Finding Deals
I'm still confused over this wholesale/retail aspect. I don't understand why people would sell their property under market value and I haven't found anyone willing to do that since May. we don't have a local REI group so I can't network that way. I put an ad in the Sunday paper "I buy houses' and it was a rather nice ad if I do say so myself but not one call. Do I have to run the ad every week? I'm thinking that the best deals never make it to the MLS service because you see realtors and attorneys in the Sunday paper property transfers.
so, if say old people lived in their home for 50+ years and are now ready to sell (or the kids are) and it needs updated, they sell the house for the value, less the updates - there is no room for profit. estates auction off the real estate to the highest bidder and those are sometimes going for higher than market value.
the best deals I've found are ones that the bank has already taken back and those are going for fair market value and most of them need some cosmetic and basic repair work.
I guess I just need someone to tell me something to have the light bulb go off in my brain.
If it helps;
1. Check out your local city council's "Dangerous Buildings" list. A few calls while placed on hold should point you into the right direction. p.s. sit in on the Council's meetings and see who shows up.
2. Detroit has a "Real Property Inquiry" system. check it out at www.ci.detroit.mi.us to see what I mean. Then scope out a rougher area in your town, and mark off an on a map with North, South, East and West borders. The area should be at least 5 streets by 5 streets. Then go by each street systematically down the property inquiry system to look for differences in the real property address and TAX addresses. Do this 200 times. (you may want to hire someone to do it, cause it sucks). Those that are different are probably rental properties. Look up those names at www.whitepages.com to find tele-numbers. If you don't get the numbers, mail letters.
It's a ton of work, but at least a direction.
p.p.s Yes, run the ad every week. Try different tag lines too, such as
"I sell houses"
"Investor Specials"
"Cash Offer"
"Quick Close"
Damn, maybe I should sell a course...
Anyway, good luck from the D.
P.K.
"If you hear a voice within you say 'you cannot paint', then by all means paint!, and that voice will be forever silenced."
they sell for many reasons divorce, can't make payments, live out of state , don't want to deal with renters, or just don't understand that realestate can appreciate and many others. they are waiting for you to find them. no one said was easy. you have to dig, use every method to find them. either you believe what everybody else is telling you, that it will not work, or you make it work. if you don't have a rei club in your find out of your area. it's up to you to make it work. you have to luv the "hunt" that for me is part of the fun. ......kenmax
... if you don't have a rei club in your find one out of your area.
Better yet, START ONE in your area!!!