11/4/2008
Well, people, I am on a serious roll here!
The closing I had on Friday went off without a hitch, and then I closed another yesterday. I sent the listing agent an email yesterday after the closing to let him know everything was signed and funded, and he sent an email back saying, "Let's do more!" Yay! Music to my ears. This is deal #5 that I've closed with this particular agent, and I think it's safe to say he likes me. Can't say I blame him. Teeheehee.
I got another one under contract today. Well, actually it's a deal a friend of mine has, and one of my buyers is going to buy it, so we're splitting the deal 50/50. I have another one like this that is supposed to close later this month. I also have the two that I sold to California Guy that are supposed to close this month. That makes 4, but I'm just going to go ahead and assume that all of them will blow up, and I'm just going to continue to make offers and do deals and make more offers and do more deals....
I put out 25 signs over the weekend and found a new cash buyer. I'm telling you guys, there are buyers coming out of the woodwork looking to buy cheap houses in this market. I'm getting deals in the teens and twenties, and they cash flow all day long. One of the buyers I just found who called on one of my signs (the guy who is buying the house from my friend), said that he has been waiting on a buying opportunity like this since 1992, which is when he went on his last spending spree, and was able to pick up homes in the teens and twenties. He has called me once a day, every day since I first spoke with him (2 weekends ago), and he is chomping at the bit to buy up some bargains.
This market is like a dream come true for me. I'm not kidding. My competition is thinning as the days go by, and the deals just keep getting better and better. I hope it stays this way for the next two years, because I am going to go full speed ahead and make some serious cashola. Once I do that, if the market is still in the dumpster (which I hope it is), I'd like to buy a few dirt cheap homes for cash, and then rent them out. It wouldn't take me too many free and clear homes to be able to pay my monthly expenses. I never thought I'd hear myself say that I wanted to own a rental again, but if I can pick them up for 10-15k (or less), and I have the cash to do it, I think I would be stupid not to.
So, that's the plan for now, anyway.
Adios, Amigos!
P.S.
I'd really like to throw in a political jab or two, but I've decided to spare you. I think we've all had enough.
You're welcome. ;o)
Tuesday, November 4, 2008
When It Rains, It Pours
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8 comments:
Do you mind sharing what verbiage you use on your signs to find cash buyers? Thanks.
Sure...
CHEAP HOUSE!
39k
CASH ONLY
123-4567
They make my phone ring.
Sure...
CHEAP HOUSE!
39k
CASH ONLY
123-4567
They make my phone ring.
Hey Steph! This sign does work wonders. I used this language based on your suggestion last week and we got 40+ calls on those signs. Thanks for the great suggestion and I'm really glad to hear things are moving along so well for you.
Hi Shae-
Glad to hear that you got a good response from them.
I have been putting out 25 each weekend (100/month), to keep my phone ringing.
Keep up the good work!
Hey Steph,
I'm a newbie trying to build a buyers list. Do you place your signs near the properties you are trying to market or are you placing them in areas where you are looking to buy property? second, When helping other wholesalers market their properties, what type of fee or mark up do you normally charge and could you explain how you structure your contracts for these types of deals.
Thanks for your help.
Hey Steph,
I'm a newbie trying to build a buyers list. Do you place your signs near the properties you are trying to market or are you placing them in areas where you are looking to buy property? second, When helping other wholesalers market their properties, what type of fee or mark up do you normally charge and could you explain how you structure your contracts for these types of deals.
Thanks for your help.
Anonymous,
I put the signs out in the neighborhood where the house is I'm trying to sell. Or, if I'm looking for buyers in particular neighborhoods, I will put signs out in those neighborhoods.
The profit on deals I work with other wholesalers just depends. Sometimes we split it 50/50, sometimes I will add a few grand onto their price.
If you are licensed, you can get paid on the HUD as a commission, if not, you will have to get the property under contract from the wholesaler and then assign the contract to your buyer for your fee.
Hope that helps,
Steph
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