Buy Formula for Investors

4 Replies

Hey @Charles Scott .  I have a few ideas for you.  

1. Look at properties that no one else wants.  These could be properties that have been on the market for a while or are BOM (back on market) due to a fail sale.  Also, look a little bit outside your metro area. if you drive for an hour chances are the competition isn't as intense.  

2. There are lots of other factors that go into a winning bid other than price. If you are working with an agent, they will be able to give you a long list of ideas. Reaching out to the listing agent to get an idea of what is important to the seller is a great place to start.

3. Any chance you can pay cash for the property and refinance out after 6 months? If you can pay cash that will give you more leverage against other offers and give you an opportunity to purchase properties that won't qualify for financing.

Hi Charles, 

This is an interesting question, I tend to think in black and white and so if the numbers don't work, they don't work.  let me ask you this, are you running your numbers and finding it difficult to make anything work?

Forrest Faulconer

@Forrest Faulconer Very difficult, sellers here in Las Vegas are attempting to sell rehab jobs for full retail value and they don't care how long it sits, even as a beginner I understand that most of these prices are not deals for a fix and flip so I'm thinking of BRRRR to compete with retail buyers because rehab formulas are not working, it's been overwhelming but I feel it will work out over time.

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