Alright,
I've received several emails from people asking what exactly I'm doing.. Lately, I've been posting the successes without posting the actual nuts and bolts of the transactions.
Just ot put things in perspective, i'm working with about a 1:14 ratio. One out of every 14 offers gets approved. Each week I strive to get out about 5 offers, sometimes more sometimes less depends on how busy I am.
In a nutshell..this is what I do. Saturday-monday/tuesday I'm browsing the MLS for hosues that fit my criteria, there are usually abour 600 houses or so to go through. Then out of that i have a list compiled of about 15-20 houses. Of these I usually pick the top 10 (with the best spread) then I go check them out. I go check out the houses, run repair estimates, then I come back home and run comps.. then I make write my offers up and fax them in. by late in the week.
Lately, I've been getting lists from several listing agents which is a big help.
What I need to do is spend some more time looking for buyers.. I have 2-3 dependable cash buyers but that's not enough.. I know I need more.
Well that's about it for now!
i'm tired and I gotta study for an exam tomorrow... no redbull this time though!
g'night!
Dennis
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3 comments:
Hey Dennis, do you think you'll buy & hold any of your properties that you're making offers on? Or are you thinking of sticking to wholesaling? We have a mixed strategy for the purposes of long term wealth building, but primarily wholesaling for the quick cash is certainly tempting :-)
Shannon
Ft. Lauderdale, FL
goodfaithinvesting.blogspot.com
What's up Shannon?
Yes, I am going to start buying and holding in the near future. Some of my closest investor friends are slowly talking me into cash flow. And now seems to be the right time to get these properties while they are dirt cheap. How do you determine what you wholesale, and what you buy and hold?
Dennis
Hey Dennis, at this point what we're doing is always attempting a wholesale first. If we don't get strong enough interest, we'll close on it. We'll do the minor rehab and try one last push to sell it. If it doesn't sell fast enough, we'll hold it and rent it out. But the original idea is to only make offers on properties that we wouldn't mind holding since there's always the risk of not finding a buyer. Right now we're targeting REOs primarily. We're considering doing some marketing soon to pre-foreclosures with equity as well as probates...but making offers on REOs on MLS is free and oh so easy :-) I live in South Florida and this is the first time in a long time that we've been able to cashflow. Our first rental property was purchased in 2001 before the prices skyrocketed down here and we haven't held a property since we sold off that one.
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