All Forum Posts by: Strat V.

I just rebooted my real estate investor business and I consider myself a newbie with experience, mostly experience of hard learning.

Okay, I sent out my first round of marketing letters to out of state owners with vacant properties. Two phone calls, I need to follow up. I have a script to qualify seller to see if they are truly motivated but nervous. If they qualify based on the script, how do I make the offer?

My plan is to get the info, then analyze the info to see if there is a deal, then call back second time with offer. Any thoughts.

thanks for all the info, much appreciated from all of you

Has anybody else heard that big corporations are buying up all the inventory, REO, foreclosures and making inventory numbers decrease? Any information would be appreciated.

My colleague, who is also a real estate agent called me up to assess a property that another investor wants to wholesale to us. Here is the scenario. The investors that want to wholesale the deal to us are asking 79K. AVR is 180k. Repairs 55k. They claim that is a potential 57k profit. I used this formula to check the math. 180x.70avr=126-55 (repairs) to get a MAO of 71k. Potential profit 54k,not 57K. That is assuming their comps were good and the repair estimates were good, they are not.

My colleague who is a real estate agent pulled sold comps, pending comps under contract and active listings comps. We both agreed that AVR is 140k, that is what he would list it for fixed up. The property is 3 bedroom, 1.5 bath and 1332 sq feet, and our comps reflect this. We assessed the property repairs to be 69,300 including 12k for mold removal. I am not comfortable using .70avr and other investors have used .65avr. So, 140k AVR x.65=91000-69300 giving a MAO of 21,700, profit 49K. or calculated , 140k AVR x.70=98000-69300 giving a MAO of 28,700, profit 42k. Is this still a good deal using our corrected numbers? Also, if they did agree to our MAO, how do we calculate total holding costs and how long should a rehab take? Lastly, how can we find funding? Thanks.

PS, the property sold in 2000 for 41k, public record. Is there a way I can find out what these other investors that want to wholesale it to us bought it for? Or is that not important if the numbers work?

Thanks for the responses. I want to give you all a little bit more background about myself.

I've been following the real estate investor community for nearly 10 years, spent thousands of dollars in training and been to my local REIA off and on networking with other investors. I have bookshelves full of investor courses, some I actually tried to implement and others I decided not to. I've seen investors in my local community come and go, and others that are still very active, that I have maintained relationships with. I will not give up, persistence and perseverance are paramount and vitally important.

About success. Well, friends and family do not understand what I am doing, they all think it is a scam but I have met very successful investors and know better. The doomsayers and dreamslayers have been kept in the dark and I no longer share my visions with them, especially friends and family. I keep business my business. I have had some life setbacks, major life disasters that have sidetracked my progress but I never gave up and will continue to follow my real estate vision until I finally join the other successful investors I have met. The investors have always been supportive and have never discouraged me one bit and for that I am grateful.

I have a plan that I have learned must adapt and evolve. Most successful business based on case studies and real world observations either adapt and change with the market or fail. I think that is true with investors. Some investors have stated that the market has been tough since 2008 yet others say they made money in the down market by using proper strategies in those tough markets. What I would like to know is how many real estate investors have made money since 2008 and what strategies have they used to be successful?

Lastly, I appreciate all the responses, although I did not receive many. I would like to know what are the best strategies for our current market, 2013 to implement? Also, there are many sites and programs about automating your real estate business, such as Phil Grove and his all done for your system. Does anybody have any knowledge or success with Phil Grove and his current system? Thanks

Hello all. I am hoping to network with real estate investors and learn what works in this current market. I have rebooted my real estate investing business and will focus on wholesale and rehab first, then buy and hold rentals. I have joined a local REIA and have been searching online for information and thus came here. I am on facebook and I am trying to learn all the current technology to streamline the business and to get the best ROI for marketing. As part of my marketing strategy, I have invested in two online databases to find motivated sellers and cash buyers, and eventually I will invest in private lender online database. My questions are for investors familiar with these systems, have they helped with streamlining marketing? I am also considering investing with a real estate investor marketer for websites with a proven track record. Any thoughts? Thanks.

Also, I am still searching for both a cpa and a real estate investor attorney familiar with our industry for NEW YORK state. Anybody familiar with NY? Thanks again.