Wholesaling: Recently Purchased Properties

[Brandon McCadney]

Hey everyone! I'm about 2 months into REI, so there's still so much I'm learning. I'm working on what potentially will be my first deal if things go right within the next week.

While I'm in the waiting period with that deal, I'm working on finding other properties and I've noticed that there are a lot of rundown vacant homes in St. Louis, but they have been purchased by either a person or a company within the last year or 2. 

Am I wasting time connecting with these types of owners? My thought is that maybe they've had plans to renovate, but they may have fallen through. 

Any suggestions or thoughts will definitely be appreciated. Thanks!

Brandon

[Matt McConkey]

@Brandon McCadney

Great thinking, but one thing about St. Louis you'll have to keep in mind is the work needed to get them back to glory.

If you're driving around Penrose and see a burned out property, chances are that property would cost more to fix up than the purchase price for another down the street.

But if it just looks vacant and needs work, get their info from county records, skip trace and call away.

That's where you can find some good deals. Driving for dollars also gives you the opportunity to see where the new developments are happening and hopefully stay ahead of the curve.

I invest in St. Louis, so if you ever have any questions, I'm more than happy to answer.