All Forum Posts by: Brian L.

Hello @Luke B and welcome to BP!

Hello @Eleanor V. and welcome to BP!

I'm very interested in seeing your results with each phone #. In general I hear that most people have better results with a local number but I'm not sure I've seen actual data supporting (it's probably here, I just haven't seen it).

Way to take ACTION!!

There is wiggle room in every rule. The 70% rule is just a guideline or a target price for flipping. What you should do is look at the recent cash sale prices in the area that you are buying; if cash buyers (investors) are buying at 80% ARV on a regular basis than 70% might not be realistic in your market.

You don't need a down payment because you are not financing the deal. Remember, when you give a down payment it goes to a bank not a seller. For the contract you will simply put an earnest money deposit in escrow with the title company or closing attorney. You typically go as low as possible for the EMD; I wouldn't do more than $100.

I've done the door-door flyer thing and didn't have any luck. I'd like to rethink my advertising piece and give it another go. I like your magnetic card idea as magnets are likely to be kept around and look at pretty frequently.

Hello @Andrew Inglis and welcome to BP. It sounds like you've got some good experience and some solid direction. BP is the best place to learn everything that you'll need to know moving forward. Good luck!

Basically you sign a lease option contract with the seller then you assign that contract to a buyer. You charge a fee for this service, say $5k. Sorry, I'm sure you're looking for more detail but that's the basic idea anyway.

Yep, what she said ^

The best way to compete with the retail buyer is to go after the off market stuff. You have to market directly to home owners in my opinion. There are still people in our area that are making a buck off of MLS deals but they tell me its not easy. If you have MLS access you may be able to find deals before they hit the retail buyer and make like 100 offers a weeks or what ever. If you're just going after homes on real estate websites then you're competing with everyone else and I don't see any deals there.

Thanks @Brian Gibbons