All Forum Posts by: Eric Metz

one more note... If find it hard to believe it would pass section 8 reqs.... But... If it did... NLR is desperate for housing and would pay pretty well with some assurances that would be good for an investor. 

Also anyone who actually will buy wouldn't care at all the ARV. Only the return.

@Austin Fauxthis area is known as "The Dixie Addition" this lead crossed my desk a month or so ago and after having contracted a house for 8k and a separate occasion a duplex for 11k.... But was unable to wholesale them... I decided to never do business again in that area. 

I assume you pulled comps and noticed there were no solds right there, which makes it hard to get an ARV. There is a reason for that. Extremely high crime rate teamed with a number of distressed properties.... No one wants to buy there. Now... If you want to hold onto it and slum lord it.... Well that's the only way to actually make money... That said... Anyone living there would most probably cost you money eventually in not paying rent, turn over, repairs, etc.

Sorry to be the bearer of bad news... I spent a lot of money marketing the properties I contracted there... A few people wanted to rent (wanted to pay super low rent!) but I didn't get a single interest in buying. 

If you want to JV I am happy to push to my buyers... Based on one buyer I have, he might buy it... But I fear he'd be at 10... Or maybe even 8. Just an option.

Amir, inbox me. I will get you on my list for properties in the central Arkansas area.

Cheers

You are spot on. It makes my life as a wholesaler very hard being that there are so many "deals" on the open market. It's a great market for those with money!

@Stanley E. inbox me and let's discuss it. :)

the biggest kicker for 72114 is CAPEX and deferred maintenance. Hurts when people want less than 5k for a house but I can't make it work because of these aspects.

10k is about the investor purchase price for a large portion of 72114. It doesn't leave much for a wholesaler to try and work with. There are just too many REO and Foreclosures in these areas. Careful with those neighbor hood estimated... There have a been a number of "bundles" sold recently... Strangely the recordings show all the properties as the bundle price. Near Pike there is a cluster of houses that all sold for 549k each.... This has effected numbers on a few sources I've looked at.

10k isn't bad. Not much more then that though in that zip sadly. Personally I have trouble finding people to buy them even at 10k sometimes. Crazy market here.

Hi @Gina Worsham,

As Paul mentioned, get involved with the REIA. Your mindset is point on. If you focus on finding a solution for a seller (instead of just the money like most do) you will more easily connect with sellers and better position yourself to be the solution to their problem.

Cheers

@Michael James Brooks

Welcome to BP and hope to see you around either the REIA or some other functions related to REI. There are some methods of acquiring properties that don't require you to get conventional financing. Purchasing a house "subject to" the existing mortgage and Lease Options are common tools. Sometimes just asking the seller to carry the note might be all you need to get started. I've used all of these strategies and non are overly complicated and can really kickstart an investors empire building. A few deals have traded hands between REIA members in the past where the seller carried the note.

Inbox me and let's connect.

Cheers,

Eric