I have been trying to get rid of three cash flow properties and cannot find ANYONE to even inquire. I have them on my website, I've used word of mouth, I've placed ads in classifieds, and I've marketed them with flyers. Don't know what to do...
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Have you tried calling Carol, to see if they will move on her national Wholesale network?
Check with her.
Jim Kendrick
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
Location and price
If its in a less than desireable area that won't get them back their investment, plus interest, then won't bite
If the price is too high and doesn't warrant interest,....
I am actually bird dogging them for a friend who has been involved in RE Investing for years and does it full time. I have done the research and math and all of the numbers work out. I believe they are great deals in a desireable area/market. I just can't seem to move them. It's very frustrating.
I put a property on there yesterday and I have 2 interested parties emailing me today.
Maybe do a lease/option?
Do you have a few actual buy and hold guys on your buyers list? What do they say? Ask their opinion. Have you gone to local REI meetings and marketed these deals. The buy and hold strategy is very strong right now with good rental rates and high demand. Its a great time to buy and hold and that is what knowledgeable, capable investors are doing nation wide.
I assume these are SFHs
What are the comps. Are you at least 20% under actual FMV?
Are they currently occupied? What are the lease terms
What is the equity and cash flow potential on each one?
What repairs are needed? If it does not already, your marketing should have these numbers, not just "cash flow properties"
Remember who to market to.
If your buyer is going to use hard money then re fi. He needs to pay a max of 70% of FMV after repairs or he can't get a loan.
Cash buyers want around 20% equity with a 8 to 12 cap rate on average.
Getting a loan, 20% down conventional financing is not easy to get these days.
I agree with Elix, if it is priced right, it will sell. If they don't sell when marketed properly, there is only one answer, drop the price or bird dog something else. Remember, the market tells us what to do, we can't tell the market what to do.
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
cash flow (after ALL expenses) do these properties have per month?
Have you prepared a summary of all the numbers? ROI, NOI, CAP rate, monthly cash flow that's easy for a buyer to see the attractiveness of the deal? Do you put the NOI, CAP rate and ROI in the marketing? Can the seller offer any type of financing? Anything that will add and advantage to the property will help it sell.
If its not below FMV, the owner better be able to finance a lot of it or lower his price for an all cash deal.
Just my 2 cents!
If you are placing ads in classifieds what are your ads saying?
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Charlotte Wholesale Properties
I found a bunch of buyers this way. Go to the county website for where the properties are located. Go to the Sherrif's office site, and find the link for sales. I found the list of sold properties and its a total of 36 pages of buyers and banks! About 1/2 of them are actual buyers. Now, what I'm figuring out is how to find their contact info. I can go to the registrar's site and get the documents online, but that costs $5.95 per record. (I'm in another state (at https://tapestry.fidlar.com/Tapestry2/Default.aspx for select states) If you are in the area, you can go down to the registrar/recorder's office and get the info there directly, usually free . Hope this helps!
Zion, what cities are you working?
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Charlotte Wholesale Properties
are under contract in Evansville, IN. A duplex and a fourplex.