even give them away due to location. So I am looking in places that buyers have said they will buy in!

Average Days on Market and number of solds is how you determine buyer demand. If lots of houses are selling quickly you have an area that buyers buy. It is just that simple. You don't need a buyer to tell you what your research on the property you are looking at has already told you!

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

Thank you for reminding me. The areas that are selling would be a great place for sure!

See if you can get a realtor to give you a list of properties that sold for cash in the area and go to the recorder's office and find out who purchased them. Also go down to your local Section 8 office and tell the clerk you are thinking about investing in some Sec 8 housing and ask if she could give you some addresses of Sec 8 properties so you can drive by and see what area they are in and what types of properties you should consider. Then go to the recorder's office and look up the owners of the addresses. Did the contractor give you a bid of $7-10,000 for all that work? When you say you have been trying to sell this house for 3 months now, do you have it under contract?

I have a house that I've been trying to move since May. It needs a new roof but the rest of the house is solid and just needs TLC. The owner wants $4000. I started out trying to make about $3500, but I kept lowering the price and now I have it for $6500. There are some bad houses on the street but there are also several renovated and remodeled ones close to this one. The ARV on this one would be approximately $45,000. The owner tells me to keep trying to sell it so I do. I don't let it consume me though because I am working on other deals that hopefully will close sooner than this one. Just keep marketing the house and the right buyer will come along. I have put too much time and energy in this one to just let it go as I'm sure you have also. I might lower my profit by another $1000 which would only give me $1500, but hey, that's not chicken feed where I come from!!!

Shirley

If the numbers are correct and you wanna make at least $2k off this house, you have to get the house for around $7k, then add your fee to come out with a little over $9k. But, like Mike says, you need to find out the true numbers. How old are the area comps? Is the seller flexible at all? The typical formula should be asking price, X 70%, minus repairs and your profit = your purchase price to the seller. is the $9500 price including your fee, too. And yes, buyers will tell you what they want ~ we just have to go "shopping" for them as Gena says.

Of doing an Auction on your house. I think that is what I would do if I have a property not moving!

Chanda, don't let this discourage you!

Start working on the next deal while trying to sell this one. Learn from your mistakes, don't dwell on them.

You quit your job, so you need money NOW. That should be more than enough motivation to get another one in the works. Work on your buyers list, build your power team, and start finding deals. Do your research before you jump on them.