All Forum Posts by: Charles Whitaker

@Lance Truett

Think of it this way, are you willing to spend >$50K to POSSIBLY make ~$14K? That is extremely slim and a horrible idea. If the rehab costs were closer to $30k to make $20k profit then maybe. 

You could easily blow through your profit and be left in the hole on that deal.

Just as Ned has already mentioned, price is the main determinant for a good deal. It doesn't matter what neighborhood, condition, color, shape, etc as long as the price is correct. 

How are you trying to find deals? A year and a half is quite some time, I am thinking you are not looking in the right places (or not enough of them)

Choose any route that you can use to get the point across that you are a cash buyer looking to buy their home EXCEPT call. Do now ever call the homeowner, I can't say how many hours I wasted of my life calling what I thought were leads. True prospective leads will come to you, given good marketing, you should never chase leads (not through calling anyways). 

"What a man would not sell today, he would gladly give away tomorrow" You need to focus on finding motivated sellers, those who desperately need your service. If you sit on the phone all day...well, you might as well just start selling cars for a living.

Just keeping the coil clean (through filter changes) as well as the compressor will go a long way. I wouldn't pay for any tune-up as it seems as though individual components will fail over time which are easily diagnosed.  Not worth it IMO 

@Katie Printz

You can find all the other investors simply by looking at houses. Lol. I can't say how many times I have looked at a potential deal in which 5 other investors showed up. 

Haha. I gotcha. If that's the case, what is everybody paying these days? I assume you are still around 70% minus repairs? What are others paying to force you into doing deals? 

So what I'm hearing is that i should just gear up the ol' marketing machine and get the deals rolling. I am negotiating a house right now ~40% of ARV (85k) with ~15k in repairs. Too bad these don't exist as much as they used to.

I have been busy remodeling houses these last few years, perhaps it is time to switch gears. 

That is interesting and a good thing to know. I no longer have access to my realtor friend and cannot pull accurate comps like i used to. Scott, you sure do have a lot of properties.  I have looked up quite a few of your records and the list was quite impressive.  I see you use the same players. 

So basically nobody is doing wholesale deals anymore? I never really considered Sean's to be great rehab deals as i only bought one from him. On occasion he would have something great. 

looking forward to learning more as i dive back in. I highly appreciate any and all feedback. 

I have been out of the game for over 10 years and looking to jump back in, I'm curious as to what has changed in that time. Back in the day I did a lot of work with some great lenders which are still doing their thing as well, excellent title agents whom I think are still around, and Ryan Webber  as well as a few other local investors. 

I know the game well but I'm quite sure some things have changed that I should know about. I will likely work into rehabbing which is my niche and/or wholesaling and go from there. Is there a good group of folks from Amarillo in here? 

Thanks for any and all feedback!

That's a lot of posts Kelly, did you get excited :mrgreen:

I currently do not have such a program for the mls data, usually I sort this data when gathering it through the online software - much easier this way.

The appraisal adjustment is used by the appraisal district as implied, to adjust the value of a given property. The property is assigned a code and an adjusted value throughout it's useful life for valuation purposes, this depicts the type of property and adjusted base value per SQFT. The appraisal district then uses the "percent good" as a tool to adjust the value in an effort to correct for market conditions, house condition, amenities, etc. Keep in mind this could be different in your area. It's easy to track a problem house using this method, if the percent good is only 5% and the current appraisal is 10K in an area of 70K homes, you might be onto something.