Posted by Eric Medemar on March 26, 2008 at 08:23:54:
For one thing I would always recommend building your buyers list before you start looking at homes, then you don’t need to worry about where you will be advertising because you will already have buyers lined up.
I bought Vena’s course and that was one of the major disappointments of her course is that she spends very little time teaching you about finding buyers and the importance of finding them BEFORE you find sellers.
You do have a couple of options when you advertise the home don’t put the address in your listing, just put the side of town and the specifics other than the address, then tell the people who call that you have the home under contract but have decided to sell the contract so they are suppose to call you instead of the realtor.
The other is to do what you have been doing but contact the agent ahead of time and let them know that you would like the calls about the home forwarded to you, or that you would like to have them take their sign out of the yard. (I don’t like this method as much)
I am both a licensed realtor and a real estate wholesaler so I have been at both sides of the coin and that is what has worked the best
I posted about a 1350sq ft studio property I have under contract in Crescent
City, CA that is perfect for a rehab and I’m needing some advice about
advertising.
The seller accepted my offer of $70,000 and the inspection period will end on
the 30th, but the listing agent still has their sign in the yard and an ad in the
classifieds. I thought once my offer was accepted it was okay for ME to
advertise it in the paper etc. Now, I’m not sure.
What problems could I run into by advertising a property that hasn’t closed
escrow?
My original plan was to wholesale properties to other investors and save up
the cash I earn to use for getting into rehabs and deals that would let me
build cash flow and equity like owner carries, L/O or rental properties.
How do I get to the position where I have the money and credit available to
close on these deals with cash on my own?
From what I’ve learned in my studies of RE investing, it seemed it would be a
3 step process of:
wholesale and rehab to build cash reserves.
Use cash reserves to acquire cash flow properties (owner carry, L/O or
rental)
Use equity and cash to build portfolio of cash flow properties and
upgrade/1031 existing properties.
Take the family on our first ever in 13 years vacation (yeah, life has been
THAT rough for us. It got kind of hard to earn a living at a regular job when
the wife became suddenly disabled 5 years ago and MediCal keeps denying
her the surgery she needs to fix it).
So, how do I market the properties I get under contract without stepping on
toes or getting myself in trouble?
What is to stop an investor/buyer from taking a deal like this away from me
by making a better offer to the seller?
Why did this all seem so clear to me BEFORE I got an offer accepted?
Anyway, I’m really starting to doubt myself and could really use some honest
advice. You pros write great stories about how you make these deals work,
but I never read anything about this problem and it seems like an obvious
one.