Hello I’m in Pittsburgh and have been working to put together a deal and have several irons in the fire. The probem I have been running into execution on a consistent daily basis. Here is what it boils dow to, I’d like to communicate daily with a few other people working to make the deal happen.
What did you do today?
How are you finding deals?
Make any mistakes we can learn from?
Here’s what I’ve done today. First I look over Craigslist everyday. I talked to several people about properties buying and selling and worked out the buyers criteria he’s looking for. He wants propeties he can be into at 50% ARV. I set up an appointment to see a place in the morning that is a motivated seller property I can get into with no money down. I also listened to the free Webinar “Vacant House Gold.”
As for tomorrow I wil go look at the FSBO property and work the numbers while I go to this property my wife will look for vacant houses and write addresses. I also plan to work on my buyers list.
I hope you’ll post to this thread so we can create some energy and keep in touch regularly.
I WILL CLOSE A DEAL BY THE END OF THIS MONTH!!! :deal
First Who is the he who wants property at 50% ARV. You have to give more information. Second, tell if I’m wrong, it sounds like you want to network,with other investors. The best place is your local REI club. It would be a good idea to build your buyers list before, you start looking for deals. :bobble
The buyer who I currently have is the gentleman I do the rehabs for. I am a contarctor. He purchases properties here in Pittsburgh and rehabs them and sells them as I work on them to a buy and hold investor. Probally not the most profitabe buyer to work with as I need to leave enough for him and the next guy but any money I make extra increases the bootm line. I can sell the right deals to him.
I have 2 people who will fund a project $25-40K each. However I agreed to split the profit with them on the flip. Still not the most profitable situation however once again the money made will allow me to eventually be independent.
I also have a few other buyers but none that I know or work with closely. As I get more knowledge my contacts grow and I look at properties work numbers and go through the paces. I feel eventually even a blind squirrel gets the nut and with this site a little hard work I’ll get mine. So I keep making contacts looking at properties and reading.
Correct me if I’m wrong but since my buyers are few I look at properties and see if they fit what I want to flip when the numbers work I’ll do the deal. I also have the out with the first guy to just turn the deal over to him for a profit and keep moving no stress.
My post which may have been better under beginners was to hopefully attract a few people to get together here and outline our days activity what worked what didn’t then check in daily to see whats up. I will be attending an REI Club meeting here soon thanks for the advice.
I like your post/idea. I’m new to the wholesaling world and am trying to garner all the information I can. This thread will be helpful.
Currently I’m looking into a few properties that appear vacant in my area. Before I move on them I’m trying to find buyers that have similar criteria. Heard a suggestion to check on local rentals to see if the owners are interested in investing which I may try out this week. Also need to form an assignment contract, anyone have any tips on this?
Start a blog, it’s easy to setup and I read other peoples all the time who are just starting out. You can really learn from what they are doing and what it takes. I’ve got a blog myself that I write about what I’m doing to get going.