1/18/2009
I spent most of yesterday putting signs out in the hood advertising the deal I just got under contract for 16k. Here's a few pictures of the house, in case you were wondering what kind of digs 16 grand will get you in this market....
Not a bad little house. Well, except for the fact that it's in the hood, but for 16k, what do you expect?
I put out about 25 signs, and have received probably 10-15 calls yesterday and today. No takers yet, but I did manage to add a few new buyers to my arsenal..... Love those signs!!
I spent the rest of my time this weekend monkeying around with my soon to be new website, and realizing that I don't have enough time or patience (or skill) to design it the way I want it to look, so I searched around the net looking for a web designer to do it for me. I finally found what I was looking for, but turns out they have a 3 month waiting list for new projects.. Dang. I'm willing to wait, though, as I was really impressed with their portfolio.. So, anywho, I should be rolling out my new site sometime this Spring. I'm very excited..
And, in other news- my wholesaler friend, Dave, sold one of his deals to a pimp on Friday. For real. He came into Dave's office early in the day with a contract and a grand in cash to put down as a deposit. Dave had never worked with him before, so he asked him for a copy of his bank statement, since he claimed to be a cash buyer. Mr Pimp said he didn't have the cash in the bank, and that he would be back later with proof of funds. And then he came back a few hours later with a DUFFEL BAG FULL OF CASH. I swear I'm not making this up. And then he explained that he was a pimp, and that's why he had all of this cash laying around. Niiiiice.
Never a dull moment..
P.S.
Click here if you have questions about what I write on my signs...
18 comments:
So I take it he cant sell it to him? I have a friend who is a stock broker in LA and he says he gets like 10 people a year who want to open an acoount with cash and no bank account lol. Hmmmm I wonder were the money is coming from??
He can sell it to him as long as he has enough cash to buy it.. and it sounds like he does..
Steph,
Just curious what you put on your yard signs to find buyers? I don't see people doing this here in New England, so I'd like to borrow some of your mad skills!
Thanks,
Steph (not from Tampa)
Hi Not From Tampa Steph...
I just added a link to the bottom of the post we are commenting on that will take you to another post I wrote that gives more detail about the signs I use and what I write on them.
Feel free to ask questions if you still have any after reading..
Steph (from Tampa) :)
Awesome, thanks so much!
Keep on rockin',
Steph (not from Tampa) :-)
And who said pimpin' ain't easy . . .
Hehehe
A pimp! That is hilarious. I wonder what he will do with the house...
Steph,
Whats the arv of that house in "da hood" you just picked up for 16,000
I was wondering the same thing, Alison...
Kyle- This one is probably worth around 60-65ish. Most of my investors who buy in this area aren't concerned at all with the ARV, though- they are just looking for positive cash flow..
Steph,
Yeh,that is a good point and is something I was not thinking of. I posted something just recently on flipping homes regarding this. Investors I talked to want atleast 60% turnkey homes(which is fine). Homes ARV in my investing area are typically 40k-50k and I was worried about that the 15-20k in equity after my wholesale fee would not be enough to sell quickly. -Kyle
I don't even check comps anymore when I am working in these really cheap areas- I just find out who the buyers are and ask them exactly what they are looking for and at what price.
It's really hard to figure out what a good deal is just by looking at the comps in these neighborhoods (they are all over the board), so if you have a few buyers lined up and know what price points they are buying at, it makes it a whole lot easier.
Steph
Yeh, After checking comps on about 40 houses in a given area I already know pretty much what I should be offering and I have not even did a deal yet. I just need to get a property under contract and them market the hell out of it. I believe every thing will fall into place (hopefully) lol
That blog development site looks great. Really "vibrant." I'm not a big fan of the current pink strip down the middle, but it's the content I keep coming back for. ;-)
If you aren't a fan of pink, you probably aren't going to like the new site too much then.... :)
Oy. Every time I read your blog I have to go fix something just to keep my man card up to date. Lol.
cash is king...figuratively and literally.
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