Posted by Mike-PA on August 20, 2001 at 19:19:17:
Bob,
Where in PA are you? Have you been investing long? How is our area for this type of work?
Mike
Question… - Posted by Bob (Md)
Posted by Bob (Md) on August 20, 2001 at 08:37:42:
Just out of curiosity, has anyone out there actually bought Carleton Sheets’ course, gone through it, and failed? He says that you’ll probably have to make several offers before you find the motivated seller - it’s a numbers game. Can anyone actually claim to have personally made 20-30 offers after working through the course and not been able to buy a property? Since buying the couse, I have made two offers, the first was accepted, and the second was almost accepted (if I had wanted to put 5% of my own money into the deal it would have been). I hear a lot of people complaining, but nobody seems to be saying, “I bought it. I did what he said, and it didn’t work.” Anyone?
I sort of figure it like this. If it takes you 8 hours to find, look at, and write an offer on a property, and you have to make 20 offers for one to get accepted, you’ve worked 160 hours. MINIMUM profit on a deal should be $10k after all is said and done. That’s a month of effort for $10k, or $120k/year. Folks, that’s GOOD MONEY, even if you DO have to WORK for it. By the way, at a 1-in-20 hit rate, you would have written 240 offers, and bought 12 properties in that one year. Sounds do-able to me…almost wish I didn’t have my full-time job to get in the way.
Re: Question… - Posted by Ronald * Starr
Posted by Ronald * Starr on August 20, 2001 at 23:40:16:
Bob(MD)-------------
Yes. But why work for eight hours to make every offer. Figure out how to be efficient. Figure to sort through houses in a couple of minutes each, putting most of them into the discard pile. Then concentrate on the 5% or fewer that you can buy for a good deal.
And then figure how to eliminate most of those five percent within an hour or two. Spend no more than that before you write up your offer. Then, when the offer is accepted, check out the details of the property, neighborhood, financing, etc to really figure out which few to make fly.
After a while you may have to let you boss go because you lose too much money working at the job.
Good InvestingRon Starr***
Re: You hit the nail right on the head !!! - Posted by bob ¶
Posted by bob ¶ on August 20, 2001 at 10:34:33:
nt