Posted by Brad Crouch on January 08, 1999 at 17:41:01:
Marty,
I’m not sure what you want to do. You no doubt have more experience than I, but if you want to do rehabs in a more “cost efficient” manner, I would think that would be a matter of finding different contractors to do the work and negotiate cheaper rates. Or finding new people to “wholesale flip” to.
If you want to increase the number of methods of finding foreclosure properties, then I would suggest buying Joe Kaiser’s course, “Totally dominate your foreclosure marketplace”. This will show you some “triggers” that might be effective in your area for finding these types of properties before everyone else does.
If you’re looking to add new ways of RE investing to your arsenal. I would suggest reading all the articles on this site as well as the postings here. Then decide which appeals the most to you.
If you want to continue flipping, only increase your volume, then I would pay particular attention to threads containing the name, “Jackie from Dallas”. She has done about 80 flips in the last 2½ years.
Everybody wants to make more money, but from your post, it is not apparent which way you want to go from here. Except that you want a “cost efficient” way to do this.
Maybe you want to get involved with lease options. In that case I would suggest you get the Bronchick course, “Lease Options Workshop” and Joe Kaiser’s course. “The Ultimate Lease Option Strategy”.
These courses are not expensive and since you have already been flipping for a year, there should be no problem affording them. If there is . . . then you definitly need them!
I AM A NEW INVESTOR WHO HAS BELIEVES THERE IS A BRIGHT FUTURE IN THIS BUSINESS. OVER THE PAST YEAR I HAVE BEEN BUYING FORECLOSURES AND FLIPPING THEM. WHILE I AM SURE I NEED TO BROADEN MY SCOPE, I AM CONVINCED THERE IS MONEY TO BE MADE HERE AND IT IS A GOOD ARENA FOR THOSE OF US LEARNING THE GAME. I DO NOT SEEM TO FIND THE HOMES I READ ABOUT (.50 CENTS ON THE RETAIL DOLLAR) AND CONSEQUENTLY WORK WITH A LESSER MARGIN (.60-.70). FREQUENTLY, THESE HOMES NEED A BIT OF WORK. I WANT TO COST EFFICIENTLY SUB MORE OF THIS WORK OUT SO THAT I MAY CONCENTRATE ON PURCHASES. ANY THOUGHTS?
Posted by Kristin on January 08, 1999 at 17:43:17:
Marty,
I usually try to work with one crew, and promise to send all of my jobs to them in exchange for a price break. It’s always worked so far…give it a try.
Also, you can try wholesaling some of your deals so that you aren’t personally responsible for all of the rehabs, but you still make a profit off of each deal you find.
Last thing: If you concentrate on your ROI more than your LTV, it will open up more opportunities for you.
My 2 cents.
Good Luck,
Kristin
I think you would be better served to ask a specific question. I have no idea if you are happy with this niche in real estate and are looking to make it more profitable or if you hate it and want to leave.