OfflineSo as Ive been reading through Deans books and going through the website, Ive thought the whole time building a sellers list will be the easy part and building the buyers list, especially cash buyers, will probably be more difficult. I am focusing on contracts to start, have a buyers list ready to go (with a couple literally ready to buy today) and have no properties to put on contract and sell them. So far I have been looking online at websites like Zillow, looked in the classifieds here, used search engines like google, have responded to for rent ads on Craiglsist (which seems to be the most promising yet), ads on this site, and of course am constantly looking when driving. I did post an ad like Matt Larons letter looking for a Real Estate agent (thinking they could help me make offers like crazy, locate properties, and end up with some at discounts low enough) on Craigslist and didnt get a single response to any of the ads. I am going to try again and and change up a few things. I want to do some signs and flyers, and have started purchasing supplies for them and am trying to decide the content and lay out. Problem with doing those is that I have no alternate phone number to put on them. I am trying to keep costs down as much as possible until I start actually closing deals. I have a goal to close my first by the end of June. I put an ad, as many suggested, on Craigslist needing buyers for properties at 30-50% off, have responded to ads myself, etc. And the buyers have come. I just feel like Im kind of dead in the water. I keep plugging away at for rent ads-asking if they are willing to sell (and between playing e-mail tag and trying to find a seller motivated enough to come to a discounted price, its taking a while and still have yet to find a property) I feel like it may be months before I find a property that fits criteria to put on contract and close on. In all of my research I have seen over and over again that in Oregon and Washington, properties at this discount are more difficult to find than anywhere else. Im trying to keep that out of my head and remember it can be done anywhere. Any suggestions? If I can just lock up the properties under contract, I could do several deal literally this week!
Thanks!
Hi,
First off, where are your buyers buying at? What is their criteria and what area are they looking for?
It does sound like you are getting some of the needed points in place. Hang in there and it will all fall into place.
Let me know what area.
To your success,
Laura
www.bmwinvestproperties.com
my journal: The Short Sale Sisters
The buyers that are ready to buy now are wanting properties in Porltnad, OR and Clark County, WA. I have gathered all their criteria as Dean has suggested. They are investorsw themselves using a variety of techniques, flipping, holding, renting, etc. So they do want them at a good discount of 30-50% off, which I thought I would be able to line up. Here is one of the groups specific criteria for example:
Price range -- up to $300,000 for single family and can go much higher for multi family.
Equity -- we like to have a reasonable leverage buy, but we can always get it refinance later if the equity is too high.
Style of home -- single family, duplex, multi family, no condo.
Area -- Clark County and Portland Metro.
We do have cash and our group do have refinancing resources with local lenders.
We do both hold for monthly income and resell for profit after up grading.
Any advise, suggestions, share deals, etc. would be greatly appreciated!
Thank you!
Dobbie; i too spent a lot of time finding buyers and now i can not seem to find any props that qualify as a deal. i have to look out of town and when there is a decent deal (10-15% below FMV) they are gone the next day! we where supposed to get prop listings with the academy before the general public. ANY SUCCESSFUL
STUDENTS OUT THERE- HELP US
Andrew from North. Ca.
Hi guys
Here's my advice to you....
RESEARCH YOUR LOCAL MARKET - Dobbie, I'm in the Seattle Area (bothell Mill creek) and I know for a FACT that homes IN MY AREA arn't going to go for 50% off the FMV. NOT GONNA HAPPEN (unless you run into a really desperate pre-foreclosure or something like that)!! I did my research and found that homes are actually selling for their asking prices which is in the $320K range for Bothell. There were a couple properties that sold for $10K higher than their asking price because of bidding wars. So instead, I'm aiming for 20% to 25% off my asking price and that's even a long shot. Homes in this Area arn't sitting on the market forever like other areas. So instead you might want to put up ads saying "Home 20% under FMV" and buyers might still come.
So my suggestion to you is to find out what's happening in your local area and apply the proper strategy. In Dean's Book "BE A REAL ESTATE MILLIONAIRE" he explains in detail researching markets and applying the property strategy.
DO YOUR RESEARCH!!!
Jordan
"You gain strength, courage, and confidence by every experience in which you stop and look fear in the face. Do the things you think you cannot do. Tough times never last, but tough people do"
Jordan,
Thanks for the input and advice! I am and will continue to research the area. I think if I keep plugging away and find an agent, that will be key. Its good to talk to people closer to my area. Are you doing assignment of contract? Do you mind me asking if you have closed any deals yet? Do you use an agent, signs, for rent ads, etc? What has worked best for you so far?
Thank you for your time. I wish you continued success!
Assignment of Contract didn't work well for me so I let go of that strategy. Right Now my focus is Bird dogging and Sandwich lease options. Two ZERO DOWN Techniques. I feel like the sandwich lease option is the best strategy to use for me right now because there's so many properties not selling that they would be open to just about anything to get their house sold or get some income out of it. And yes, i have a very reliant agent that i found after going through about 5 of them. You just have to keep pushing and everything will fall into place...
Keep Fighting
Jordan
"You gain strength, courage, and confidence by every experience in which you stop and look fear in the face. Do the things you think you cannot do. Tough times never last, but tough people do"
You are learning the true challenge of being a real estate investor. Finding a discounted deal! They are certainly there but they are hard to find. You must use every marketing technique available to find one. If you get a good deal at 50% to 65% of ARV the buyers will FIND you!! There are members of the DG family putting together national wholesale teams. Are they looking for buyers? Not really! They are asking their team mates in the area to find properties. So stick with it, do lots of networking and you will find something!
Good Luck!
Michael MAngham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Man..If a decent property in a decent area is priced even 10-20% there will be the biggest bidding wars & will go for way more than listing price!I'm in the central valley in Modesto & it's NUTS how fast the cash inverters snatch up the even just a decent deal!I'm talking about homes in the 90-100k range that's normally around $110-115k starting prices for decent 3 bed 2 bath 2 car garage.I'm starting to know where the houses are by street names I have been looking for so long now!I want a house for ME! to live in & have great credit,the money to put down & just can't find anything decent that isn't gone by the time I see it on the MLS!They always seam to have OFFERS on them even when they just hit the MLS! I have 2 poor agents trying so hard to find me something & its' SO frustrating cause I refuse to live in the ghetto WEST SIDE where I could buy them all day long for 70-75k!Grrr to say the least!!!!Anyone got any ideas to help me out PM ME!!! Thanks!!
Why not invest in the ghetto west side, personally and slowly build up the area with lease options as you collect the rent checks. You're in a good position to set your own economy in that area.
I would have no problem Investing in the ghetto in my area as long as the person paid the rent every month I would like to do it in the hopes of making the ghetto a better place to live & try & make a difference.
Like dean said think out of the box as well. Who knows it just might be possible to change the ghetto to the better side. Just find the right part of the ghetto maybe and start from there or maybe even think about chapter 8 tenants to where the rent is mostly covered from the government then you know the rent is paid so this may be some thing to check into as well.
Shawn
hi i`m located in michigan i have a nice property 4br 2 bath
looking ofr a buyer.
email me at sellersbuyersclosefast@****
The Bandit Signs WORK !! I put up just 3 and within 24 hrs have a buyer, my dilema is I haven't found a motivated seller yet! I have both types of signs up, ads on craigslist and fliers.. even drove the neighborhoods, found several houses, but haven't been able to reach anyone just yet.. I don't want to loose this potential buyer, I'm in Ky. if anyone has some advice, please feel free to let me know.. Thanks! Kevin
First, you will never find the perfect property. Sometimes you have to sell the seller on the transaction and the terms you want.
You have a Buyers List, just keep plugging along and you
ll find the deals.
Jordan: THANKS for your incite. I find I spend so much time learning on this forum that I am not out there looking enough!