How's everyone doing in this market?

Question

Just wondering how everyone is doing with wholesaling in this market right now?  I just started out and still havent done my first deal yet, but its been EXTREEMLY hard to find a good deal right now.

Lou Castillo · Answer

The 50-60 cents on the dollar is based on the ARV based on today's current marketplace. So even though the house may have been worth $350,000 1 year ago, the fact that values have dropped to $335,000 means that is where we start (based on what it will be like after repairs).

Terry Royce · Answer

Clarification:

When you say .50 to .60 cents on the dollar is that its current value, or the property's arv?

Thanks
-Terry

Jason Cummins · Answer

email address may be too much info for the bandit signs

I use something really simple

WE BUY HOUSES 
FOR CA$H RIGHT NOW
XXX.XXX.XXXX

Brian Christensen · Answer

What do you guys usually put on your bandit signs?  What do you use to make people want to call and or email?

Thats the other thing...should I put my email or phone number or both?

Lou Castillo · Answer

You are so right about bandit signs. So many people turn up those nose because they're kind of cheesy - but they work! My students that put signs out regulary get a lot of calls.

For me marketing is a blend of on-line and off-line marketing combining direct-to-door (e-mail; flyers on mailboxes; direct mail) and mass marketing (billboards; bandit signs; display ads; bus benches).

Jason Cummins · Answer

Wholesalepro, without you having to write a book, what avenues do you generally take in marketing for the truely motivated sellers.

I have had the best response putting out bandit signs in the area I am targeting.  I am just curious to what other ways you market to these motivated sellers that seems to be working in your market?

Thanks for any response!

Lou Castillo · Answer

You know, I hear "it's hard to find a good deal" a lot. what I fnd is that the investor is usually not looking in the right place. What you are lookling for si a truly motivated seller - one that is willing to sell their house at 50-60 cents on the dollar. These people are overwhelmed. The house is just another problem on top of whatever else they're dealing with. So you have to find them - they're not in the typical places like the MLS or in the classifieds. You have to market within a target area. If you develop a good marketing plan and stay consistent with it, you'll find plenty of good deals.

Keep in mind too that you have to go through a lot of leads to find one great deal. Let your marketing do the work for you of bringing in a lot of leads.