SOMEBODY SAID I CANT DO IT
I just recently done a wholesale deal where a real estate professional aka Real estate Agent said that a house that I was selling was better off knocked down. (check out the above pic) I did not quit and of course I did not cry. I know that most real estate agents are trained to sale and not evaluate investment deals. Also on another note I have done deals that were trashed and worst than this. This deal was not all that bad. Just a kicked in back door. But to the Untrained Investor it look like a eye soar.
Now How did I know I had a good deal? Because nothing on the MLS was listed under 110kAnd everything that was listed for over 110k was sitting so I said to my self. If I come on the market at 69,999. I should get some bites. I picked up the deal for 55k. The 1st week came by and I got some bites. But no acceptable offers. The 2nd week came by and I got a offer in at 62k. Boom baby the Realtor was all wrong. It was some back and fourth we agreed at 62k I pay all buyers closing cost. And I had to do a double closing because his hard money lender would not pay assignments. I netted about 4900 on a deal a real estate professional advised should be torn down.
In conclusion this is not the 1st time or the last time somebody said I could not move a deal at a certain price. Some times veteran investors tell me my numbers are too high. Ive learned from experience everyone has their magic number number that works for them on Return on Investment. And also some people use their own money to rehab deals so that save thousands in hard money cost. I hope you guys gets the reason for me telling you this dont give up on a deal because 1 person says the numbers dont work. If you know your local market, sub market and have verifiable cash transactions that prove a deal may work then go for it. Now some investors call me when they need their deals moved that are too much for a wholesale deal. 🙂 This could be you if you learn your local market and sub market. So for example your sub market might be a pocket in town that you have to comp block by block. 1 side of the block might be worth 200k but across the street the houses might be worth 80k. I hope that helps..