BiggerPockets

So far all I've done are rehabs. Unfortunately here in Indiana things do not sell well. I can find some mind blowing buys, but the exit is where you make your money. I've only done 5-6 deals, but so far the results have been far from life changing. I currently have two homes priced $10K below their value and we're still not seeing any movement. They've got new windows, paint, carpet, and the works, but nothing. I don't know if it's our realtors or if the market is simply that bad right now.

I believe we've bought correctly, paid $20K for a home now listed for $55K, and $24K for a second home listed at $55K as well. Both well below their $65-70K value. Had the same misfortune with middle class homes. I'd pay $70K for a $100K home, yet end up making ends meat if that.

I believe real estate is my career of choice, but I'm in need of some success... Any suggestions for getting the ball rolling?

They are definitely below market, and no, we aren't getting any showings. We even have them listed thousands below their assessed values, which tend to run 10% below actual market value.

The $70K homes I was buying simply needed carpet and paint. 3-5 year old homes. Thing was I had to sell them too cheaply to move them within a reasonable amount of time. After expenses there's only been about $10K profit(before taxes) over about 3-4 months time. Middle class homes here are just too abundant. New construction has almost completely stopped in our state as a result.

In an attempt to stick to what interest me most, rehabs, I've moved down to cheaper homes. They potentially have the same profit and obviously they are limited in number. Builders aren't building more $60K homes so the market should be about the same in that price range even with the slowdown, or so I thought.

Renting just seems like too big of a headache, but maybe I'm wrong. I'm actually very interested in selling on contract to get things moving. I know you can sell for full market value in most cases, but my knowledge on how contracts work is very limited. I've looked for books, but nothing that I've come across focuses on the topic.

Thanks for the programs Jon. Do you happen to know where to locate William Bronchicks program? I couldn't find it through the search tab.

unlimitedrealty, we have had a few short comings as well. It can be tough, but it sounds like you are getting some decent deals. Lower priced home can give you a lower profit amount and less hold time like Jon mentioned.

If you dont mind me asking, since I'm a fellow Hoosier, where are you in Indiana.

The Indy area, seems to be going ok, from several friends I have there in REI.

Southern Indiana seems to have pockets currently. From Terre Haute through Evansville.

You can PM me if you wish.

Talk to you soon.

I live in Mc Corsdville, but invest in Indianapolis. Glad to hear your friends are doing well here, but it's been a tough year for myself. Even going through knuckleheads breaking windows, stealing copper, etc. Empty homes are just targets in even the better lower priced areas. I truly need an improved exit strategy. I also need to sit and find the best realtors whom specialize in these areas I guess. My realtor is a principal broker based in Carmel, high priced area, but was full of promise and even excitement when presented with the listings. My hope is to build up to a minimum of 10 homes for sale at all times. If I'm able to swing more than that I will.

" My hope is to build up to a minimum of 10 homes for sale at all times. If I'm able to swing more than that I will."

Great goal! You can do it.

Well if it isn't price then it must be the design/layout psychology you've used.

Have you tried an open house and listened to the comments?

Do a search for Jeanette Fisher's Doghouse to Dollars (google) and maybe you can perk up your homes to stand out from the rest.

Hope it helps.

Gary