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House #7: Wholesale Marketing

January 28, 2009

As I mentioned previously, before pursuing any other exit strategy, I want to try to wholesale The Roach Duplex (note: the seller actually had someone come in and completely clean the interior of this property, so it’s actually not a “roach duplex” any longer)… To wholesale, I need to do a lot of marketing. I […]

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Building a Buyers List

January 27, 2009

Now that I have my first property under contract that I’d even consider wholesaling (buying and immediately selling to another investor for a profit), I need to start building a list of other investors in the area that I can market this and future properties to. I’m not positive I’d be able to (or want […]

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House #7: The Roach Duplex

January 25, 2009

About 10 minutes after writing my previous post (about getting The Red Garage House under contract), I got a call that my offer on the “somewhat run-down duplex” was accepted as well. Wow, two properties in one day! As I mentioned previously, I don’t have an exit strategy planned for this one. That said, I […]

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House #6: Red Garage House

January 23, 2009

We just put another house under contract today… Based on the location, quick financial analysis, and our acquisition plan/goals, the most likely exit strategy for this property will be long-term rental or lease-option to a tenant. Assuming we follow through on this exit strategy, this would be our first long-term buy-and-hold project, forcing us to […]

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Tip: Estimating Rehabs

January 22, 2009

In an earlier post, I wrote about the basic steps you’ll likely take as a new investor to get your first deal through closing. As part of that post (step #7), I suggested getting a contractor to the property to help you put together an estimate of the rehab costs. In the past two days, […]

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Marketing Collateral

January 21, 2009

I took the past two days off work (MLK holiday and inauguration) — as did many of the agents and bankers that I work with — so I don’t have too much to update in terms of the business. But, my wife has been working her butt off the past couple weeks putting together templates […]

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An Increase in Activity

January 20, 2009

While we haven’t yet gotten any offers on The Corn House or The Second Chance House, interest in both has picked up considerably in he past few days. I attribute this to two things: The Market: While it’s still a tremendously depressed market around here, that segment of buyer that we target — first time […]

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Update for 1/16/2009

January 17, 2009

Here’s a general update on what’s going on with the houses and the business… House #1: The Corn House Nothing much new here…we just hit 90 days on the market (still less than average DOM for this area), and haven’t had too many showing outside of the first weekend. My wife, brother and I have […]

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House #5: SOW/Budget

January 16, 2009

The DIY House was supposed to close this week, but the title company just got clean title back today, and the seller is requesting 5 days to review the entire closing package before they will be ready to sign the closing papers. So, it looks like we’ll be well into next week before we close […]

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Flipping in 2009 (Part 2)

January 15, 2009

In yesterday’s post, I started listing my rules for successful flipping in today’s volatile real estate market… Today, I wanted to continue that list: Location, Location, Location: While this has always been a key maxim in real estate investing, the difference between then and now is that today, you need properties that will get a […]

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