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Posts Tagged ‘flipping real estate’

I’m so glad September is here.  Even though it’s back to school time, August wasn’t nearly as productive as I’d hoped.  Since we pulled the plug on our REO offer, we had to start all over looking for more deals.  And we also got a little off track due to another family funeral. 😦  The fun never ends around here!

We did put in another offer on an REO yesterday.  It’s a cute little 2 bed/1.5 bath house that needs (from what we can tell) mostly cosmetic rehab.  The septic system inspection has to be done, though, to see if that needs replacing.  Anyway, the house has been on the market over a year, I think partly because the MLS listing photo (only one) is just awful.  The picture doesn’t do the house justice at all.  We offered about $80k below asking price (it’s listed at full market value, which is ridiculous).  The bank I’m sure will reject the offer, but let’s hope they counter with something reasonable.  I hope to hear by mid-week on the status of that offer.

I’m still getting calls from our mailing (we still have one more batch to send).  The one guy keeps calling and calling.  It’s an inherited house and he owns it with his siblings.  The house was listed since  June at over market value (listed at $249k, it’s worth about $200k, maybe).  I told him that we’d be willing to come see the house, but we couldn’t pay close to asking.  Well, the listing expired 8/31 so he keeps calling before they list the house with another agent.  From the MLS photos, the house looks in nice condition, just outdated.  I did also ask him if they’d be interested in owner financing, and they don’t want that, they want the cash.  What would you do?  I think he’s motivated, but if they still want close to asking, it’s not a deal, ya know?

Oh, and Steph over at flipthiswholesaler.net instituted a do-over for her 30 day challenge.  Thank goodness cuz August was a sucky month for REI.

Happy Investing!

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I think the hardest part about Real Estate Investing is feeling confident you have the money to close your deals (especially your buy and hold deals).  It’s tough because in this market there are a lot of deals to be found, all you need is the money.

I saw a link on my favorite wholesaling blog to this webinar regarding private money.  Check it out!

By the way,  if you haven’t checked out TampaSteph’s wholesaling blog  , you must do so!  It’s full of tons of helpful tips and it’s also funny at the same time.  Enjoy!

Happy Investing!

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I’ve been using Craigslist since late last year to generate leads for homes to buy, add investors to my buyers list and also look for good investment property.  I’d say I have had only fair success with it. 

When I post for investors looking to be added to my buyers list, I tend to get a lot of “spammy” replies from people looking to promote a website or trying to sell me a foreclosure list. 

I do track my responses and even try to change the ads around…but I haven’t received any overwhelming response from any of my ads.  I have even written ads that the REI gurus recommend, but I haven’t had that much luck.

Another thing is that our website, although still new, tracks pretty high on the search engines, but I don’t get tons of reponses (yet) from motivated sellers. I need to do some tweaking there.  I’d hate to pay for ads if I can get the traffic/leads for free.  I have been hesitant, mostly for lack of free time, to put out bandit signs, but I may have to resort to that, if the on-line stuff doesn’t provide enough results.

I’ve also posted ads on Backpage and Kijiji, with the same results.

What is your experience with finding deals and motivated sellers on Craigslist?

Happy Investing!

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Can you wholesale real estate in this market?   I’m always looking for training tools or videos/podcasts to help keep me motivated.

 Check out this video from a seasoned house flipper. 

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