OfflineI just closed my 5th deal, 2nd wholesale deal. This story is a true case of you can make money on any house, any condition. So a couple of weeks back I get a call off of one of bandit signs. Guy wants to sell his house, so I meet him there. This thing is in a pretty rundown part of the Fort Worth Metroplex and I am not kidding when I say I wouldn't store my Harley in it. Really! So he says he would like to get $11k for it, I offer $5k. I come up to $7k a few minutes later. He says no, I leave. A few days later I call him back intending to offer him $8k, he says hey man, I was just getting ready to call you and was wondering if you would take $8k? I of course say yes. So, on the 28th of August I sign the contract with him for $8k. I start marketing this house for $12k, creating my spread and put a sign in the yard about a week later. (mistake, waited too long) I get a call the same day I put a sign in the yard from someone that lives in the neighborhood wanting to see the house. They wanted it so bad that they took the sign out of the yard! So I show them the house, they like it but only want to pay $10k due to condition. I say, let me talk to my partner. I call the seller back and explain that my rehab estimate is higher than originally expected and I have to drop my offer price to $6k. He says he will need to think about it. He calls back the next day and asks if I would pay $7k? I say yes and have a $3k spread on a really bad house. Sold the house to the end buyer 13 days after signing original contract with seller. Awesome!! So, we go to closing and in a 3 week timeframe from start to finish, I made $2616 just for looking at a house and putting a sign in the yard. So, the lesson I learned from this and that I can pass on is always try to make a deal out of everything you come across. Never think you can't move a property due to location or condition because there is always someone who buys in that area and will probably buy your property. Do like Matt says and find the buyer that buy in specific areas. Happy investing my friends!!! On to the next!
NO House is a LOST CAUSE!!!
Posted on: Thu, 09/20/2012 - 05:36
Congrats on the deal and your quick thinking!
Tks for sharing.
John
Quitters NEVER win - Winners NEVER quit!
"P.U.S.H. = Persevere Until Something Happens" Dean
“Opportunity is missed by most people because it is dressed in overalls and looks like work.” Thomas A. Edison
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Great job!!!
Hey did you tell the seller that you will be reselling the property? Or you just said that you'll buy it? I'm assuming the seller knew that you were gonna resell the property right a way since you put the sign in the yard. How did the seller react to that? Were they ok with it?
I'm not sure if he knew, I don't think I mentioned it. He was just trying to get the thing sold. He wasn't living in the house and didn't live close either so he prob didn't see the sign. If a seller has an issue with you selling the property after you buy it, just put it to them that the fee you make doesn't come from them and if they listed it with a realtor, they would have to cover realtor fees. Most sellers are just happy to get rid of the property. Just be honest with them and they should be fine. Some sellers however are just hard or impossible to please. I lost a deal the other day because the seller was wanting me to jump through too many hoops, didn't trust me, didn't trust the contract and it's hard to deal with people like that. There are alot of deals out there waiting to be found. Good luck!
My bandit signs will go in this weekend I live in an area where they are illegal
I am determined dedicated and will make it in real estate thanks Dean
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Charmaine, a little tidbit about bandit signs. They are pretty much illegal everywhere. I live in the Fort Worth Metroplex and they pick mine up all the time. Don't worry about that. You know, I used to put my signs out on Friday nights and pick them up on Sunday night for the sake of losing them. The problem with that is you only 2 days of exposure that way. Put them out on Friday night and leave them out. You will get WAY more calls this way. Use a google voice number or Magic Jack and your number will not be tracable. I put out 50-100 every weekend and I am not kidding, I get 20-30 calls per week! No joke! My problem is that this area is so large and vast it is hard to handle by myself. What area do you live in if you don't mind me asking?
Ferritti is absolutely correct. They are illegal everywhere, hence the name "bandit signs". That is also why we usually put them out in the middle of the night! HA!
His directions are spot on. I,too, have a google number on my signs and I leave mine out until they melt. Luckily, I am investing in a not so good area, so they don't even bother to take my signs down. They are just glad I am helping to renew the area. But on the other hand, it is an area I don't want to be in at night, so I have to put them out in the daylight and there is a lot more traffic to contend with.
Here in SO CAL, I get very little response from my signs, unfortunately.
But I put them out anyway and always hope that this one will be the lucky one! That's all it takes is ONE every so often.
Good luck!
Karen
"You're never too old to be what you were meant to be!"
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Congrats! We're neighbors... Im in North Dallas. Good to know there are super low deals in our neck of the woods too!
Monica
Skeptic, turned hopeful, turned determined!
You will NEVER succeed if you don't try.
Hey Monica! Let's connect and see if we can do business. What kind of deals are you doing over there in Dallas? How long have you been with Dean? Shoot me an email and we'll chat.
equityondemand@****
Call your city and find out the times and size and put them out!
In my area of Texas they can be put out on corners except medians, size is 18X12 and times are 9am-7pm--So I put mine out yes Friday nights! The city will pick them up when they do their duty of cleaning and removing etc..
I've read on here where if you really go over board and populate a whole street the 'bandit police' will call your number and ask you to remove them or they will fine you! I use a Google Voice number, not traceable...
PUSH=Persever Until Something Happens---DG
"Cut not the wings of your dreams,
for they are the heartbeat and the freedom of your soul." ~ Flavia
Kathy Wholesales TX
KM WholeSale Properties LLC
469-587-9967
1888-591-1096
What part of Texas are you in? We'll have to connect. Yeah, I've gotten calls from police, I don't care. I've gotten people berating me at intersections while they are sitting at a red light, I don't care. I just put them out and remember why I'm doing it, knowing that next morning my phone is gonna be blowing up with sellers and buyers alike! And let me tell you, I am the only investor in this whole metroplex that puts out yellow hand written signs. Really can't believe that there is not more of it out there. That's fine, more business for me!!! Take care.
Billy
"Speed bumps don't stop you, they only slow you down"
Billy
"Speed bumps don't stop you, they only slow you down"
Just had to comment. (Surprise!) You cracked me up with the "I don't care". You ARE a lean green fightin' machine, after all!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
In my area of Texas they can be put out on corners except medians, size is 18X12 and times are 9am-7pm--So I put mine out yes Friday nights! The city will pick them up when they do their duty of cleaning and removing etc..
I've read on here where if you really go over board and populate a whole street the 'bandit police' will call your number and ask you to remove them or they will fine you! I use a Google Voice number, not traceable...
PUSH=Persever Until Something Happens---DG
Not to get off-topic: But I was just about to say the same thing. Call or go to the City Planning/Zoning Department and ASK what's legal. Then play by the rules.
My Town- "No temporary signs on city poles or public rights-of-way within the city limits." And they even gave me A FREE MAP of the city limits! Luckily W-Mart isn't in the city limits, and even more lucky, I think it's the only one in the country that doesn't have a 24/7 security/sign puller. Of the 20 signs I put up, only 3 disappeared and almost 3 weeks later I took all of them down because they were looking pretty ragged. Except 2...that are still getting me calls! and no Sign Police because I am being a law abiding citizen. My sign # is my cell #.
Back on-topic: Of the 30-something calls I've gotten I've found a cash-buyer, 2 tenant-buyers, 6 sellers with a total of 10 properties for sale and NONE of these properties are a lost cause. They are all in slow-motion for one reason or two and the funny part is: the 2 ugliest, busted houses look to be the best deals.
Don't fear the F.E.A.R.
"The harder you work, the luckier you get." -Gary Player
are a lost cause, I know of one that has been on the mls for along time due to the condition of the property, best thing would be just to tear it down and build new but the seller is wanting too much for this and you can get a lot in the city for less that what it would cost to tear down the property and haul off the rubble from it.
Shawn
"...been on the MLS for a long time due to the condition of the property..."
Sounds like the agent is the lost cause...or the seller...or the house.
My guess is, it's not the house.
"The harder you work, the luckier you get." -Gary Player
Hey Emidio,
CONGRATS on another deal! I was reading a post you had out here on DG back on 5/12/2011 about so many bandit signs being taken over the weekend. I searched bandit signs here on DG because I put out 25 signs Fri night, and drove past 22(the other 3 were not on the way home from church) of them today just to check on them and 9 are gone already. Back when you replied in 2011 you were putting them out on Fri and taking them in on Sun but I see in this post that you keep them out all the time now and that you also put a lot more then Matt and Deans recommended 25. Are you buying the bandit signs are doing homemade like Randy. I've gotten 0 calls from the signs, also sent out 100 letters to absentee owners on Mon and have recieved 0 calls from those also.
SEMPER FI
GET SOME!
Just read your whole profile, SEMPER FI! (USMC 87-92)
SEMPER FI
GET SOME!
Hey Jack, how are you brother? Always awesome to find prior Marine fellow DGers on here. Yeah, as far as the signs go, I buy my own at signwarehouse.com (Matt's recommendation) and I try to put out 50-100 every Friday night and I do leave them out. I get them so cheap, it's worth leaving them out to get the extra exposure and risk them being picked up. In my area, Fort Worth, it is so big here I can't pull them back in, takes too much time. I usually get 20-30 calls a week and I am not kidding. Saturate your area and you WILL get calls, I promise. There have been a couple of times where I haven't gotten calls but, that's ok, it's part of the process. I put out 30 this past Friday night in a new area of the metroplex and I have only received 2 calls so far. I may get more but, maybe not. So, I have to analyze this a little. Am I not getting calls because I didn't put out enough? Because it's a new area? Could be both. So, this weekend I will hit it again BUT, saturate more. I also picked up a couple that want to help me put out my signs so, they are going to take care of another area for me close to where they live. Now, I can handle two areas in one night! So awesome! And you know where I picked them up from? MY BANDIT SIGNS!!! These signs are a win win man. You can get so many things from them including members of your power team. I hope this helps and good luck brother. Let me know if I can be of any help.
Semper Fi!
Billy
Some just need to be torn down. The only value is the land. I see those quite often.
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
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
Just Plan no it is not the agent you would really have to see the property, it is not worth the price or even if you get it for almost nothing the repairs or rehab would be a good 30k to make something out of it. Would no doubt be better off to tear it down.
Shawn
Hey guys, I see a few of you are going back and forth about the title of my post. Bottom line is know your area. When I said no house is a lost cause, I meant you can make money on pretty much any deal. In my area, we have very bad areas that are full of trash BUT I can move them because I have buyer that like them. Also, certain areas of where I live, people in the communities like to buy and fix them up. This one that I sold, I wholesaled to a retail buyer. FIND A WAY!!! Have a great day!