All Forum Posts by: Antonio Bodley

I have a buyer looking to buy at least 1 acres or more of vacant commercial lots within close distance of a freeway. How should I go about finding that specific type of property?

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Quote from @Justin Winn:

Im not sure what tools you’re using to capture you’re data, but I would try using some other tools. Unless you’re in an extremely rural area Zillow should be able to help you find some comps, and if quit claim deeds are a really significant number of transactions in your area I would also have questions and concerns about root cause.

i know this may not answer your question, but I would just try some new tools for your comps, even the BP tools should help.

The comps came from public records via Propstream.

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How am I supposed to get accurate comps if most of the comps are quit claim deed sales?

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Quote from @Account Closed:

Quote from @Antonio Bodley:

I have hundreds of post cards I mailed out and several and maybe many more to come have came back to me that says return to sender attempted-not known unable to forward on the card printed on a yellow label. What do I need to do to fix this problem to make sure cards go to correct address?

I got another call on one today. I sent out about 200 postcards to the owner's address.

You can run the addresses through the USPS "directory of deliverable addresses) I didn't do that this time. When I do run it through the directory I use SmartyStreets.com but there are a bunch of others.
People usually need to see your piece 5 to 7 times before they take action.

Depends on the market, the list (I use Propstream, selected one of the lists in the filter), used my own mailer, etc. Mailer just hit, I got a call today. I used an ugly yellow postcard 4" x 5.5" glossy front, sent with a regular postcard stamp (not bulk !!) I bought 10,000 post cards for $500 at Vista Print. I used Avery 8660 labels. Same message both sides. I send them to people I can't get a phone number for. Even the postman gets to know I buy houses. They also make great cards to leave on doors if you go door knocking and you can leave them on car windshields in parking lots, or whatever. I never got calls on nicely designed cards. ;-)

I use Statcounter.com on my website and I see hits from people responding to my mailer. My website has an autoresponder that sends me notice that someone has filled out the form. I know the mailer works for me, in my markets.

How did you come across those websites? I never heard of those?

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Is it best to see the house first before sending out a bunch of direct mailers? I ask because I have been in situations where I wish I saw the houses first before sending out direct mailers. One time I had a house in my direct mail list that was completely burned down once I saw it in person. Then just yesterday I went to go look at a tax deed property I was interested in buying only to find the house is completely gone. What about when motivated sellers respond to your postcard then ask this question? Have you seen the house? All you did was just send the mailers without even seeing the place.

1 Vote

Quote from @Will Barnard:

Quote from @Antonio Bodley:

Should I care about buying homes in awful condition and in poor locations as long as there is an end buyer that buys junk homes in poor areas? My thing is this. If someone buys and rehab a junker house in great condition surrounded by junk homes on that same street, who would want to live in a nice home in a poor area? Wouldn't that just bring the property value way down on the newly renovated house?

You should care about all details of all homes you plan to offer on as the details are how you come up with an offer price. I don't buy in crappy neighborhoods because the exit is more difficult and there are many other negative factors to them. But that's me, others specialize and/or are successful in those types of markets. To each his own as it goes. As Jerryll pointed out, the details generate the numbers and the offer amount would have to be at a point that takes into consideration the comps, the rehab amount, the buyer's pool, the current local market conditions, etc.

I am glad I actually went to see the property in person rather than just trusting outdated photos from Google Maps because I almost did not want to go there once I saw the area it was located in. That neighborhood looked horrible. I was looking at cash buyers who have recently bought properties within 1 mile from that home. I do not see any consistency with sales price information each buyer paid for the homes in close distance and with similar features as the subject property. That may be a deal breaker for me.

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Quote from @Jerryll Noorden:

Quote from @Antonio Bodley:

Quote from @Jerryll Noorden:

Quote from @Antonio Bodley:

Quote from @Jerryll Noorden:

You are looking at this wrong.

It ia all about the numbers. ANY house has a number.

The "number" is what connects everything and everyone to the transaction.

If the house is in a crappy neighborhood, putting in marble bathrooms may not make sense... the NUMBERS won't allow it. If it is in a crappy neigborhood, section-8 may make sense, so you rehab the house based on the numbers, either rent, or flip profits... its about the numbers.

There will ALWAYS be buyers (the right biuers) as long as the numbers make sense... as long as the deal makes sense.

And yes you DO need to care about condition and loication, wholesaling or not... but again.. all that is factored into the numbers. No matter how crappy something is, a job is... most people have a "number". There is no way I am going to clean toilets in Disneyworld as a job... but I may change my mind if they pay me $1M/toilet... right?

Everything has a number, and everything is died up in that number. The number reflects all the issues, characteristics of the deal including crappiness, location condition, worj, risk, effort, vacancy rate desirability... everything.

Simplify this, not complicate this. Leave emotions behind and ONLY look at the numbers.

I just got done looking at comps for that house with most recent sold homes. Out of 14 comps, two comps were the closest in similarity that I could find. This house may not be worth it.

While most investors give up here... the select few will thrive here using creative strategies to get the deal to work.

BUT, it is really difficult to make a deal work.... and even more difficult to say "I need to walk away". And you are able to do that, so good on you my man!

Never be desperate to make a deal.

Yep that is true. I almost got caught up in the desperation because a big paycheck does sound tempting, but I know there are plenty more out there that will be worth my while. I just feel kinda bad when I tell the guy I can't make a deal work to buy his house.

No no, don't feel bad. That is how it goes my dude. I would still make them an offer though.... just make an offer based on the numbers it works.

Check this out...

10 dollars bro!

That was how much we were willing to pay for it. If they didn't think it was fair, they could have gone elsewhere right? They picked us.

We are honest transparent straight shooters and.... absolutely not desperate. That is attractive to people... go figure.

Either walk away if you really don't want to deal with it... or make them an offer that makes it worth your while and go from there...

Either way.. there is NOTHING wrong with walking away.

I wish I could get a contract price for 10 bucks. The only times I have seen homes purchased for dirt cheap was through quit claim deeds. The seller has no clue what he wants for the house, and I do not know what I want to offer. I normally would make offers based on the comps and repairs. I cannot get inside access to the house to get a full evaluation to see what the repairs are to get my resell price. I could make a blind offer and throw out any number just to see what he will take, but I still need to know what the cash buyers will take for it in order for me to make a profit.

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Quote from @Jerryll Noorden:

Quote from @Antonio Bodley:

Quote from @Jerryll Noorden:

You are looking at this wrong.

It ia all about the numbers. ANY house has a number.

The "number" is what connects everything and everyone to the transaction.

There will ALWAYS be buyers (the right biuers) as long as the numbers make sense... as long as the deal makes sense.

Simplify this, not complicate this. Leave emotions behind and ONLY look at the numbers.

I just got done looking at comps for that house with most recent sold homes. Out of 14 comps, two comps were the closest in similarity that I could find. This house may not be worth it.

While most investors give up here... the select few will thrive here using creative strategies to get the deal to work.

BUT, it is really difficult to make a deal work.... and even more difficult to say "I need to walk away". And you are able to do that, so good on you my man!

Never be desperate to make a deal.

0 Votes

Quote from @Jerryll Noorden:

You are looking at this wrong.

It ia all about the numbers. ANY house has a number.

The "number" is what connects everything and everyone to the transaction.

There will ALWAYS be buyers (the right biuers) as long as the numbers make sense... as long as the deal makes sense.

Simplify this, not complicate this. Leave emotions behind and ONLY look at the numbers.

I just got done looking at comps for that house with most recent sold homes. Out of 14 comps, two comps were the closest in similarity that I could find. This house may not be worth it.

0 Votes

All Forum Posts by: Antonio Bodley

Antonio Bodley has started 124 posts and replied 508 times.

Post: How would I find that?

Post: How would I find that?

Post: What if they are quit claim deeds?

Post: What if they are quit claim deeds?

Post: What can I do to fix this problem?

Post: How often do you go see the house?

Post: Should I care or leave that up to the end buyer?

Post: Should I care or leave that up to the end buyer?

Post: Should I care or leave that up to the end buyer?

Post: Should I care or leave that up to the end buyer?