attended a Boot Camp Training in Utah with a company called Junk House Riches.
They were teaching investors how to follow in their foot steps with buying these homes in Bulk Packages. They also had a Wholesale Company that you could purchase homes from for approx. 7-12K. They then showed you the process of doing minimal rehab(approx 2K) and selling the home on a land contract and holding the note. I personally belive this could be a huge opportunity for many investors to build a cash flow and let someone else do the work while we are out doing other deals and still collecting a residual income.
What are everyone else’s thoughts on this?
Did you learn a lot from the boot camp or did they try to upsell another more expensive course.
I did, it was great information for me. I actually learned to buy in Bulk from the Banks and/or they also have a wholesaling company you can purchase properties from for approx 7-12K. They were also willing to do some one on one with you and make sure you set your business up correctly. It was the actual owners of the company and not some off the wall coaching company doing a presentation.
Bulk REO property just has a higher barrier of entry if you have the cash or private lenders and experiance then it can be a very profitable venture. The other thing to think about when buying bulk REO packages is, do you get to pick the houses or do you automatically get stuck with some that are at the bottom of the barrel? You have to plan your exit strategy accordingly.
I would agree. From my understanding you get a list of address and decide if you want them or not. So basically you get what you get and go from there. Alot of risk involved and an exit strategy is something you have to have ready and act upon as soon as you buy one of these Bulk Packages. They did show us a really great exit strategy if you have the capital to follow through with it. And with that they also taught how to put minimal rehab into these properties and get them sold. The average they spent per home was $2,500 dollars. It was a great course of setting these properties up to cash flow and not having to worry about any type of up keep and also keeping it hands free.
and in some areas like NJ where I live if you find something for $2500 you buy no matter what, but in other places in like Cincinnati or Cleveland you can find houses that cheap and sometimes they are not even worth that. You can make tons of $$$ just be carful and due you due dilligence first.
I agree, Also if you set up a businees and the exit strategy like these guys did with their company, it turns out to be a win win for everyone. Helping out the local economy, the investors making money and building a cash flow if that is the route you take and also the investors that buy in Bulk as well. I loved the exit strategies they were using and there is potential to make a ton of money doing this.