OfflineFirst time homebuyers are starting to come out of the woodwork at a very fast pace. I have done the research and marketing so you don't have to my friends. When you put the current mortgage rates, homebuyer tax credit, and aggressive prices together you get the perfect recipe for first time homebuyers. My agent, Star, is working about 12 hours a day to try to handle the demand for first time homebuyers calling her. It's crazy. Here is what I am doing right now. I am selling 4 of my houses in a small town as the renters move out. I had one go vacant that I bought 2 years ago for $35,000. I put $10,000 in it and have been renting it ever since. I have had an offer for $70,000. I have a similar scenerio on another house in the same town. The renters moved out a week ago and now I am going to put it up for sale. I paid $44,000 for it. I put $5000 in it and I am going to sell it for $73,000. I have 4 houses total that I am going to sell. I will make about $100,000 profit. I will lose about $900 a month in cashflow. What will I do with the profit? I will buy more real estate and repeat the process. I can turn $100,000 into $200,000 in about 4 months. This is a fun time to be in real estate. Don't listen to the news or your friends--go buy real estate really cheap and start making some money! Get it done!
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!
Thank you!
That is a really helpful info.
-- TIME IS A TERRIBLE THING TO WASTE, SO STOP WASTING IT --
You always come with such positive news - you just made my coffee overflow.
But I totally agree and I wish you the best on your sles. I have been working hard as well and later today I will post and show everyone on what.
Good Going
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Let us know what you have been working on. I knew that you have been keeping some secrets!
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!
Even in Phoenix, one of the worst markets in the country, buyers are buying! I have four buyers trying to buy a home right now. Of course, they are wanting a great deal, but the competition is great. We are either too late or overbid on the more popular areas. Many homes are selling for over list price. I have been trying to buy a home for myself and find bidding wars on nearly every property (I do have a verbally accepted contract). Conditions are right for buyers and they are taking advantage of it.
Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
Always good to see and read your posting on this board and some other senior REI. Keep me going even though I haven't got into the game yet. Keep it coming.
Cheerss!!!
CBR (Matt), are you using the tax credit as an incentive in your marketing?
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
What are you doing when they come to you to buy your house and they have an approved FHA loan? I am wondering for those of us who are wholesalers. I know about the 90 day seasoning law for the FHA loans. I guess we have to turn away the FHA buyers if they want to buy our wholesale deals?
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
I did a search in my old area of "work", the poconos. I realized that there are properties there that could be picked up for almost no money (20-40-50K). My problem is that I want to get as many as I can and flip them for about 5-7K profit from a deal.
Problem is that I am unsure how to get the end buyer so I can flip it within a month, other then that it would make no sense since I would be paying the mortgage and all.
If I had about 100K avail, I would get 2 properties, rehab and flip it.
Any thoughts on how I can make it happen? Since I am still waiting for the book (it has been 2 weeks already) and I really want to dive in this, I just don't want to make a mistake and hurry up rather then get all the info first.
YURI
-- TIME IS A TERRIBLE THING TO WASTE, SO STOP WASTING IT --
cbrpower, thanks for the great info and keep us posted with your deals, it keeps us newbies inspired.
Rina
The two I have up for sale right now I am marketing using the tax credit as incentive and the responses have been very good.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
If you buy just one, you will have money for holding costs until you can sell. This might be a good way to test the market before investing all of your money.
Good Luck, Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
I am bumping this back up bcz I think many people missed this new thread today.
cbrpower inspires us all the time, no doubt about it. I think that the message here is not so much 'inspiration' it's more to tell us that 'the buyers are here, what are YOU going to sell them?'
Jeremy was outbid for his upstate NY houses. Jason was outbid, after a month, on his offer by $60K. It is a new development but it is happening fast. Obviously, there is a big change 'afoot' and we need to recognize it now and move into the action phase. I am guilty of more reading and learning than action. (Read a lot, learned a lot - that alone does not produce an income I have found !! ) I think that the time, if you haven't yet, is to become more aggressive in the action stage. These new highly motivated first time buyers with every incentive in the world are going to take over and we will be bidding against them, when last week we could have walked off with a better deal!
This is probably not the market turning around, but in the spring and with everything that I mentioned above, the net results are an increase in buyers. Take advantage of the situation and make some money!
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!