So Wednesday I got my first house under contract. The goal is to wholesale it to an end buyer. Its a 2 bed, possible 3rd in the full basement. 1 bath. 984 sq ft. House is renovated, however it needs cleaned. It needs minor repairs. Anyway I've had it on postlets for the past 2 days and craigslist for the last 3 days. [b]No bites yet. Its under contract for 12K, I offered it at $21,500 with the goal of getting at least 4-5k out of it. The house is worth 38k. Maybe my price is to high? I expect to get talked down, which is why I priced it as such.
The people who I have on my small list of buyers list, haven't responded.
I do have the addresses of landlords and people who purchased houses at the foreclosure auctions in the recent past. Do you guys think it would be appropriate to print out the postlets page and snail mail to the cash buyers houses??
I know its only been 3 days, but the clock is ticking and I don't want to wait until the last minute.
Thanks Again Guys!
Take some REALLY nice pictures, the ones you see on the expensive listings if you can. I have no idea of the cost, but pictures sell.
@ Jameston, I took some pictures. However the house needs cleaned. There is stuff everywhere. Dishes and things on the counters, etc.
Is someone still living in the house or is all of the stuff trash???
Not sure of your situation but I'd gamble a $100-$150 investment to have some junk removal people come clean it up a little. If your numbers are right you shouldn't have a problem recouping the costs.
Just curious how did you find your seller?? Driving for dollars, letter or something else?
@ Chris, I actually thought about doing that, but didn't know if it was appropriate or not. It is not occupied. The owner says he needs to get the important papers out of the house. I found it with bandit signs, Although I didn't have much of a response from them.
Hey @Natasha Wilkinson , first congrats! Now to find a buyer since you got this on a bandit sign if the seller know what you are doing or doesnt live in area get some blank signs and put Investor special with the bed/bad and price with your number. 20 signs around the neiborhood and high traffic corners should do the trick.
Also call every investor you know and snail mail those investors, heck even visit them if they are recent or a business address. Also see if you can get recent comps from MLS. Contact agents and see if they have a buyer who is interested. You can decide if they put their commission on top or you will pay from your price. If you can get some traffic thru the house you will know by the first 5-7 real investors if you have it priced right or not, there is usually a theme that emerges when you get feedback. Good Luck!!
Greetings Natasha! Congrats on snagging your first house! Oh what a wonderful feeling! I am not that familiar with the Dayton market, but I do know that investors like to see numbers and comps. These gain there attention quickly.
Numbers like the Wholesale price versus repairs versus ARV. Does the property have any mortgages or liens on it? Is is in a satisfactory location? Numbers and info talk and I agree with "W". If you have access to the MLS, use it. It tells a lovely story about your property and what investors want to know. :-)
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