All Forum Posts by: Travis Elliott

I am trying and trying to subsribe to the 50 % rule but am unable to do so. I live in a small town most of the year and the Black Hills arent hit as much as the rest of the nation. Houses listed here arent selling low enough to make the 50% rule work. Houses that rent for 550 to 600 sell for 75000 to 100000 I am not sure what to do in this case. Keep praying abviously and keep looking.

ok smart alec i was looking for a little more insightful reply. A sample offer and why possibly.

He is asking 75,000 for an up down duplex. The rents are 450 and 350 and the LL currently pays all uts. Is there a way to make this work or not. If so what does it look like.

Shane read my above post. Reos in this area are being listed at retail price. The bank is going to want to let the average home buyer bid on them as well so the price is high.

I have been reading a lot but still struggle with where to find a wholesale deal. Can you give me some ideas. I will probably have some questions after that.

[b].Have you been going to auctions and foreclosure sales? Consistency is the key with auctions.

No I dont know much about that.

Mike I just saw your thread.

As far as what I would like to do...All of the above I guess but mostly I would like to quit my day job.

As far as where do I find my deals...All over. I use Real tors, I ask at garage sales if the house is for sale, I talk to complete strangers if they know of any homes for sale that arent listed, I have sent a letter or two after someone has died, Craigs list and so on.

Do you have any other suggestions? I am open to ideas

Lol Jon you would be fine. You just have to hang with the Honda crowd. Well if you ever get up here, during the rally or not, I would love to buy you a beer or soda and talk Real Estate.

Hey Sully

Comps are out because of the uniqueness of the property. The fact that it has mobile hookups on it throws comps out the door

Wow

That would never fly. They were asking 149000 and have lowered it to 129000.