OfflineYes it is true. I made $10,000 in 19 minutes by sending one text message. I assigned a duplex to another investor on my "buyers list". It is all documented. Now the investor has over $30,000 in equity and over $350 in monthly cashflow. I just love this real estate game. The stategy is very simple.
1. Find a motivated BUYER
2. Find a property 30%-50% below value
3. Match the BUYER and the PROPERTY together and get paid.
Get it done.
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You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
Hi, All.
I just found my first piece of property that I will do my research on then find a buyer. Here is my dilemma:
The property is a vacant house, with a "House For Sale" sign in front (no Contact Number). I want to get inside so that I can see what work needs to be done. Finding the owner should not be a problem. However, I want to know the best way to approach the owner without me sounding like I am making some kind of deal yet.
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Thanks for all your advice!
Dave
Proverbs 10:22
I think answering your question is going to go off subject of original thread here - but I'll throw out some ideas for you. In addition, there is lots of info on this in Deans book and other places on this site too - so search around! I would say first you need to have an idea of what the FMV of the house will be when fixed and marketable. Then, with that information, find name and number and just call and have a fact finding conversation without being pushy. Find out why they are selling, how many bedrooms, etc....and what they are asking. When you hear asking price you will know if it is below market value enough to be able to be a good deal. If so, then ask how/when you can get in and take a look. If it goes this far, then assess your rehab costs and run the tried and true formula to know where your profit margin lies. My first deal was a FSBO vacant home as well. You can go to the forum and look up 'First Deal in Place - but rent or flip'. That is the history of my deal start to finish - and at the end I posted how my actual numbers worked out. Good luck with this! Vacant fsbo's are potentially excellent buys!
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
Approaching fsbo's is a great way to purchase properties and and assign them because the earnest money is typically $10-100 dollars.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote