All Forum Posts by: Gavin S.

Great post Again Mr. De Guzman:

So you're strategy of RTO: Does it work just as well if you financed the deal or do you need to own it outright for that strategy to work? Deals are getting scarce and the margins thin. I've come close to buying a couple of properties but as fix and flip exit strategy simply needs quite a larger margin to work whereas RTO seems to provide a cleaner opportunity. Again, as always great stuff. GS

I agree with GH's post. I would also add that a great RE agent should be a major part of your team. I work with a great agent and he visits properties, runs comps, shoos me away from properties that I don't need to bother with and he has a great team behind him. (Yes that's you Anthony :) ). The agents all tend to know each other so when you do call to ask a question or two and you tell them who you're working with they are more receptive to you and then even more willing to work with your agent. Using the MLS is a tough way to find deals but they are occasionally there and of course you need to sell your property if you're a flipper or moving on from a held property. An RE agent who brings buyers is essential. I would say that any flipper should have a team they work with and an RE agent should be of primary importance. Make sure you interview a couple of RE's if you have to but a great agent does so much more than I listed above I don't know what I would do without the expertise.GS

Hi everyone,

I'm looking for Real Estate Investor-Friendly RE agents in the Peoria, Champaign or Springfield, IL markets to help my find some deals and set up a team in those areas. Any referrals, names or interested agents are much obliged.

Please contact me anyway you'd like.

GS

Yes. I agree with the post about creative financing. If you are gonna go that route then the targeted marketing through facebook will drive you a lot of traffic. Hopefully you can renegotiate with your investors...and maybe even lower your price a bit too...Your holding costs are worth lowering that price and getting out from underneath the weight...GS

Just 1 suggestion to up your marketing. Have some before and after pics and market using facebook. For a slight fee you can target a specific audience. VERY effective and you know how people share on fb. Very effective way to market your property, realtor or not. good luck GS.

http://www.biggerpockets.com/renewsblog/2013/04/11/bp-podcast-013-seller-financing-leon-yang/

This podcast may help a bit. GS

@Evans Marcie

#1. Look up previous forums on BP about this.

#2. I'll summarize some of that advice for you. Don't bid early as the people at Auction.com will bid it up to drive up the price. You will likely be the only person bidding (sometimes and on average) so don't bid against yourself. Others have said that they make 1 late bid (last 5 minutes) and sometimes they offer it too you even if the reserve isn't met and sometimes they will try to negotiate with you. There are great deals on paper (or virtually anyway) but buyer beware. Sometimes the realtor key box remains on the property and you can still walk through it. I highly recommend doing that if at all possible. I won't buy unless I can get in it because I want to fix n flip. I visited a property last weekend that's gone through at least 1 auction already, had a bid, it fell through and its about to be listed again. I'm hoping they are more desperate this time. GL on auction.com. Remember even if it looks like a property has been through an auction don't give up on it as there is a good chance it will go up for auction again. GS

I deal with these issues alot. loss of job =chance to buy coverage from any of the insurance companies. there are alternatives to that such as religious based alternatives which are actually affordable. look up ACA alternatives and you should be able to find them. Hope that helps. 

@JH welcome!  there is a bigpockets member from Indiana that has been Very successful doing just what you want to do. but I cant remember his name. There are several posts about him so look for him in the forums as he lays the whole process out in detail. very impressive i just dont remember his name...apologies for that. But find him and that can be a great guide for you. Best of wishes gs.

Somebody once told me that something is worth whatever somebody else will pay for it. I think you already knew the answer before you posted and the previous answers gave you a path and you are wasting your time if your seller won't or cant listen. GS