Fifth week is now posted. Have some more pictures this time and a video of a badly burned house.
17 leads this week and should be getting one under contract tomorrow. Lots of good info in this post, so check it out if you have time.
Danny
thank you to provide!
As long as ya’ll still want to know… the sixth week is now posted.
13 leads this week.
You gotta love getting chewed out by an irate caller (in response to absentee owner postcard).
I also posted the scope of work, numbers and before pictures of the house I closed on last week.
Why not see for yourself. Enjoy.
Please, can you point out how you go about your project financing… that is quite important to me at this point. Any direction, links or guidance will be well appreciated.
John
John,
I use private lenders to fund my deals. They lend the money for purchase and repairs. I am buying the properties for, at most 65% of after repaired value minus repairs. They are happy with lending to me at 10-12% interest because if they have to take the house, they have a 100,000 house for 65,000. They won’t ever the get the house though, because I bought it so cheap, I can sell them cheap myself and make money if I needed to.
There are hard money lenders that will lend on investment properties based mostly on the deal itself.
I’m not sure I can really thoroughly answer you in this forum post. There have got to be a thousand articles out there about hard money lending and private investors.
Hope this helps.
Danny
Danny,
There is so much value to the information you are sharing with everyone–thank you for taking the time to do this!
I understand that the best deals are probably found before the house is listed with a realtor. However, have you looked at many houses listed by realtors?
I can see a real estate agent I’m trying to develop a positive relationship with getting frustrated if we look at lots of houses, possibly make some offers, and don’t get a deal because I have to buy the property at such a reduced cost.
Have you dealt with this kind of thing? I’m thinking that my marketing budget will be small to begin with and I probably will need the help of a real estate agent to get started.
Thanks again!
A couple years ago all I was buying was REOs. Then competition increased and it became harder and harder to put anything under contract. I was sick at looking at a ton of properties, figuring out what to offer and making the offer to then find out there were 10 higher offers submitted the same day.
I do try to buy listed properties on occasion and it is a good way to go if you don’t have much for a marketing budget. Bandit signs are great for small budgets as well.
You will need to discuss what is going to happen with any agent you plan to work with. Be up front in telling them that you will be submitting a lot of offers and most will not get accepted. If the agent you are speaking with does not like the idea, find another one. You need to find one that wants to hustle. You can set up a blank contract with your signature and intials in all of the usual places and make copies so that you don’t have to continuously meet to signs contracts.
I keep blank contracts here, fill them in, sign them, scan and e-mail to my agent, along with a copy of EM check and copy of pre approval letter,she just has to forward,i know whats in every contract, because I filled it in,and she has little work to do,works great for both of us
Danny your the man!!! ive read every article you had to give lastnight… Great Blog… makes me wanna dabble in a few rehab’s myself :beer love the walkthrough of every potential deal your like a public mentor in blog form if that makes any sense lol looking forward to the next week
You’re making me blush. Just kidding.
Thank you for the compliments. I really do appreciate it. I know there are a lot of people that are reading and it is great to hear good feedback and compliments.
I’m preparing this weeks post right now. :beer
The seventh week is now posted.
Got 21 leads this week. I would put a smiley face after that, but would feel more appropriate with another deal under contract. That is the actual goal.
Also finally got the interview with a top REO agent posted.
Enjoy. :beer
The eighth week is here and posted. If you are following along, this is a record for leads in a week. 23! Wish that was 23 deals in a week…
Time flies…
Nine weeks already. Only 10 leads this week, but I did get one under contract. Let’s hope this will get the ball really rollin’. :beer
:deal
Wishing you the best luck and happy investing! :biggrin
The Tenth Week! 18 leads from 7 sources. Some offers out that I should be hearing back from soon. Wish me luck.
I also worked a lot this week on getting the free lead manager system going (will be very useful for deal analysis and lead follow up). Should be beta testing this week.
Thanks for following along.
Thank you for this info, it’s really fun! I’ll look a little closer.
I’m glad you are enjoying it, miami.
Got the eleventh week’s results up on the blog. 14 leads this week. Mostly from my website, but 4 from bandit signs that must have stayed up for a couple weeks. Most importantly, I got a deal under contract today and it is a good one. For those following along, thank you for helping keep me accountable.
Twelfth week is now posted. Only 12 leads (6 of which were before noon today. Actually got to where I was wishing people would just give me a break for a minute, but then came to my senses)… GOT ANOTHER DEAL under contract this week!. This one was from bandit signs.
If I had been disappointed from the first couple of months of not getting much under contract and quit, I would not have these great deals that I am currently waiting to close on. If you are determined to stick it out, you can make it happen.
Thanks a lot for following along.
:help
REIClub is having a contest for best Real Estate Investing Blog and Flipping Junkie was nominated in the “Up and Coming” Category. If you find any value in Flipping Junkie, please do me a huge favor and vote for the blog.
You can vote here:
http://www.reiclub.com/realestateblog/best-real-estate-investing-blogs-2011/
Thank you very much! :beer
The thirteenth week is now posted. Not so many leads this week, but we did get the Hidden Iron house under contract to be sold. I also had a really interesting conversation with the seller of a house I looked at. This was a first.