OfflineThis past weekend Charyl and I decided If we are going to take a leap lets do it .
After running around and finding homes we know we can make money on We called the listing agent only to find a bump in the road. We needed a buyers agent !
Ok We found a few and kinda interviewed them And picked I hope to be the best that wants to follow my lead I dont want to follow him/her.
Money source Check !
Homes to place offers on CHECK !
Getting ready for a hard ride ... this is not on my check list
Getting ready to Blame Dean For My Success CHECKAROONIE !!!
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When Life comes down to push and shove.. Its time for a 1 Ton truck.
- The Belt Group -
a disaster !
Well our first trip out made me feel like an idiot. We found out some good things about real estate. Using a trust and HMLs. I can use them abuse them and we still win..
The houses we looked at last night. Were freaking nice BUT the Price versus LTV. seemed a little off hand most of the homes we looked at were 149000.00 price range and when your only willing to bid or offer 65% - 70% LTV It kinda makes it hard
The HML we are using. Gave me a good formula to use on figuring out what to offer.
Where the home is located could mean thousands in Profit Or sitting on a home for years trying to sell it So we need to find out what the demand rate is for this area. He said a good way to find out the demand is to drive around and see if there are more than 10 vacant homes in a 3 block radius. this could be bad he said. or in my opinion 10 mortgages where foreclosed on and the banks are taking their time on processing offers. which has been stated from our agent to be true.
So in short the homes we looked at last night seem to be out of range. We looked at 5. and I think we could put an offer in on 1 and it will be accepted just because of its location and the the owners are pretty motivated.
We will have to see
When Life comes down to push and shove.. Its time for a 1 Ton truck.
- The Belt Group -
Where we invest in, you can find 3 properties in the same block. This doesn't mean this is bad ... you just have to buy at 40% to 50% under market value, so there's plenty of room for everyone to make money. If the price is great enough someone will buy it, no matter condition, location or how many vacant homes are around.
We just bought a house that was appraised at 69K, assessed at 67K for 41.5K; put $ 125.00 into it(mulch & paint the patio & shed) & just cleaned it up. We tried to find buyers on the Internet(www.ibuyhouses, etc) & were bombarded with emails, most didn't even follow up with a price(keep in mind we paid cash for it)so it seemed that if it wasn't distressed, none wanted it. When we did get 1 offer it was for 28K, the wholesaler wanted to make 25K on it ...so we went back to the old way, newspaper ad & open house; we got 5 people interested & in the process of obtaining financing at a sales price of
53.5K ...go figure.