OfflineI have realtors sending me listings. I am following the criteria of as is, price reduced, vacant starter homes in hot areas.
I check each listing for further signs of motivation to sell and or estimated equity of property.
I check the value of the property on totalview and compare it to the asking price.
When properties are listed below or near FMV and show some other signs of motivation in the listing, I select them to offer 65-70% of the lesser of the listing/FMV prices.
My goal is to get to 50 offers sent by Friday, the end of my first week making them.
What can help me is to find out how people have optimized, and sped up this process of research and contract signing.
I wonder if anyone has any tips to streamlining any of the following:
1)signing/submitting LOTS of contract offers daily.
2)determining % below FMV to offer at(other than 50 offers not accepted and bumping up offers %)
3)what to do when inventory becomes low/it becomes a sellers market
Please share experiences, questions, and answers about this popular strategy.
"We are what we believe we are.....
Only those who will risk going too far can possibly find out how far one can go...."
-CSL
Having realtors send you contracts via Docusign can save a lot of time with signing/submitting offers. You just click all the places you need to sign and you're done.
Glen
"The man who acquires the ability to take full possession of his own mind may take possession of anything else to which he is justly entitled."
-Andrew Carnegie
"Man often becomes what he believes himself to be. If I keep on saying to myself that I cannot do a certain thing, it is possible that I may end by really becoming incapable of doing it. On the contrary, if I have the belief that I can do it, I shall surely acquire the capacity to do it even if I may not have it at the beginning."
– Mahatma Gandhi
Question relating to 25 to 1: are short sales considered level 2 motivation? I had my REA send me vacant, as-is and price reduced houses, and I am seeing quite a few that are noted as short sales. Should I make offers on those or exclude them?
And what about homepath properties? Is that level 2 motivation?
REALTOR
Real Estate One
Grand Rapids, MI
Don't bother cking the ARV before you put in your offers. If the property fits your criteria (distressed) put in your initial offer figuring your 65% (or whatever your mkt bears) on the asking price. Then, once you get a response from the seller (if you do) then you can ck your comps, visit the prop to est repairs and then adjust your offer if it needs to be. That way you are not going to all that trouble on properties where the seller will not even consider low offers.
Do your Driving For Dollars to find props other investors are not fighting over.
Good luck!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Do your Driving For Dollars to find props other investors are not fighting over.
Good luck!
Karen
Great info, thanks! What do you mean by "Do your Driving For Dollars"?
REALTOR
Real Estate One
Grand Rapids, MI
Figure out your target zone and drive up and down EVERY SINGLE street and cul de sac looking for vacant houses.
I take a street map to the printer's and have them blow it up and as I drive the street I either highlight it or mark it with red pen so that I make sure I cover every street.
Go home and look on the tax assessor site to see where the tax bill is going (may be a different address from the house) If it is still going to the prop address, they may be forwarding the mail. Mail a "yellow letter" type letter saying you are interested in buying the prop and to call you.
Most investors are armchair investors--too lazy to leave their computers--so these will be the hidden gems you may find and have little to no competition.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Great strategy. Thanks!
REALTOR
Real Estate One
Grand Rapids, MI
I like they way you really break down that strategy. I guess I need to really do that as well. I have been targeting the fsbo online. Thanks! Tammy
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
For some reason the way you explained not checking arv's at first just clicked for me, it made perfect sense. I don't think I've ever heard that before.
Thanks,
Glodean