Just wanted to share my story.
I started about 6 months ago with a buddy and we began putting up bandit signs.
We got a really good deal in December from a motivated seller. We mortgaged the house, fixed it up, and it just closed yesterday… so about 4 months total time.
Total profit was about $65k, split by 2… I got about $32k profit.
The check was for $94k; the biggest check I ever held in my hands!
Within those 4 months, we also had another motivated seller who sold us her house for $200k, and we put it right back on the market, without fixing it or spending a dollar on it, and it sold for $250k. So I netted $18k off that as well and it was within 1.5months.
Total profit so far = about $50k
This may not seem like a lot for some of the veterans on this forum, but for me it’s almost a life-turning amount! I’m 23yrs old and I will soon have enough savings to be in a position to quit my full-time if I wanted to. But, I don’t plan to quit yet of course bc my full-time is actually going great as well… God is great.
Now I just wanted to add, that my partner has been a real estate agent for a little over a year and without his knowledge of the home buying and selling process, I wouldn’t have been able to do this. So it really helps to partner up with someone who has knowledge of buying/selling transactions in real estate. But after these 2 deals we are going our separate ways.
I’m really anxious now to see how things work out for me. I have 8 months left this year and I plan to continue with the bandit signs and attempt to make another $50k before the year ends. And of course, I plan to continue learning as much as possible.
Thanks to everyone for all the replies to my posts and the help.
Hopefully, by the end of this year I can tell you all that I made another $50k… or more! :biggrin :biggrin
hi can u share a bit about your bandit sign experience? when do you put them up and how many do you put up at a time? how do you saturate your bandit signs?
i am trying to do the same thing but in Canada. any input would be great.
After every deal (and the glow wears off a bit), I like to reflect on what I could have done better; even when it goes well and you make plenty of money. Continous improvement is essential in any business. There is always ways to improve in terms of being more efficent, wring my profit out, etc.
We put them up at night time mainly to avoid unwanted attention. My partner and I had trouble with this because neither of were consistent. I would go out on a fri/sat night and try to put up about 25 signs and he would do the same. We were suprised we even got these 2 leads because there’s competition out there that putting up much more signs than us… but it still worked out for us. Our signs were basic… we designed them but it just said WE BUY HOUSES and our 800#
We did a 95% mortgage and 5% down payment for the first one that we fixed up.
And the 2nd house we did 100% financing, but paid about $6k in closing costs.