All Forum Posts by: Vonetta Booker

Both Bill & Brie have great points; I especially like Bill's safety tips (definitely good to keep in mind as you're often meeting strangers on private property). Perhaps take a friend with you inside and introduce them as your "assistant".

One-pic listings make me wonder what's wrong with the property to the point that they can't provide decent images? Hmmm...

That being said, if the numbers point to a good deal, I'll check it out regardless. I agree w/ what other posters have mentioned on this thread--if any issues turn other buyers off, that can mean an opportunity for me!

Hey, @Karin Dimuro --thanks for your words of encouragement! In all honesty, though--consistency is something I often struggle w/ and have to constantly stay on top of (as seems to be the case w/ a lot of us!) Sometimes it's a challenge to continue putting out letters, spending money on stamps & other marketing and not being sure if/when I'm going to see results. But then again, I won't see results at ALL if I don't, lol! ;-)

Yes, Raymond--I am! Not sure if I'll be able to make this one, but thanks for the reminder. :-)

Yep--I agree, guys. Gotta stay on my "follow-up" game! ;-)

True, Mark--I definitely agree that it's a numbers game--knowing that most sellers aren't going to be that motivated, my goal is to keep my marketing going as consistently as possible. I totally understand wanting to get the most for your property--but what's interesting about some sellers is that when they want market value & I suggest listing it with a realtor in that case, they're like "No, but I don't want to do repairs/wait for it to sell on the market," etc. I'm thinking, "you can't have it both ways, lol"--but then again, selling one's home is a very emotional thing. Par for the course! :-)

What's everyone's take on REOs in your area? I don't know if it's because so many newbies have jumped on the REI bandwagon (including myself), but in the past year I've noticed that REOs have gone up significantly in price—and even then, there are almost ALWAYS multiple offers and they wind up going for way over the asking price, sometimes 10-20k.

Right now, the average price for a 3/1 SF is about 89k (last year, they seemed to be more in the 40-50k range). Mind you, the average ARV in this area is typically no more than 165k. Unless I'm missing something, there doesn't seem to be much of a spread there, if any–-also factoring in repair amounts & financing, of course.

On top of that, the private sellers who call me back from my direct marketing aren't that motivated, either—they always seem to want market rate for fixer-uppers that they don't want to repair & list on the MLS.

That being said, I'm wondering if I need to think about another strategy or REI niche—although I'm not sure exactly what at this point. Have any of you experienced the same dilemma in your areas?

Welcome, Chris!

Hi, Daniel--good to see you on BP as a fellow Fairfield County resident (I'm from Stamford)! There's tons of info on here, one of the best sites out there!

I'm always looking to connect w/ other investors in the area, so let's keep in touch!

Yes it does, Paul--thanks! Your breakdown will help me ask the right questions when I'm on the phone with sellers and better figure out what kinds of offers to make.

And thanks for clarifying acquisition vs. exit strategies. :-)