Driving for Dollars Pays

drive for dollars

I'm on my way out now!

Thanks for the heads up!

Linda

We do this all the time! For us it works a lot better than dealing with agents and MLS listed properties! As far as driving for dollars, we look at vacant properties AND go to every estate sale and garage sale we see, we call all the FSBO and for rent signs too. Just one of many strategies we use to find unlisted properties. Driving for dollars!!

Congratulations on another one under contract!

Michael Mangham
MD Home Acquisitions LLC

Hello Mike,

I'm hoping I can get some formula calculating help and expertise from you? Can I PM you?

Kathy

RIGHT-O Michael...SO many ways to find the deals. MOVING SALES, alot of time these folks ARE moving BUT have NOT sold the house yet...hhuummm, what to do?

I ve found the best use for agents are expired listings

Dont know if youre directing to me or Michael, but sure to the PM.

Why not post your ??'s and get even MORE feedback from everyone

Mike, can you share the numbers and the seller's motivation with us?

Bump

Well Mike or Michael both of you will do
I'm needing to know is how to figure comps on a SFR that doesn't have comps that are similar to that prospective property by age or size. There hasn't been a home that has sold in the neighborhood in about 10 years. The comps that come up are at least 4 or more miles away. Do I still use those comps and how does this effect my max. offer price?

It has 4bd 2ba 1268 sf, one car garage and there are 3 homes for sale on that street just put on the market.
My homeowner is selling it FSBO on craigslist. They owe 85,000 and they are selling for 115,500 They already moved to another home to care for elderly fahter so they really want to sell and can't afford to pay another mrtg pymt so they are thinking of getting a renter. The home FMV is 104,000 and she said they want to make 25,000 in profit.

Looks like repairs are just carpet and paint.

How can I make this work if they want that much in profit?

Thanks for your help and advice,

Kathy

I agree that this is the best method of finding deals. We do it every week and have always found properties that were not on the market.

You have three currently listed comps on the same street!! You don't only look at sold comps!! Always check currently listed comps. They are actually your competition if you were to list the subject property for sale right? Remember to check sold comps, currently listed and under contract comps. Seeing what comps are listed at will give you a fair idea of what houses are selling for!!

Worst case is you can find out what the SQ FT values were on sold properties if they are larger or smaller than your property. Make sure they are finished the same way. One could be trashed and the other totally rehabbed. SO you must look at actual comps. This is why I like to figure ARVs! I look at what the house will sell for after fix up because I wholesale and fix/flip myself. That is what I base my offers on. 70% of ARV minus repair/rehab is my max offer.

Michael Mangham
MD Home Acquisitions LLC

Mike,
Thanks for sharing this. I live in NYC and Subway station is in front of my building, that's why I don't need a car to get around.
Since I bought RBBP, and tried to follow the blueprint step by step.
I cant figure it out how Carol Stinson did this at home without going out.
I probably need to get a car so I can go out look for ugly properties.
I am now building buyers and looking for RE agent to work with. I have learned a lot from DG's family and thank you all.
Charles

Hi Charles I just read your post today Monday 8-29th and see that you live in NYC I'm just wondering how everything is, I havent tuned into the news yet this morning! Hope all is okay with you and I like how you get right down to business and studying your RBBP no matter what! What an inspiriation from one newbie to another

Kathy from Texas

Okay thanks for that Michael.

The house is in a neighborhood that hasn't had any houses that have been listed or sold in ten years and only 2 more were listed with a realtor this week.

So I should ask realtor to look for comps on sold and listed property? I was thinking I would have to use them anyway since this is all I have to work with. I I was using the method on getting comps on 1 month sold homes that are the same by size and area (1-1/2 mile radius)

This little neighborhood was pretty stable and is a big difference in House size and YEar from the ones coming up on the comps from my Prop Trend software and Zillow. I will be asking a realtor who will give me comps to include the listed homes as well as sold and from that I will figure the ARV. Am I right?

Hi Kathy,
Thanks for a lovely message, i do really appreciate your concern. It's quite an exciting experience from the earth quake on Tuesday and then hurricane on weekend. I live on the 12th fl apartment and everything was fine. We had power on as usual so I had TV and internet on to check news and studied the RBBP at the same time. I could go nowhere because all buses and trains were shut down for safety reason.
If you followed news, you would know we had damages here and there but I am lucky I am still survived after one mother nature and other.
I hope you are doing well in REI.
Thanks
Charles

Guessing the particular story for this house was not very interesting?