Posted by J. Clifton on February 27, 1999 at 12:47:48:
Don’t forget the importance of volume in finding the deals. The best locations (for flip/quickturn purposes) are typically the areas with the heaviest recent sales volume. The best price or terms (compared to market) depends on getting the property low enough to resell at price/terms attractive to the greatest volume of buyers possible. And the volume of offers made to motivated sellers contributes greatly to one’s success in buying the good deal.
Posted by GEORGE P on February 27, 1999 at 08:32:53:
DO THE THREE LLL ALWAYS APPLY? LOCATION LOCATION LOCATION!!
IF WE DO CREATIVE REALESTATE ISNT POSSIBLE TO FIND DIAMONDS IN THE ROUGH? My thinking is most people want the AMERICIAN
DREAM OF HOMEOWNER SHIP. Any comment? The NEWS GROUP IS A REAL GREAT SOURCE FOR OF INFORMATION THANKS!!
Posted by Jason-DTX on March 01, 1999 at 22:06:34:
Motivation, Motivation, Motivation
A really motivated seller can offer a deal in almost any area, even the war zones. You just have to know what to do with them and if its a deal or not.
I had one seller call me with a one bedroom house in a warzone. I certainlly didn’t want to go look at it or even try to wholesale it. So I called my “Warzone Buddy” and refferred it to him. Once he bought it, I got $500 for refferring it. It was better than throwing away the lead and a lot better than spending more than 4 minutes on the deal.
Jason
Posted by JPiper on February 27, 1999 at 10:46:29:
George:
One of the conclusions I have come to over the years is that when everyone believes something wholeheartedly, it can’t possibly be true. These days when I hear a solid consensus of opinion, I look around for what might be wrong with it, what might be about to change. Location, location, location is one of those sayings that I don’t think holds water at all.
Here’s what location, location, location gives you. It gives you the best appreciation that your city has to offer. It’s an option on the future. This isn’t all bad?.but what do you do if there is no appreciation? I can tell you that I have seen some of the finest locations on earth go down in value at times?.it happens.
Here’s what I believe in?.price, price, price OR terms, terms, terms. You make your profit going into the deal. You don’t need appreciation, because you bought at a % of the market value. It’s only a question of when and how you wish to cash in your profit. This is called wholesale buying?.and has nothing to do with location per se.
My belief is that any property in any location can be a deal?.it’s just a question of price. But I’m all for perpetuating the location, location, location myth?.that’s what helps to create outstanding deals in all the less favorable areas.
I agree to some extent Jim, seeing as how I’m now about to sell one of my first buys for about a $20k paper profit. Of course I’ve had to hold it for about 13 years, with long vacancy periods, deadbeat tenants, expensive repairs, section 8 grief, etc… It looked like a deal at the time because of the price, but I didn’t consider location, and NOBODY, but nobody would buy there. So I learned that “purchase price and terms” includes things other than money - like grief, stress and aggravation, and that makes me still look at location as numero uno.
which “can be created” by, the winning expectations of, a highly motivated, postive thinking, turbo-charged, gung-ho, never say die, savvy, creative, RE investor ! Thanks, Perry, Ill…