Investor · New York City, NY · Member since 2017 · 173 posts · 36 votes
What is the best way to buy a home that needs rehab. I am intending to either flip the home or keep and rent it out, here are the ways i know of and am deciding which one. Wholesaling(going to wholesaler to find one), foreclosed, short sale, and regular non foreclosed property.
Anyone have experience with this?, which is best way to start. And o yea, i am doing a hard money loan for this
@Account Closed Wholesalers are probably your easiest route, but they may not leave enough meat on the bone for you with hard money. Foreclosures and short sales are going to be slow, difficult, and thin deals. Driving for dollars might be a good option too.
hello Larry thanks for the response. What do you mean by driving for dollars? Originally posted by @Larry Turowski:
@Account Closed Wholesalers are probably your easiest route, but they may not leave enough meat on the bone for you with hard money. Foreclosures and short sales are going to be slow, difficult, and thin deals. Driving for dollars might be a good option too.
That means driving around the area you want to invest in, writing down the addresses of all the houses that's look distressed (you could also leave notes), looking up the tax mailing address (you'll have to google your county's tax website) and sending them a piece of mail saying you want to buy there property.
@Larry Turowski when it comes to the "driving for dollars" concept, do you have any recommendations on direct mail marketing as far as a company to go through?
@Larry Turowski when it comes to the "driving for dollars" concept, do you have any recommendations on direct mail marketing as far as a company to go through?
There are lots of companies. An easy one to use is yellowletters.com.
Larry could you give me please quick example of what you did in past for example with driving for dollars Originally posted by @Larry Turowski: Originally posted by @Josh Straka:
@Larry Turowski when it comes to the "driving for dollars" concept, do you have any recommendations on direct mail marketing as far as a company to go through?
There are lots of companies. An easy one to use is yellowletters.com.
@Account Closed I don't do driving for dollars because I don't have the time. Just search around BP. It's pretty simple. You say yourself that you are looking for houses that need rehab. Go and actually LOOK. If they look like they need rehab, contact the owner. Keep in mind that you will be rebuffed that vast majority of the time. And even those that are receptive will want to much. Do it enough, though, and you'll find one that works.