Time to do a deal for convention money... - Posted by HR

Real Estate Investing
1

Posted by Steve (FL) on January 10, 2002 at 24:37:06:

The realtor i’m working with now is not sending me expired listings. Just listings of properties which meet my cryteria. I just walked into a near by office and asked to talk with an agent. There is always somebody on the floor. I told him my game plan and made sure he wouldn’t be embarrased to make low offers and that was fine with him. Then I told him the buz words I wanted him to search for. IE handymen, fixer upper, forclosure, ect. I just went through the listing he sent me. Not all of the listings he sent me ended up meeting my criteria but the ones that did I will look at and make offers on the Vacant ones. I havent tried bandit signs so I’m not sure of the quality of leads those generate.
Steve

2

Time to do a deal for convention money… - Posted by HR

Posted by HR on January 09, 2002 at 20:12:24:

OK,

All you folks sitting on the proverbial post, thinking if this is all for real or for you, why don’t you try this?

Why don’t you do one wholesale flip between now and the convention, so that you can attend for free?

Let’s see what you will need. Let’s say $250 for plane, $1000 for convention and food, $500 for courses. Hmmmm, that’s a total of $1750. I suggest you also get Lumley’s book, 5 Magic Paths to Making a Fortune in RE ($15) and Steve C.'s flipping course ($200?). So let’s say you are going to need $2000.

All you need to do is put one good deal under contract, and then assign that contract for $2000 and, presto, you have your convention money. As a rehabber, I’d pay a guy/gal 2k easy for a good deal.

See, good deals are hard to find. If someone found one and their analysis was correct, I’d buy it in a heartbeat.

How do you get started? Read the articles here on flipping, search the archives, buy the book, post questions. You can do it. Others have in the past, despite their fears and denials.

So: are you ready to get started the simple, easy way, or are you still gonna be sitting on the fence? You got time, now, to find the deal and flip it, by March. Ready?

I bet Steve C. (and many of the other pros) would be happy to help you as you try. I’m sure they would; they are a happy bunch. Heck, I’ll even buy you a beer at the bar to congratulate your start (if Fernandez doesn’t drink it all again this year).

It’s now or never.

Why not choose now?

HR

PS. A 2k flip is pathetically easy. Don’t make this out to be harder than it really is.

3

HR do you still have your web site? - Posted by Nate(DC)

Posted by Nate(DC) on January 12, 2002 at 12:42:05:

If so, what’s the address? I’m going to try to set up a similar web site - just got back my “before” photos on CD for the current project - and I want to take a look at yours for some ideas.

Thanks
NT

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I’ll help… - Posted by Steph in Tex

Posted by Steph in Tex on January 11, 2002 at 20:23:52:

Anybody that needs help with a flip so they can go to the convention, call me during business hours:
Great idea!

Steph in Tex
(Stephanie)
512-328-9677

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I’ll take you up on that - Posted by Steve (FL)

Posted by Steve (FL) on January 09, 2002 at 21:48:29:

I’ll take you up on that. I just purchased Steve Cooks course a week ago and have already read it through. I got bronchicks book too. Yesterday I talked to a Realtor who I got to send me listings weekly. Today I have an email box full of them and by Friday or Monday I will have started to make offers. If there are any investors in the Bradenton/Sarasota area in Florida who need a good deal. Please contact me. twindadddy@aol.com or twindadca@yahoo.ca
Thanks

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Re: Time to do a deal for convention money… - Posted by Dee-Texas

Posted by Dee-Texas on January 09, 2002 at 20:55:38:

HEY HR!!
I’m going to see you at the convention for sure, but…if they don’t have the books on flipping don’t you think you might give them some examples of what you want in a flip. NUMBERS! It’s easier to learn if they have an idea of what type of spead you need.
Dee-Texas

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You’re a class act, Steph; see you in Atlanta (nt) - Posted by HR

Posted by HR on January 12, 2002 at 09:33:30:

nt

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Re: I’ll take you up on that - Posted by Phamtastic

Posted by Phamtastic on January 09, 2002 at 22:38:27:

I was curious as to how you work with realtors? What is your offer to them that they will flood your email box with expired listings? How many realtors do you need to work with in order to establish this lead flow and are the leads as good as the bandit sign leads?

Thanks.

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Hey Dee; good ideas… - Posted by HR

Posted by HR on January 10, 2002 at 08:46:56:

Hey Dee,

I’m looking forward to seeing you, as well.

In my experience, most wholesalers get it wrong: they don’t have an accurate repair estimate, they don’t have strong comps to price the after repair value, they don’t know what the rent rates are in the area should I want to keep it as a rental, etc. Also: they get incredibly greedy. They put a house under contract for 20k, with a 10k profit for the rehabber (doesn’t interest me) and want 10k profit for themselves.

If someone doesn’t want to go the assigning the contract route, they could just get an option on the property. Then sell their option. Simple, easy, easy to understand, and easy to sell to the sell (OK, Mr Seller, while I get my financing together to buy your house, why don’t you give me an option for the next 60 days to buy it at X?). If it’s a truly flexible seller, this will not be a hard sell. Then market the heck out of it and flip for a small commission.

I’ve not seen Steve’s course, but I’m sure it’s very good. If someone made 100 crazy offers on houses that needed lots of work, they’d eventually get one or two that they could flip successfully.

Just my thoughts,

HR