- Find it
- Analyze it
- Get it
- Get it done !!!
I understand some if not all of you are eager to buy a property but the majority DO NOT know how to run their numbers and they’re running around trying to find an investor or distressed homeowner.
Everyone should be lined up before acquiring ANY PROPERTY especially for the beginners. Your buyers need to get prequalified and you need to be in contact with 3 investors prior to making the deal. Investors will not look at any of your numbers unless you present them in a professional looking binder or folder. All they care about is “when am i getting paid and how much am i getting out of this deal”. As i said RUN YOUR NUMBERS!!! And it seems everyone is jumping the wagon without knowing where to go.
Just because REO, BPO’s, realtors, etc. says a number that’s their opinion and it doesn’t mean you have to buy it for that number that they want or put it in contract. the lower the number, the better it is for you. Again, if you run your numbers correctly, then you will not listen to what they say and it will protect you in all your future transactions.
I cannot stress the importance of ANALYZING the property prior to making contact with a distressed homeowner. You have to run your numbers and if the numbers look good, then get it in contract. Otherwise, you will be running around, wasting gas trying to find a homeowner that’s willing to work with you. Better yet, have them contact you and tell everyone what you do.
When you have to beg a homeowner to sell their house to you for a shortsale or whatever the case maybe, you are knocking @ the wrong door. I hate to sound mean, but YOU are there to bail them out of their mysery and if they can’t/won’t cooperate . . . NEXT . . .
With all the foreclosures everywhere, if i will not make any money on the deal. i will walk away and for some of you that keeps asking the same question about wholesaling. Folks, you need to be knowledgeable about your state laws and contracts required prior to meeting with your client. In fact, there are a lot of articles on this website discussing wholesaling, not sure if they discuss what contracts to use.
Like they said, it takes money to make money and unless you invest in educating yourself on real estate, sorry to say, but there’s no such thing as free lunch.
Good luck and happy hunting !!!