I have been reassured by my coach and gurus who are selling systems that you can acquire REO properties at 65% of ARV (after repair value). In fact many of them say that even better discounted deals are plentiful! Maybe is it different where I live (Spokane, WA) but I am not seeing it.
Anybody have any advice or ideas on how to locate these deals for a fix n flip strategy?
you can find them,but think of this, if you run the numbers on 30 or so houses everyday, and you do that 7 days a week,even if only one in a thousand work out thats nearly one a month
Thanks Andy. I am going to keep swinging!
You haven’t said what you’re trying to find, other than REOs.
Trying to buy pretty houses for 65% ARV that don’t need anything, and you might as well put a gun in your mouth and pull the trigger. The gun wound will be less painful. (So, I guess).
You’ve got to keep moving down the food chain of houses, until your start becoming successful buying at that ARV. Every area has it’s opportunities and challenges, but I think the common denominator is the willingness to go where fewer competitors are willing.
In my area, we’re talking about odd-ball, stucco boxes with missing kitchens. Frankly, the worse the situation, the more opportunity you’re going to find.
BTW, if you find a bank that has several ugly pieces of crap for sale, be sure to consider asking them for financing on other properties …in return for taking the ugly, hard-to-sell properties off their hands.
Ugly in this business is “beautiful.”
:beer
I just attended a real estate seminar where one of the investors said "MY FAVORITE SMELL IS CAT PEE. SMELLS LIKE MONEY. LOVE THAT SMELL WHEN I WALK INTO A HOUSE.
That made everyone laugh. Go find a cat-pee house, no one else will want it.
Furnishedowner