Make $1M in 12 Months - Week 28 (Top 3 Ways to Find Deals!)

[Wendell De Guzman]

This post is part of the my on-going quest to make $1M Profit in 12 Months Through JVs with BP Members. Here's the start of that quest:

$1M in 12 Months

Below is my Week 28 Update. We have added to the goal this week since we just put another property under contract that can be a good fix-n-flip specially during the winter months.

Financial Update:

The Good

We've put a property under contract yesterday - 4N580 Chatam.  Below are the numbers on it:

ARV: $340,000
Acquisition: $175,000
Repairs: $60,000 to $70,000
Lead Source: Referral

Other good things this week include 

- collecting another $4,000 non refundable option consideration (50% of 2409 Ruth) which shall be added into the cash number by next week (when we cash it; Rentshare got it from the tenant's account last Friday but it will be deposited into our bank account by next week); 

- we launched the Real Estate Investing Joint Venture School last Tuesday (lesson #1 is about three lenders you need to buy houses). Lesson #2 by this coming Tuesday, October 6 will be about the Basics of Rehabbing; and best of all...

- I have put up a company with a European investor who wants to invest at least $1M cash for me to acquire rent to own properties! I need to scale up my acquisition to ensure that that amount of capital be fully utilized specially if we leverage on credit partners to get our cash out of the properties.

The Not So Good

Tenant for Clarendon got delayed in paying $4,000 of his non refundable option consideration. He asked me to get his payment delayed up to the 25th (instead of due on the 8th).  We got more showings for our fix-n-flip properties (Virginia and Harvest) but no offers yet. We also got an interested tenant/buyer for Standish, Homewood and Seaton but they are all unacceptable candidates (1 is being evicted, 2 have foreclosures). Also, my bandit sign guy found a full time job so I need to look for a replacement.

Question of the Week: What are your Top 3 Ways To Find Deals in Today's HOT Market?

Share your answer below and I will share mine after you. I've shared enough useful information above and now it's your turn. :-)