Nothing wrong with meeting the seller if it’s not too far. But usually when they insist on me seeing the house it means the house is in seriously bad shape and to make sure I really want to pay the crazy exorbitant amount we talked about.
My first few deals I was so nervous I had to go to the restroom and gulp some water cuz of dry mouth, now I carry water with me.
I think I’m more excited than Redstar. Why wait till Friday, U shud of made the appointment today, you cud of had it sold by Friday.
I’m going right now. He’s giving me the lockbox code. He seemed excited to talk to me - “the investor”
Well got damn!!! Here’s to you posting back in a couple hours with a signed contract in hand.
As I entered the house, it dawned on me that I have no idea how to rehab a house. I wouldn’t know what a rehabber would want to do. I know it needs new floors and new walls (is that even a thing?). Some of the floors look good.
The plumbing and electrical looked good.
I really don’t know how to quote him.
I told him I’d get back to him in a couple hours.
He wasn’t at the house and I’m glad because he would have seen my inexperience.
I need a checklist next time.
Tell seller you didn’t realize how rough it was, it needs a ful gut and rehab, but you can see some potential.
Your partner says we can only do $60,00 because of the condition, area & risk factor.
But, we can close in 30 days or less and we pay all closing costs.
Wer ready to pull the trigger, you ready to do this deal?
Sign here.
He said that he only got the house for $81,000 so he can’t do the prices I wanted. No deal
Redstar. you did great!
Keep at it.
The investor only marked up the price $5k? OK, he’s got a contract on it, but not the title. Nobody takes title for a $5k turnaround.
If this guy doesn’t have this house sold immediately, this tells me that the comps were wrong.
Track the deal, and find out what it actually sells for. If you can, monitor the after-rehab sale price, and analyze the deal from beginning to end. If there’s an open house, go visit it.
Thanks.
I just looked it up and it’s a HUD home. Does that change anything? Can I start buying HUD homes to flip myself?
I will monitor it’s progress.
I can’t tell you about HUD homes, other than they are first offered to owner-occupants, and then to investor, and then the prices drop incrementally, until somebody buys it.
I gave up on HUD deals about twenty five years ago, after being unable to buy at the discounts I needed. Never mind HUD was turning empty rentals into low-income housing, because they couldn’t get the prices they needed. This further depressed the market I was farming, as those who don’t respect themselves, much less authority moved in and turned the neighborhoods into ghetto-wannabies.
In fact, there was such an uproar by homeowners that HUD relented and stopped housing dependents, and started selling them for what they could get. It took more than a decade to recover from that fiasco. I was already out of that market by then. And by ‘recover’ I’m talking like raising the Titanic through a sea of Molasses.
Like anything, if you’re willing to specialize, you can eventually find whatever you want.
Okay on to the next one…
https://orlando.craigslist.org/reo/5990888823.html
Zestimate is 144,871. Half of that minus $5,000 is $67,435. It’s listed at $69,550.
There’s no pictures on Craigslist or Zillow. I’m gonna offer $65,000.
Is that a good idea? I don’t really want to go see it if I don’t have to.
I verified through the property appraiser that the owner is a private individual who lives right down the street.
Just think if I can do three of these per month at $5,000/house, that’s $180,000/year.
I could see myself getting hooked on this really fast.
Make sure you’re telling all these people “I’m looking to buy three more properties in your area in the next few months, and I offer this really cool referral program. If you know of anybody needing to sell a house, and I end up buying it, I’ll pay you xxxx dollars once the transaction closes.”
Also tell them the types of houses you buy; inherited houses, people in foreclosure, vacant houses, tired landlords, etc.
Here are pictures of the most recent house I posted.
https://www.dropbox.com/s/rpivlfwy4k7ba38/image2.JPG?dl=0
https://www.dropbox.com/s/guabi5k52q9af5j/image1.JPG?dl=0
https://www.dropbox.com/s/o901sinuqazayvu/image3.JPG?dl=0
The lady I spoke to was a wholesaler and said she thinks it needs to be completely torn down. It’s on an acre.
I have no idea what this means as far as what price I can offer.
I need to learn how much things cost to build/repair.
Get out there and figure it out, that’s what we all did. go talk to these sellers, gain confidence, learn the values of neighborhoods.
Fail a few times or 10 or 20, get out there and make a mess of things, and have some fun.
I have no idea what to do with that house, by the way
How bout wholesaling it for cash? Are you second guessing everything, fearful, hesitant and on and on?
Haha, I’m glad I don’t have to go thru the newbie experience again. It was horrible, terrifying,
I think a lot of people never make it to square one because of the fear.
What are you going to do?
The seller (another wholesaler) said it probably needs to be demo-ed and rebuilt from scratch.
I, of course, have no idea what that costs.
I need to start making calls to contractors.
No you don’t. You need to get it under contract and sell it. Your contract has an escape clause.
For how much? That’s what I’m lost on.
Take a stab at it, ur spear don’t need to be sharp, You can club it to death.
OK, half of zestimate, deduct 20K for repairs and $5,000 for your fee.
Then if he’s ready to talk, sharpen the spear, go for the kill, negotiate him down some more because his dog is ugly.
leave no witnesses.