OfflineWhen locking up a deal that is on the market, and plan to wholesale or double close, how do you deal with people saying, the MLS says the homes are selling for X amount, and you are asking X amount more...
How do you justify selling it at a higher price?
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"Obstacles are those frightful things you see when you take your eyes off your goal" Henry Ford
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you should always keep abreast of the current market and market the property accordingly. Always before making an offer on property, make sure that you do your due diligence on it. That way you'll be better able to make an even lower offer to the seller. Inspect the property yourselves first, then have your agent(if you have one)run the comps on similar properties. go to zillow.com,cyberhomes.com, eapprasials.com and totalviewrealestate.com and look at each ones estimate of that property. Then you'll be better able to make an offer to the seller that's low enough for you to where you'll be able to tack on 10% or more for your flip profit that's still going to leave a good deal of equity in it for your buyer.
Bryant Slade
Marc,
If you have contract on a property then you control the contract!Keep doing what you are doing in finding investers,Maybe streamline it more to...fresh investers?
Remember gross advertising brings many,When it sometimes only needs to be a few.Target new investers/You are right about the professional ones!
Marc get the contract and believe me,Everybody has to eat sooner or later.
You have been doing this long enough to know,The property is not really the deal(Not to say this is a chance in a life time of the current economic trend),Your knowledge in finding a property at a discount is the deal/but here we go again about...What a invester is willing to pay?
I really care about your investments you seem to be a good person and i have read as much that is given to me
P.S.One thing i hold true in my investment/wholesale trip in RE,I control the contract-Not the location!!!(Yes my title CO./REad in to what i say)
Invest in yourself!
that he couldn't sell the property at a higher price. What I was saying is that he should just make sure that there's some equity left in the property, especially if he's going to sell it to another investor. And yes you're right also about finding other investors because there are tons out there. You just have to keep weeding through thenm til you get the ones that will buy.
Bryant Slade
Marc,
If your wholesaling a property that is on the market, just make sure that there is plenty of profit in the deal for the investor you are selling it to. I know that some may not be interested if it's listed, but if the numbers still make sense and make them money, they don't care....and if they have a problem, keep adding to your buyers list and you will come across someone who doesn't. Practically all reo properties are listed unless you hook up with someone who is privy to the info prior to listing and reo's are wholesaled left and right. Just keep pushing forward, that's what I am doing and eventually you will hit the jack pot:)
Hope that was helpful.
Jennifer
"The greatest mistake you can make in life is to continually be afraid you will make one."
Elbert Hubbard
We make our profit off locking up great deals for much less than what the asking price is, or what FMV is (maybe even 50% off). That way investors KNOW they're getting a great deal passed on to them. They could buy all day long at the current MLS prices. We become valuable to them when we can create great deals by finding that motivated seller who is willing to take much less than what the property is currently worth, whether that be from "following" the drops in price and catching them at the bottom, or creating that great price by using the 25:1 technique, or calling on vacant houses, or catching the preforeclosures, being diligant with FSBOs, etc. We do what the everyday person will not put the effort into. Therefore, we have the lowest (most appealing) prices.
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
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Good Point Rina! Also by establishing relationships with brokers, you will not even need to worry about the property going to the MLS because the broker will be able to provide the lead to you even before it gets listed and you will be able to lock it up. That's how investors find good deals as well.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
I try and read as many of these types of posts as possible so I can always learn a little with every thread... I love reading the replies to a question too, that's where all the learning comes in...
Thanks for all the seasoned and thoughtful advice!
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