All Forum Posts by: Brian Compton

This sounds like one that @Michael Bowman always gives good answers to.

Best of luck, Amy!

PS love Boone, go APP :)

I'm not sure if there are any books that speak specifically to buying preforeclosures, but buying in preforeclosure is not that different than buying any other property as an investment. Often it can get more complicated (sub2) than a straight cash deal if they owe as much as the property is worth, but JV with a savvy investor and they can help you through the deal. My first few deals as a wholesaler were sub2s. Not so much by choice, but because of their situation cash offers didn't work and sub2 did.

To the preforeclosure point, the best thing to do here is to buy a list a do a direct mail campaign to them. Send letters and / or post cards. Be persistent (mail to each lead multiple times). If you get a lead, go meet with the seller the same you would a normal distressed seller. Here in NC you get about 90 days from seller receiving their NOD (notice of default) to the auction date (which can easily be extended). As a noob, I'd steer clear of the auction steps like the folks above suggested. Unless you want to go with zero dollars just for experience.

Best of luck!

Perfect answer from @Andrew Michael.

Market better than your competition. What list are you mailing to (you don't actually have to answer that)? What is their biggest struggle? What keeps them up at night? Why are you the best solution to their problem? Write your letters / post cards to answer those questions. Be better than your competition. Do some split testing. Be persistent. I guarantee your competition isn't mailing to the list as many times as Andrew is suggesting you do.

Do you have any local real estate agents you work with? Send them the address and they can give you an estimate on what the home would sell for fixed up. See how that compares to your ARV. Or you could ask a seasoned investor you trust to help with ARV estimate and offer to JV in exchange for his / her help.

Having properties priced lower than yours won't affect the price of yours if it is not comparable (comparing price of a 3/2 brick ranch to a 2/1 MH, for example). I guess it would depend on proximity. If the subject property has a MH park across the street and the comps do not, I imagine that would affect the price somewhat.

Good luck on it, Kelvin!

Ditto to what Andrew said. If they are truly good deals, you won't need to look hard for buyers. But posting on CL is a great start. Or, click the ads on CL for "WE BUY HOUSES CASH!!!" and call them with your deal. Get a pro account and post on here. Search for other local wholesalers on BP and throw them a kickback for access to their buyers list. Go to meetup.com and look for local meetups that you can attend nightly and take flyers to advertise your properties until you get them assigned. It sounds like you're about to accomplish the difficult part (finding the lead and getting it under contract). The buyer is easy (if it's a deal).

Best of luck Amiee!

Congrats on your first property, @Account Closed :)

Hey @Ryan Battista, thanks for keeping us in the loop on this. I enjoy getting my notifications for this thread. Hope to see you land a deal off your mailers! Keep me in mind as well if you are looking for buyers. I'm a wholesaler, but I have a pretty solid list of local, active buyers so I can help funnel some guys your way if you get something under contract. My email is in my profile if there's anything I can do to help.

Keep hustling man.

It also depends on exactly what you're looking for, @Michael Goodman. Some are more formal and structured, others are more just casual, networking, etc. I say just pick a few and go and see which you get the most value from. Also, and sorry if I missed this in a previous comment / thread, but it also depends on your investment strategy. If you're a wholesaler, there are meetup.com groups just for wholesalers. Best of luck man.

Hi @Michael Goodman, this particular event I think will happen again next Monday (8/29). Can't remember if it's first or last Monday of the month, but I know the following Monday is Labor Day and they most likely wouldn't have it then.

You're correct on meetup.com. There are tons there. The Hobby Millionaire group (http://www.meetup.com/Hobby-Millionaire-Real-Estate-Investing/) is very active. You will also find tons of others just searching for charlotte real estate on meetup.com Join them and you'll get email notifications when they meet.

Hey @Chase Speights, welcome. There's plenty of local meetups in and around Charlotte. Setup your keywords here on BP so you'll get notified when hosts put them up on here. Also sign up at meetup.com and search for local REI meetups. There are tons. Best way to accomplish what you're looking for.

Congrats on getting started man.