OfflineI've always liked finding an abandon house and searching what happened to that home, why?
Some will say its a waist of time and or money driving around, really.
Yes most are foreclosed and the bank wont do assignments, should we just say ok and move on.
Don't get me wrong Im always learning, but think about this. Why don't we just negotiate the lowest price we can and then get transactional funding double close? We have our buyers setup am I missing something here?
Im looking for more input on this.
Aaron
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every house is worth pursuing.
they certainly won't all be deals but it's worth checking into. it's the hunt that I enjoy.
WALT
Yep stop and checkem out.
Aaron
Not every property you see whats abandon is a foreclosure. There are multiple properties in my city that are abandon but owned by owners. Some owners who bought them and started to rehab them but ran out of funding so the property would just sit there. In other cases it can be owned by out of state owners or even probate properties that are in the process of going through probate. When driving for dollars pursue any house with this can make me some money.
Reynold Orozco
Double closes will not always work on bank owned props anymore, either. Many of them are on to this and are now putting seasoning clauses in the contracts, not allowing it to be resold for 90 days to six months.
IF YOU HAVE A VERY GOOD BUYERS LIST and know this is a prop one of your buyers would want, you can make your offer in the name of an LLC specific for that prop (such as 123 Main St LLC) and if the offer is accepted, you then sell the LLC to the end buyer. That way, the original buyer, the LLC, is still purchasing. Just has a different person who owns the LLC. Avoids double closing costs and seasoning issues.
Ta Da!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
When I said most are foreclosures I should of said the ones im searching come back to that.
I agree on the rehabbers and probate props out there, out of town owners are what im really looking for on these homes.
Aaron
That's a good nugget, we should talk more about this..
Im always trying to learn more so I can take my REI to the next level.
I can do this
Aaron
..and I'm always curious about empty houses that sit and sit..I'm quick to write down the info, then never get around to acting on it! Next time I go by, sure enough, trucks on the property rehabbing. ACTION IS KEY!
"I can do all things through Christ who strengthens me" Phil 4:13
Yep I have done that before myself, drive by not stop and the next wholesaler does and he or she makes money that we should have.
Think about it.
We get the address go home do a tax search to get address send them a letter, work out numbers get under contract then sell our position in the contract to a buyer, get paid.
Im not saying its easy, im saying the process is easy but you do have to put in the time.
Don't let fear stop you.
Aaron
driving for dollars works! I do this every chance I get
"Don't tell me I can't, Tell me how I can."
I think when my experience and knowledge gets better I will have more success with this.
Aaron
..for the encouragement. I do tangle with fear..constantly trying to overcome. But action really does cancel it out. Also, discipline is key..we must stay on track, especially when we don't feel like taking the time..EYE ON THE PRIZE.
"I can do all things through Christ who strengthens me" Phil 4:13
Take different routes home or while you're out and you WILL see tall grass, trash, boarded windows and FSBO
Write down the address, stop and look. Talk with neighbors to get info.
Go home and research owner.
Contact them by phone and send letters every 2-4 wks!
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Take different routes home or while you're out and you WILL see tall grass, trash, boarded windows and FSBO
Write down the address, stop and look. Talk with neighbors to get info.
Go home and research owner.
Contact them by phone and send letters every 2-4 wks!
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Take different routes home or while you're out and you WILL see tall grass, trash, boarded windows and FSBO
Write down the address, stop and look. Talk with neighbors to get info.
Go home and research owner.
Contact them by phone and send letters every 2-4 wks!
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Take different routes home or while you're out and you WILL see tall grass, trash, boarded windows and FSBO
Write down the address, stop and look. Talk with neighbors to get info.
Go home and research owner.
Contact them by phone and send letters every 2-4 wks!
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
I love it... Let the Brainstorming begin
That was a very clear instruction, Karen.
How about short sale?
I have found this short sale property, and they just reduced price. When I searched that property in Zillow for their zestimate, the short sale asking price is way way lower than the zestimate price. I think I heard a lot of times about the short sale being taking forever and I think I heard that the bank sometimes intentionally lower the listing price on purpose. (They reduced the price by almost $200K) Why would they want to do that if they have some type of other intentions....
If I want to put in offer to wholesale this property, what will be the major difference from the regular property in terms of process? The price reduction has happened just a few days ago so I hope I can jump into this before anyone else does.
I agree if we do a little each day we get closer to our goals, every time we make a call or send our letters out at first its great practice. Yes we screw it up completely and our fear shows through the tone of our voice, they say you can hear when someone is smiling on the other end of the phone.
After we do it a few times our confidence gets stronger and fear is no more!
Next house we find lets stop and get address, go home get info and YES make that call, we could be that person they have been waiting for to help them out of the situation they are in.
We can do this.
Aaron
hey AAron i believe that about smiling thru the phone. i read in one of my sales training books years ago that if i would get up and walk around while i make sales call on the phone it would show thru the phone and really make a difference. i believe it really did.
WALT
After we do it a few times our confidence gets stronger and fear is no more!
Next house we find lets stop and get address, go home get info and YES make that call, we could be that person they have been waiting for to help them out of the situation they are in.
We can do this.
Aaron
Aaron, You will! there are many things you learn from driving,
Your market of coarse,
what ares you like and don't like,
is the are getting better or worse,
what changes are happening
look for vacants houses and notices,
where the war zone is, etc.
When I first started I pulled all the listing flyers and studied them. this helped me learn the price points in the area. Now I write down the distressed looking houses and send them postcards. and it works. I made 11k off the last guy you called me.
"Don't tell me I can't, Tell me how I can."
What site do you use to send postcards?
What is a good template to use for a postcard?
I had to laugh a little when I read your post. When im on the phone I pace the floor back and forth, im pumped up and juices are flowing im excited and it works for me, that's just me.
Aaron
I agree I have learned in the past, present and will keep on learning about my market and how it changes.
This is something we all should do and keep doing. Think about it, when we stop and look the house over I know I do this, I think about how I could rehab it, assign it, L/O, partner to do all of the above or just bird dog it.
This is one of my favorites, driving for dollars.
Aaron