All Forum Posts by: Jeff Warner

I just wanted to point out that Poster board and foam board are NOT weather proof like a plastic type bandit sign, but most signs won't last more then a week and in lots of parts of the country you won't have to worry about rain for a little while.

Jeff

You could just go to an art supply store and buy poster board or foam board in white or yellow and buy wooden stakes at home depot, lowes or somewhere like that. You can also look up free bandit signs, type it into google.

For buying houses most people use printed bandit signs and hand written signs for selling. The thought is that printed signs are more professional and represent an easy sale, where as hand written signs come off as being a desperate seller needing to sell asap (which should get lots of calls for your deals). Try out what your comfortable with and see what works for you and in your area. Signs are cheap so the good thing is you can change it up and find the best method and area and work it hard.

As far as the 800 #, look up toktumi, they have a plan for $14.95 a month and you can get an 800# or local. The only thing I don't like is no music on hold as of now. Good luck.

Jeff

The REO listing sheets that I get say: DOM (Days on Market) as well as: CDOM (Current Days on Market), the "CDOM" is the ACTUAL days on market and the DOM is how many days the current realtor has had the listing.

Any realtor can print that info right off the MLS for you.

Jeff

If I'm not mistaken I think you can assign the contract just like a regular wholesale deal. You get paid for your assignment fee. The difference here is that the seller would have to agree to you placing a buyer at the home since your buyer will be making payments directly to the seller.

Another option would be to do a "Sandwhich Lease Option" on the deal. The downside is that you would be on the hook for the payment every month and if they didn't pay you would have to either evict or foreclose (depending how the contract is written up). The plus side is you can make a profit on the down payment and get a positive monthly cashflow out of the deal.

Jeff

UPDATE!

I've made tons of offers out there that have all been turned down. I can tell my buddy is getting a little tired of "low ball" offers but we're offering based on the numbers, if they don't like it we just move on. I don't need a deal so bad that I'm going to cave in and make a bigger offer.

Most of these properties have been on the MLS for over 300 days, as time goes on they may come back around and accept our offer but I'm not counting on that. I have some buyers in TX that buy in NM but I'm obviously wanting to add to that list any chance I get. I'll post another update on here if we get an offer accepted.

Jeff

I'm with Jeffrey, I would verify the rental rates for that area. Look in the paper, craigslist and call some property management places in the area. Never take a sellers word on rental prices, especially if he has rented it for "AS HIGH AS $975". Sounds like a possible deal, just double check it.

Jeff

For one thing, when you pull up your comps and have what looks to be a solid number on paper, you should go visit those properties and verify what condition they are in.

To me, comps are only valid if the comps you are using are of properties that are in good shape. IMO, if a home is thrashed and needs say 20k in repairs there is no way you can use that to get your ARV. The point of an ARV is just like it sounds...to determine what the property value is after repairs are made. With that in mind, just make sure that the comps are based on homes that are in good condition.

This is exactly why it is so important to learn your market inside and out. Hope that makes sense.

Jeff

Come on, someone has to have an idea. Anyone?

Jeff

I got a call from a friend that's a Realtor in New Mexico and he wants to do some business. I find it to be pretty funny that I can't find a Realtor in my own area that wants to get off their @ss but 1400 miles away I haves a friend that wants to EARN some money...Here is my questions:

1 - First off is anyone on BP successfully wholesaling property out of state?

2 - Since he's a Realtor, he's mostly going to be passing MLS property my way, how do you guys approach wholesaling off the MLS, REO or otherwise?

The good thing is that he has no problem making low ball offers for me, most realtors in my area use the "that offer might insult them" approach.

I'm curious to hear input from others on how to best utilize this relationship. Even if you've never done a deal out of state but use a Realtor for your wholesale business, I'm all ears. Thanks.

Jeff

I've had lots of success at trade shows, with products, not real estate. I think a trade show is a trade show when it comes to selling. Personally, I always let them come to me. Make sure you give them a reason to stop by your booth. As obvious as that sounds 9 and out 10 booths are usually the same and whoever stands out and attracts people will be the "busy" booth all weekend.

People tend to follow the crowd at those things and if you have a group around your booth, more people will be curious. I always gave away free t-shirts and the end result was 250-500 "billboards" walking around all weekend long showing off my logo. Create a raffle of some kind (trip to vegas, disneyworld, etc.), that will bring in people and allow you to get a mailing list out of it. You can buy trips for cheap, just do a google search.

Last but not least....when you talk to someone and take their business card - WRITE INFO ON THE BACK SO YOU CAN REMEMBER WHO THE HECK THEY ARE on the following week. Good luck.

Jeff