Nervous about a deal

[soartheskies215]

Help!!!

Hi guys I'm a new wholesaler, and I'm looking for some advice.
I have just got my first deal. Now closing is approaching and my marketing doesnt seem
to help. I use craigslist(all US), backpage, investors.com, rehablist.com.
Here are the stats of the property story 6bdr, 4bth with 3 fireplaces 205,000 purchase from the bank, ARV 460,000, construction across the street starting at 699,990, Desirable neighborhood with award winning school system. Now for my first deal i thought it was a great purchase did I
purchase too high from the bank or am I not doing something with my marketing.
I also have a website to market from, Please any advice would help. I'm nervous about the binding contract especially.

[tampasteph]

If you're doing that much marketing, and not getting any bites, than you need to lower the price.

How much wiggle room do you have?

Steph

[WeSellHomes2Fix]

Steph - Nice to see you over on these boards.  Flippinghomes - xburbx

Steph has good advice.  I'd also recommend going to your local auctions and see who is buying in high volume.  Talk to those guys.

[Jeff Corpuz]

Those are all great methods of getting buyers. Do you
have any offline marketing that you're doing?

How much response have you gotten so far?

Always be sure that you can 99% move the properties
that you get under contract. The other 1% that you're
not quite sure you can move, then you need to be able
to have a back up plan, i.e. buying it yourself, etc.

What's your back up plan on this property?

[Lisa G]

In the future, you may want to build a buyers list and find out their buying criteria.  Then look for deals that match their requirements.  In the meanwhile for this deal, try meeting some investors at your local sheriff's sale, or reia and try shopping it to those individuals.  Good luck.

[herbster]

You did this with a binding contract??

[James082]

I agree it is best to have a buyer list before you buy, but no that you are here, go to the local REI club and network like crazy.  Find out who is buying and then ask who they know.  Go to the auctions and talk with the investors buying there like WeSellHomes2Fix  suggested. 

My first question when I was reading this was how much are you asking for it?  And what are the repairs?

I see that you purchased from the bank for $205k and the ARV is $460K but I don't see your asking price.  You say that there is new construction across the street, does that mean that your house is new construction or is it an older home that needs to be completely renovated?

[Lamar]

There are some great responses in this thread and should begin to get you more hits.

One thing I would like to add however... When posting ads on the free classified sites... Are you directing people back to your website or are you just having them reply to the ad?

If you're directing them to the website, are people actually clicking your ad and going to your website? You can track this with Google Analytics.

If they aren't even clicking the advertisement to go to your website, then you'll need to simply write better ads.

A Catchy or *Attractive* Headline.

A Body that is short and straight to the point. It should also have a "Call To Action". Meaning...Click Here...or Go Here Now...or Call Me Today... Something like that.

Also, one thing I've noticed is that people will filter their craigslist results by using keywords or by choosing to only see ads with images in them. Always use an image with your ad. Even it its a blank image. lol This is just to get past the filter. That way more people will see your ads.

You can also use Offline Marketing if you aren't already. Advertise in the local papers of where the property is located, flyers, signs, etc. If the property is out of state, then you could hire someone on craigslist to help you put out signs and flyers.  Just be careful.

Sometimes it isn't always the price. It's the marketing that can come into play too. With that said, people are looking for deep discounts nowadays.


Hope that helps!

- J.Lamar Ferren