OfflineGreetings everyone. I thought I would start this forum topic on how to find, fix, ans sell (FLIP) a hose and still make a profit. It will be a multiple part series so just follow th numbers to keep up. I am far from being an expert but I am posting this info because we ALL need it. So thank you for your attention in advance.
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Part One - FIND: How to Find Houses With Investment Potential
1. DEFINE YOUR TARGET
Defining target neighborhoods is a two-step process. In the first step you will identify the various factors that go into evaluating a neighborhoods, we will call that your personal criteria. The second-step is applying that criteria to choose your target neighborhood.
5 Benefits of Defining Target Neighborhoods
1. Lower cost per qualified lead - your money is
focused on high quality leads and minimizing
the unwanted ones.
2. Less Time Qualifying Leads - You spend less
time filtering and rejecting unwanted leads.
3. Find Houses Quicker - You become an expert in
your target neighborhoods enabling quicker
assessments of what houses sell for and what
they cost to fix up.
4. Buy More Houses - You will have more qualified
leads which means more house-buying
opportunities.
5. Buy The Most Profitable Houses - You can be
choosy about what deals to take because you
have more leads to choose from and more
information.
Criteria For Neighborhoods
1. Proximity of neighborhood to amenities
2. Selling prices of the homes in neighborhood
3. Sales activity of the homes in neighborhood
4. Ages of homes in the neighborhood
5. Appeal and charm of the neighborhood
6. Safety of the neighborhood
2. GENERATE LEADS
You do this by prospecting, advertising and networking. Utilize the team you put together for referrals to properties an/or homeowners.
Connect with people who can connect you to houses and sellers.
Places To Prospect: Your target neighborhoods
The Multiple Listing Service
Classifieds
Foreclosures
Advertising: Create an appealing message to attract
buyers and sellers.
Focus on the benefits to the customers.
Utilize creative places to place your advertisements such as in Dean's book.
Networking: Use the great support network or team you have already created to generate great leads. Then cultivate it. Use some sort of spreadsheet or contact management system to keep track of your contacts.
Categories of your Network:
Resources - People who might send you leads
Allied Resources - People who can and will
and you leads
Advocates - People who will absolutely send you
leads.
Core-Advocates - People who are in a great
position to send you leads and will.
3. QUALIFY THE LEAD
If a seller (a) has equity in the house (b) has cash to pay off the loan (c) has an agreement with the lender to reduce the loan THEN this means (1) they need to sell quickly and/or They don't want the hassle.
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Look forward to the next installment in this series.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
If a seller (a) has equity in the house (b) has cash to pay off the loan (c) has an agreement with the lender to reduce the loan THEN this means (1) they need to sell quickly and/or They don't want the hassle.
Could you elaborate a little more on this paragraph please?
Are you talking about a person who is in foreclosure here or just someone wanting out of their house and they are willing to sell below market value?
What threw me was "b) has cash to pay off the loan."
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
That it would be a qualified sseller if they owed a minimal amount on a mortgage and were willing to go ahead and pay it of to see to you. Lets say property worth 69K and they still owe 11K. If they pay off loan before they sell you can close deal quicker and they would get 100% of sale price instead of giving up some to ay off mortgage. It may not sound like that big of a deal but it could be an enticement for them to move faster on getting the deal done.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
would repost for those that need it. Part 2 to follow this weekend
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Very confused by this... Could you explain more?
I love reading your posts Anita, very very helpful and I cant tell you how much Im learning, I feel so lucky to have the time to dedicate to doing this (I have alot of time)
I look forward to part 2
Thanks, Beth
I just want to thank you Anita and everyone that gives thier time and information. I very,very new to Real estate.I tell you what, but DEAN gets me very excited, every time i listen to his cd's.
I just recieved Think a Little Different program, and read his first book, and looked at his DVD, and know listen to his first cd about four time, and ready to go to his next cd.
Thank You, thankyou, thank you everybody.
Richard Armendariz
For all that need it.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Hello,
I am new to the DG family and I love the fact that we have so much information and support from everyone. I have wanted to flip houses for a log time. Never had the courage to do anything about it till now. I talked to a realtor today and she has lots of experience with investors who find,fix and sell houses. She also has some experience in assignments. I am so excited I can't wait to get started. Wish me luck
Welcome to the DG family.
There is a ton of info in the forums so start reading!
You can't ask for a better group of people to talk to when you need a little support or info.
good luck and never give up.
Richie.
My name is Dino , from Kansas City, i am just about working on my first deal, wondering if you can help me with a question , whats the easiest, fastest way to find pre-forclosures?
Thanks
I'm just begining the journey, but i want to jump right in. Found a 2br home that is going to auction on Sept. 14. Should I approach the bank first? Would appreciate any advice. Thanks
Kevin
Go to your Courthouse clerks office ask them to see the ( Executory process list ),this is the list of Homeowners who have received their first notice of Foreclosure.Contact the Homeowner and talk to them about possible doing a short sale for them,and go from there.
Good Luck & Good Investing
whurndon
H&H PROPERTY SOLUTIONS LLC
I am new to the DG family and I love the fact that we have so much information and support from everyone. I have wanted to flip houses for a log time. Never had the courage to do anything about it till now. I talked to a realtor today and she has lots of experience with investors who find,fix and sell houses. She also has some experience in assignments. I am so excited I can't wait to get started. Wish me luck
hi am new to this. how did you find a agent that can help you. i've herd this is rare. thanks Rick
I am like many people...well, I hope....in that I don't know where to start. I am constantly looking for properties and have made contact regarding a couple. However, my husband lost his job last year and has recently found another. However, in this process, we have no savings and our credit has become tarnished.
Are the assignments the best option at this point? If so, I have to admit I am unsure were to find the assignee.
I really need someone to hold my hand through this process.
Thanks so much for any advice.
Have you found any great deals to assign yet?
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
I just wanted all to know that I am one of those
motivated sellers. I already have a buyer that I want
to say yes to, and all I am looking for now is someone,
a pro from here to help in negotiating the loan down from
the 2nd lender. That seems like it would be pretty good
money seeing that all the elements are in place. This could
be a good real life training class for some to watch and
at least one brave soul to step up and work with me on it.
I hope it's not too much to ask here...
My ad is posted on Properties for sale.
Thanx for being here and all the great info!
Best Regards,
Anita
(Licensed Realtor-Military Vet-9/11Vet)
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A self-directed realization for 2014 is to:
Live life as if always on vacation and have all the good health, time, & wealth to enjoy it.
Work, only when and IF desired. Helping others do the same. It Pay$ To Connect!
Always In Gratitude.....
I love reading all these journals. It motivates me specially those points I want to deal with. Thanks dom...
Hey connie,
I am new to this also i am a remodeling contractor i think the best way to go would be First get that buyers list and start with lease options read the stories about Greg M. he's has had a great time and had this work for him over and over again lock into one thing at a time and stay with it till you get experience No Money Down. If you have a lot of time to do this then you will make this happen Good Luck!
Jay C
Hello
What are you favorite sites for finding foreclosures and pre-foreclosures?
New to this
Thanks!
Kama
http://www.deangraziosi.com/real-estate-forums/buying-foreclosures-reos-...
Always in Your Service
WELL DEAN I'M TRYING TO HIT THE GROUNG RUNNING BUT I SEEM TO FORGET WHAT I HAVE READ AND I GEUSS THAT IS DUE TO MY LOSS IN MEMORY DURING MY STROKE I MEAN I SEE SOME OF YOUR STUDENTS THAT HAVE IT WORSE THAN I DO .BUT I JUST DON'T KNOW WHAT TO DO AND QUITING IS NOT A CHOICE SO IF YOU CAN GIVE ME SOME HELP ON MY START I WISH IN GOD'S NAME YOU WOULD. PLEASE
I jst got off the phone with Michael Cummings from Americo and he claimed that Dean has recommended them being that they have been in service for 20 years. I was skeptical in giving them the $495 one time fee without knowing how frequently the deals come in or how good the deals might be. i would love to sign up if it really does have access to all the 10k investors they calim they have.
Thanks for sharing!
Esmirna Maloon
I was reading this blog and its from almost a year ago. I am curious how it turned out.
You don't start learning until after you know it all!
Hi Kathy
Yes it is actually 2yrs old..lol and it turned out just great. I have dozens of properties hold ttles under more that 13 LLC's and operate a management compant and 3 real estate trust successfully.
So Yes, It works
Anita
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Hello Anitarny,
I just read your forum from May 2008, and got a lot of information from it. Good information. I'll let you know how the information works for me in a year.
I am still working to build buyers and investors lists. Any ideas you can give me?
Thanks,
Ty
Yesterday is history, Tomorrow is a mystery, and Today is a gift...
Ethel Griffin
...So don't throw away a gift, do it today as tomorrow is not promised.
Yep, great info!
Stephan Roberts
"In absence of clearly defined goals, we become strangely loyal to performing daily acts of trivia!"
Here is a FREE property analyzer I've found:
https://tvallc.infusionsoft.com/go/RehabLite/sroberts/
It's a great tool to use to help analyze your deals (and did I mention it's FREE)! But, you really should spend the $97 and get the full premium edition! IT'S AWESOME!!
3. QUALIFY THE LEAD
If a seller (a) has equity in the house (b) NEEDS cash to pay off the loan (c) has an agreement with the lender to reduce the loan THEN this means (1) they need to sell quickly and/or They don't want the hassle.
PaulYoung4ever
I don't even know where to start :/ Help!!!!
Ok, I just bought a few houses cheap around the country (5). According to Prop Trends and Total View there is money in these. I bought them thinking I would do a light rehab and flip. I am having an issue getting realtors in the areas to assist me in moving them. These days the money is in the buy and hold anyway but I don't really want to do that now. My question is: how do I find people who are looking for deals? Does Dean have a site or a link to a for sale site for buyers and sellers to get together here? Four of the homes I got for under $10,000 (2 of those were under $5k. I think I just want to clear them out. Any thoughts? Here are their locations:
Detroit
Flint MI
Evansville ID
Harrisburg, PA
Unionville MO
Thanks,
Donnie Strybos
Regards,
Donnie
Thanks Anita for sharing your wisdom. I need to hear it, or read it daily. I am not working at the moment, but taking care of mom whose 91 years of age and in need of 24 hour care. So even though I don't have a 9 to 5 job, I'm busy all day long. I started the 30 days to fast cash book, called RE agents, and found one who said they would send me listings and then went on a little vacation with my 27 year old who has Down Syndrome. When I got back I checked my email and nothing was sent. I've sort of dropped the ball for the last 3 weeks, and now I'm ready to pick it up again.
Thank you again for sharing with us; it's not that easy, but from what I'm hearing or reading, it's doable and so I'm gonna stay here until I "do" it:)
Denise