Purchased 3 more properties this week to rehab...BUSINESS IS GOOD

[Jeff Filali]

Business is going well already in February. Purchased 3 more SFR's this week to rehab and put back on the market in March.

Deal 1: ARV $70,000 Needed Repairs: $10,000 Purchase Price: $38,000

Deal 2: ARV $60,000 Needed Repairs: $5,000 Purchase Price: $35,000

Deal 3: ARV $40,000 Needed Repairs: $10,000 Purchase Price: $16,000

[Jeff Filali]

Everything you need to know about REI:

Step 1: Figure out what approach or approaches to REI you're going to focus on, it can be a few, although at first I'd recommend limiting this to one-two tops.

Step 2: Find a property to buy

Step 3: Offer less then what its worth in current condition. Wealth is made when buying at the right price, not when selling or holding cash-flow.

Step 4: Do not pay more then what its currently worth no matter what terms they offer.

Step 5: Once someone accepts your offer, contract it, send to title with EMD, and start planning depending on what you're going to do with it (Rehab/Hold, Rehab/Flip, Wholesale, etc.)

Step 6: Close on it and get started.

Bonus advice: Learn to say NO and turn offers down when buying and selling. (I bought an old fixer-upper house once for $10K and was offered $20K the next day because of the location, but turned it down and friends told me I was crazy...11 days later I sold it for $40K)