Deals, deals and more deals
Greetings,
I haven't blogged in quite some time so I will attempt to get to the point and offer anyone that asked good advise. If it takes me some time to respond, do not despair. I am just insanely busy.
To give you a window in to my activity, here's an overview of this past week from 8 - 14 December.
Monday - Five new contracts signed totaling $126,984. After repairs and closing costs, should net about $24,400 between them. Will flip and close by 31 Dec.
Tuesday - (1) Renovations completed one one house. Netted $5200 on the sale. (2) One new house under contract.
Wednesday - Started four new renovations.
Thursday - Project manager fired one crew off of a job for insufficient progress. Replaced them (it happens). Picked up two new houses under contract.
Friday - (1) Picked up a new house under contract. (2) Sold one house and netted $3500.
I also have nine new offers pending decisions for the week. Hopefully I can get decisions on a few of these next week.
It's easy not to be impressed with the profit for each. Have a flipped houses and made $25K or more? Sure, but my model currently is to be in and out on each house in 4 weeks or less, take my small profit and leave enough on the table for my investors to buy more. Remember, I make my money in volume. There's an old saying that I follow, "pigs get fed and hogs get slaughtered. Don't be a hog."
Believe it or not, this is a very typical week for me.
Good hunting!
Jonathan
Comments (2)
Hello Kay, I am also a broker so make use of the local MLS. You be amazed at what you can find. After buying so many properties from the same realtors, they often call me before they hit the MLS so I can get a jump on the competition. I work some wholesalers and property management companies who have investors looking to sell. That's pretty much it. I don't post signs around town or do any other advertising. As for buyers, I have been working primarily with the same investment groups for the last four years that buy from me consistently because I provide a turnkey end to end service, from acquisition to property management. I found most of these groups from networking and referrals. I don't really work with individual investors because it is too time consuming and prefer to work with equity groups. But when you are starting out, you need to reach out to local investors. Other than this website, I would recommend Linkedin. Join the groups in your local areas. I am closing on two houses this week from a local investor I met on Linkedin.
Jonathan Mednick, over 10 years ago
Hi! Jonathan, I joined BP to educate myself and network with other investors. Would you please elaborate on your marketing techniques. How do you find properties and how do you find buyers, Thanks Kay
Kay Khan, over 10 years ago