All Forum Posts by: Danny Day

List it now and if no bites by Jan 1st, expire your listing and re-list for a lower days on Market (if thats what you're worried about).

What site are you doing your CCIM at Mike?

Good post, thank you very much

Nathan

Can you pull the contract / clause for this 2 yr rule? It seems very subjective and I've been running into this with many clients right now.

Thanks

Danny

I agree with Michael, Once I left the office and worked out my home office full time my business skyrocketed. Being busy with clients and being busy with office work are 2 different things.

Once you get some income rolling in leverage your time with an assistant.

Wrote 1 buyer contract, wrote 1 listing, and closed 1 cash deal in 1st 30 days.

I can't believe brokers are charging for comps. In my opinion the business would come back 250x from word of mouth. Don't pay for comps. Find an agent who will work with you for business.

How do you analyze the purchase on your property?

How do you compare the one your looking at vs others?

The way I've been finding properties is I first search the MLS for discounted / distressed homes (corporate listing, foreclosure, or short sale). I gather the info and put into a spreadsheet (neighborhood, bed, bath, list price, list date, year built, zip code, and if its bank owned / short sale, etc).

I have a column that has the formula =Today() and then the Days on Market column will subtract todays date from list date, giving me the accurate days on market (matches the mls!).

But more importantly, I run comps on each one and put an ARV column next to the list price column. I can subtract ARV from List Price and have equity capture, or I can divide list price by ARV and have a list price to ARV percentage.

Of course once I do that, I can repsectively filter / sort the highest to lowest, instantlly giving me the best deal by the "numbers".

The one problem this leads too is it does not factor in repairs. I have a MAX OFFER column that uses the formula =SUM(B2*0.7)-G2, in which B2 is the ARV and G2 is the REPAIRS column.

Any others tracking this data like this? Its working out well for me.

Danny

You'll need a ledger before you can create balance sheets , etc.

I created my own ledger in Excel.. Just create the columns such as: DATE, EXPENSE NAME, DEBIT, CREDIT, NOTES. Create a tab for each property you own, in one spreadsheet. Every time you add an expense / profit add it into the respective line item.

From your expenses / gains you can create ratios, etc on another sheet.

I search Craigslist for rehab deals for the words CASH ONLY. Thats a good sign I'm interested. I do not want to compete with FHA and conventional buyesrs.

Handyman special, Cash Only, Investor Special, Investor Only are all good keywords to have.