All Forum Posts by: Shane Wilson

Make an offer on any property your interested in. Its just my experience they are willing to counter and move a little more after the 90 day mark. Also at the end of the quarter if you can close before the month is out is also a good time.

There's no magic way to approach it if its more then 90 days. Just make an offer and see if their motivated.

We bought an old used ford dump truck for $2000. That was the best investment I made and it has paid for itself many times over. If you get going pretty steady at this then I would definately consider buying an used dump truck instead of renting dumpsters.

Dalton, GA Whitfield County

Its slowed down quite a bit for retail selling. It doesn't help that our town is heavily relient on the carpet and flooring industry. Those industries are also slow now and have cut jobs at a couple of the companies and i think thats contributed to the slow down here.

I'm owner financing many of my properties at the moment.

For retail buyers I run pretty much an automated system. They call a recording, go see the house, and then call me for the name of my mortgage broker. My marketing consist of classfiied ads, ads in the free classified magazines in my area, and signs.

I tend to advertise for some credit issues, or no credit, bad credit. You'll get a lot of people who can't qualify but some people think they have no credit or bad credit when in reality its not that bad and they can qualify. Its getting more difficult to get some of the borderline people in now however as things have changed in the mortgage industry the past 6 months.

For wholesaling to other investors I simply send out an email or call a particular investor that I know who might be interested in the property. So for this one you need to network with other investors.

The question is to broad. There are many ways to pursue this business. Figure out which path you want to take and make a plan for it. Keep it simple and adjust as you go.

You need to look at properties and find the motivated ones. Then you need to make below market offers to find the below market properties your looking for. As was stated you need to network and get to know your target neighborhood.

Can you lay out more specifics of your plan? A lot of people say they are going to flip houses but you need a plan. Give us a start of a plan and we can help modify or suggest how to work it. What do you plan on using the capital for? That'll determine how to raise it or use someone elses money. How do you plan to find the houses? Do you plan on rehabbing or selling to other investors? Do you have the contacts or at least know which people you'll use for insurance, title, etc.? Do you have the knowledge base to jump in right now?

I may be slow at responding at times since I stay busy but start with the above info and I will get back here at some point and help. I'm sure the other experienced ones on here can help you too.

Ditto to what John said. Get to know the REO agents in your area. The good ones can usually put you on an email list to send you properties that are listed as REO's.

Once a bank takes back a property. They want the value as indicated from their appraisals or BPO's. Once a property has been on the market for 90 days or more thats usually when you can start getting somewhere.

My appraiser told me that a metal roof adds more value, but I would go the cheaper route in your situation if it was me. Get estimates from a number of roofers and A/C guys.