OfflineI read Dean's book "Profit From Real Estate Right Now!" and have found a seller of a beautiful home! Problem is I don't know what to do next! Can someone please help me?! This could possibly be my first deal!!!
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HHHeeeelllppp!!!!!
Posted on: Tue, 09/18/2012 - 22:51
Hi,
Did you read the part on how to build a buyers list
BUYERS LIST, BUYERS LIST, BUYERS LIST, BUYERS LIST, DREAM TEAM SET, DREAM TEAM SET, DREAM TEAM SET, Then find the bargin.
Charisse
I read that part, but its one of the areas where I am confused. It talked about buyers meeting certain criteria. Should I be worrying about that right now? Do you have any ideas on how to start a buyer's list?
I know it might sound dumb to you, but I am kind of lost on making a buyers list. I am not sure how to gather buyers for something I don't yet have. Will buyers line up for me if I don't have a property to sell? Show me the error of my thinking.
reread the section on buyers list. craigslist ads,bandit signs, we buy houses signs are great sources for buyers list
The buyers wont exactly line up for you, you have to get their information first like what they are looking for in a house, you know bedrooms, bathrooms, size, PRICE etc. And you can find out how to build buyers list by searching "buyers list." The way i find buyers is go to my county's auditors website and search about 50 properties that i am interresting in and find out if the property is owned by someone living somewhere else and/or if an LLC company (investors) owns it. Then if you got LLC or an owner that lives else where wirte thier contact info down and contact them because they are your potential buyer and seller. Buyer being the LLC and seller being the owner who lives else where.
How do you know if this is a good deal? You mentioned it was a beautiful property but that was it. Before you waste your time you need to make sure its a good deal to save you a lot of time and aggravation. Have you read the chapter on how to find the ARV(After Repair Value)? If you have a realtor run comps for you similar to that "Beautiful" house, say the comps come out to $100,000. You then need to subtract realtor commisions, attorney fees,etc.. so 100,000x.85=$85,000
then subtract how much work it needs done, say $10,000 repairs $85,000-$10,000 so now your at $75,000 then subtract how much you want to make say $10,000... That puts you at $65,000 purchase price to be able to wholesale or less. I hope this helps!
John Trivett