Where to find cash buyers for great foreclosure deals??

Bird Dogs, Wholesaling
1

Hey,

I have 3 foreclosures I purchases directly from the bank cash and I want to flip them for a small profit. I want to find cash investors that I know would love these properties.
All located near the city in Atlanta and in pretty good condition, under $50k.

Any idea where to find motivated buyers??

Here’s the link to the property descriptions:
http://atlafterdark.com/house4sale.html

2

Put out handwritten bandit signs.

3

How much info should I put on the sign??
Address, price, & phone number?
Or catch phrase words like “Hot Foreclosure deal!” etc.??
I know people might not have too much time to take it all in when driving by one, ya know.

4

Hi Trent

Your prices are too high for the area and you’re in the wrong area.
747 Cascade Pl., Atlanta 30315 → $30k
2272 Pryor Rd., Atlanta 30315 → $40k
92 Ormond St., Atlanta 30315 → $50k

There are way too many foreclosures in the area that can be purchased for less than your asking prices and cash buyers know it (the bad thing about the internet, too much info available for free). I would shift out to the suburbs, gwinnett, cobb, henry, rockdale counties

good luck

5

I set them high to leave room for negotiation.
I know you don’t know how much I’m into them for…but what would you suggest the pricing for each be, based on the merit of each property.
Thanks for your time!

6

Trent,

I took a look at the 92 Ormond Street property:

Your 3 highest comps in the area are $45k, $50k, and $55k.

Couple of duplexes for sale in the area for <$20k.

What is your estimate of repairs to put the property into good shape?

Problem you’re going to have is that there are no retail sales, all foreclosures.

Regards,

wade

7

I appreciate all of you guys input…but I think you all have a misconception of the market in Atlanta. Numbers and computer read-outs can only tell you so much. Judging value is a personal thing to each buyer when you’re dealing with properties at these prices. We haven’t seen prices like this on homes in a major metropolitan area like Atlanta since the 50’s and 60’s.

I say all this to say that I have contracts now on all my properties…Cash buyers.
All thanks to MLS.

Note to anyone in my position: Be patient and don’t compromise when you know you have a good deal on the table :wink:

THANKS AGAIN GUYS!!

8

Trent,

Congrats on getting your properties under contract.

Re the values, as a hard money lender I have to look at the values on a very short term basis of 6 months. The only values that I care about are the values that I see from recent MLS sales.

Based on the area and price, I’m sure these properties will be good long term investments. However, for the short term, I just don’t see the values.

Are your buyers planning on holding the properties? Or are they planning on flipping the properties?

9

The buyers I have are holding them and renting them out Section 8.
I’m a wholesaler…So I try to find deals I can flip for a 5k-10k profit.