All Forum Posts by: Justin S.

We use helloreceipt.com. You snap a picture with the your phone. We tag it with the street number and street name and then in the notes put the receipt amount. Its a free service for now, but I think they will start charging eventually.

Michael

I buy off the MLS all the time in one of the most competitive markets in the country. The key is to be consistent about it and make offers everday. We are averaging about 4 under contract per week right now, but not all of those close due to some being short sales. Good luck and keep at it.

thanks

Justin

@Glenn Lucas Welcome to BP. I'm an investor in Phoenix, if you have questions please do not hesitate to ask. Best of luck.

Justin

I would get the real estate license for a couple reasons:

1. It is easier to get.

2. You get the buy side commission and save on the sell side, which can be a big chunk of your profits.

3. You will pick up side business for listings (ex-coworkers, friends and family) and you can pickup buyers when times get tough.

There are other benefits, but those are just a few. Good luck!

@Andrew Ferguson There is another thread that may help you:

MLS Offers Thread

An ozone machine will clear it up. Be careful no one enters during the treatment. Let it run for 4 or 5 days. It also helps to clean the AC duct work.

@Steve K

[quote]I've always found this to be a fascinating business model. Are you guys ( @Justin S. and @Anson Young ) primarily looking for houses that need very minor rehab that you can turn very quickly for 5-10k quick hits?[/quote]

Yes and no. My method of buying produces larger remodels and the quick flips. My quick flip profits are 10K minimum and the larger remodels are 20K minimums. Those are projected profits, sometimes I do better and sometimes I do worse.

Examples of quick flips are:

http://wheelhouseproperties.com/2013/05/1012-s-clancy-circle/

http://wheelhouseproperties.com/2013/04/7923-w-mohave-st/

Larger remodels are:

http://wheelhouseproperties.com/2013/05/3042-w-orange-grove-road/

http://wheelhouseproperties.com/2013/04/12377-w-harrison-st/

@Brian M.

Yes, I'm an agent and use the default Realtor contract. The benefit is that the listing agent will push my contract harder. If me and another investor have the same offer, they will likely pick mine. I also go a few hundred over list if I can. I've won a lot of properties by doing that, most will go in at list price or $100 over. I do $300 over. Its small but it works.

You can ask for a copy of the appraisal as well.

@Stephanie Dupuis

Yes, I'm finding enough properties, but spreads are not what they used to be but I run business based on volume not "home runs". I'll take fast nickels over slow dimes (even though slow dimes are still nice). This market is mostly fast nickels right now.

Also, I don't rent them. I will take a loss if I need to get rid of the property. I'm on course for about 50 homes this year. It is a business model so taking losses, even though rare, do occur but most of the deals are profitable.