On Tuesday afternoon, we closed on another rental property (woo hoo!) and Phil is currently out and about working on a few details that we need to take care of in the property prior to showing it to tenants and tenant buyers. We’re actually marketing to both tenants and tenant buyers at the same time, so we’ll take whichever comes first over these next couple of weeks.
I shot a video over at the property yesterday to give you a quick tour plus give you a quick tip on how you can establish relationships with cash buyers in your local area….it’s something a local wholesaler did with us that I found to be quite effective. Check it out!
By the way, if you haven’t joined my newsletter yet, I encourage you to do so by filling out the box to your right or right below this post. Not only do you get the 7-Day Action Plan but you also get some other extras. For example, those who are already on my newsletter list received a copy of the marketing piece I referred to in the video as part of my “Thursday Tips” series!
Have a great weekend everyone!
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Tags: Building a buyers list, cash buyers, cash buyers list, direct mail, wholesaling
Leave A Reply (25 comments So Far)
The comments are closed.
Sharon Vornholt
546 days ago
Shae – The video said you paid $55K. Was that $155K?
The house looks great by the way.
Shae
546 days ago
Nope! It was indeed $55K.
Brooks
544 days ago
haha, made you do a double-take too huh?!?
Looks like some great numbers Shae!
Shae
543 days ago
LOL! Thanks Brooks! I was looking at the properties you currently have for sale in Alabama on your website and was blown away by those low prices…I know the rents aren’t as high either, but wow..those are some deals!
Bolaji O | WhoIsBolaji.com
546 days ago
Great job, Shae!
Wow – $1500/month rent on a $55k home?
Rent sure is high in South Florida! LOL!
Fantastic – and really good monthly cash flow as well.
GOOD FOR YOU!!
Shae
546 days ago
Thanks Bolaji! Yes, the rental rates in the area are between $1200-$1600. With section 8 or with a tenant buyer you can get the higher end of the scale. Not too shabby, I agree!
AnotherSteph
546 days ago
Great house, Shae. I love those FL prices – $55k is a steal!!
Love that postard idea, too. Thanks for sharing!
Steph
Shae
546 days ago
Yep, I’m lovin’ the prices right now too….well, with the exception of the fact that our personal residence has lost considerable value but that’s another story for another day. LOL!
Geri
546 days ago
Hi Shae,
Congrats to you and Phil. Thanks for sharing the project (it’s beautiful) and the mailer info. Good Stuff!!
Happy hunting….:)
Geri
Shae
546 days ago
Thanks so much for stopping by and for the congrats, Geri!
mobilehomegurl
546 days ago
Awesome video, Shae! And, the home looks great – just the way I like it (with little rehab work needed, lol!) Amazing deal, great job!
Shae
545 days ago
Thanks Rachel!
Bilgefisher
545 days ago
Shae,
Those prices are amazing. We can get 1200/mo rents on 80K ARV at our best here in Denver. A few more cash flowing units like that, and you’ll be fairly close to your initial investing goals. Nicely done.
Shae
545 days ago
Hey Jason, thanks! Yep, we’re going to work this while we can. We want to keep the cashflow as high as possible now and be prepared for the fact that rental rates can drop. I don’t forsee dramatic drops, but every hundred dollars counts
Charles - Melbourne, Fl
545 days ago
Great job Shae and Phil on that video. Shae you gave me a tip about Xima when you had your Q&A last week. Call them to see if they gave you your discount because I signed up using your code. Do you use your house values ( ARV’s ) based on their comp values?
Shae
545 days ago
Hi Charles, thanks for the heads up! I’ll check with them. I didn’t even give you a code so I’m surprised you were able to use one
I take a close look at all the comparable sales and I ignore the outliers (those that are way high and way low). I only pay attention to sales that took place in the last 3 months.
When I’m getting to learn a new area, I will spend time driving by the recent sales to get a sense for whether they were higher distressed properties, etc. You may want to use it initially as a research tool and then hit the streets.
If you already know the areas well, you’ll really be able to tell which comparable sales are meaningful and which ones aren’t.
Hope this helps!
Erby
545 days ago
Good Stuff Shae. I don’t know if you mentioned it but what part of town is that. Also was that from a foreclosure or Private seller?
Shae
545 days ago
Hey Erby, thanks! It’s from a private seller and its in the city of Fort Lauderdale (west of I-95 but east of 441). That’s our main investing area but we also look in Lakes…we’ve made several offers but none have been accepted yet. Still workin’ on it!
Erby
545 days ago
You guys are getting some great numbers coming out of there. Good for you.:) If I every know about anything coming out of those areas I wont hesitate to call you.
Shae
544 days ago
Thanks Erb, I appreciate it!
samuel
542 days ago
Awesome video.. love it
Thanks for sharing.
BTW: You look good in the video, hope to see more of this.
Shae
542 days ago
Thanks Samuel!
B0BB
415 days ago
When I came to this blog I was hoping for another nugget….got a goldmine instead.Thanx a’gin and continue on !!!
Shae
415 days ago
That’s what I like to hear, Bobb! Thanks for stopping by and wishing you the best with your real estate investing!