God is good. Today my husband may have secured our first private money lender. She's actually one of his massage clients and has been looking to invest in real estate. We just worked up a proposal for her to partner with us on the purchase of the Ft. Lauderdale property. It actually is a great property to keep as a rental (Section 8 is paying $1200/mo for a 3 bedroom) and if we can do it through a partnership with a private money lender it will be even sweeter. If we still end up selling it pretty quickly before renting it out (either before or even after the rehab) our investor won't mind anyway since it will be a pretty fast return on investment and then we can use her money again for another deal! It's not set in stone yet, but we'll be reviewing the proposal with her over the next couple days. We basically want to be private money magnets....that will help us do a LOT of great deals.
We're going to make some more offers now. Insanely low offers for $25-30K. We have buyers who are willing to buy rehab properties for $30-50K so if we can snag one we can have an easy flip. Steve over at flippinghomes.com just told us on the forum today that he snagged 3 REOs for 15% of the after repair value. And Steph over in Tampa just got a place for $18K. All I can say is wow.
The phone calls on the properties have been interesting. We have been hearing from a lot of people who want to actually live in the properties (owner occupants) vs. investors. We don't mind selling to owner occupants but we tell them that if we have to do the rehab work the price will obviously be higher when we sell to them.
That's all for now.
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3 comments:
Hi Shae!
I'm new to wholesaling myself. I saw your comment on Scott's blog and I saw the link to Scott's blog on the flipping homes site.
I just purchased the home study program. Did you purchase it? How long have you been doing this?
All the best!
Cheryl
Gaithersburg, MD
Hi Cheryl,
Thanks for stopping by! We've had one investment property that we rented out a few years ago but sold the property at the height of the bubble here in South Florida. It was good timing! Anyways, we've never flipped a property before so this is new territory for us and we're excited about it. I haven't purchased Steve Cook's home study program. I've been through a few intensive boot camps for real estate investing and found Steve's community several months afterwards. I'm all about investing in more education so once we finalize a deal or two, I'll be looking to get some more great tips from either Preston Ely's course or Steve Cook's. If you haven't checked out TampaSteph's blog out yet, be sure to! She's been wholesaling for at least two years now and is doing it full time. I follow her blog "Flip this Wholesaler" regularly. Take care and wishing you a successful journey in real estate investing!
Thanks Shea. All the best to you!
I like Steve's course, I'm just beginning with it.
If you'd ever like to contact me you can reach me at cheryl.robinson@gmail.com
Take Care!
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