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Real Estate Investing Forums | Real Estate Investing | Bird Dogs, Wholesaling, Flipping Properties Forum (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas) | Topic: I got a 78 Year Old Bird Dog
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Randoskie
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« on: September 12, 2017, 03:36:28 PM »

 I got this 78 year old bird dog named Frank,  He used to be a realtor eons ago. The guy is rich with property, has a house in Millerton and Shaver lake, but he tells me he has no cash. He contacted me about 3 or 4 months ago from my help wanted ad on Craig's List. At first he was sending me some over priced properties off the MLS, I explained I wanted properties not listed that are in bad shape.
I enjoyed emailing the old geezer but I avoided his phone calls cuz dam cud he talk.
Anyways so finally he sends me this property that has 2 houses on it and the owner is fixing them up. He tells me he wants 95K for it cuz he's getting it for 90K.
Its in the worst part of the city near Chandler Airport, the fair market value is only 89K
I add my fee of only 4K cuz I didn't think anybody wud want this over priced property in hell town.
The seller is almost finished with the interior rehab, these two houses, a 3/1 and 2/1 will rent for $1500 or more Friking dollars.
So now how to sell this thing... 
I got this buyer from San Jose, I laid the deal out in front of him with all the bad and then told him about the outrageous cash flow potential. Holy shitsky. He wants it,
I'm not sure how Frank found this deal, he's gonna be collecting 5 grand and I got a 4K payday coming.
I luv how this works, seller is getting $90,000 cash, Frank and I walk away with 9K, the buyer gets a nice property with good monthly cash flow. happy happy joy joy.
Frank is older than me, but I'm his new daddy.
Let's make some Money.....
Rando
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Dmccright
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« Reply #1 on: September 13, 2017, 10:41:10 PM »

Love these stories and honestly have learned something from them. My biggest question is how do you pull comps and cash flow numbers for what seems such a vast area? Funny I always catch myself saying what would that dude on the internet do with this deal. You really get my imagination flowing.  beer
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Randoskie
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« Reply #2 on: September 14, 2017, 11:06:42 AM »

I use this Title company called First American, they provide owners names and mailing addresses of all the properties I send them, and it don't matter what town or state their in.
Tell them your a local investor and you will be using their Title company to do your deals.
They also include a list of recently sold with distances from my target property, but I usually don't even look at that.
What I'm looking for usually  is houses that are in such bad shape with a distressed seller that I can get them for 40-60-sometimes less of ARV.
Those numbers provide me with a workable deal.
As for cash flow potential I just do a little math in my head, a 100K house with a low to medium interest loan will cost you 600 a month with taxes and insurance. A 3/1 in a bad area will rent for $900-1100, a 2/1 in a bad area $600-800 or more. This deal looks like it cud produce a serious cash flow of 8-900 buks
Now who wud pay 99K for a property with an ARV of 89K A landlord type buyer and this cash flow potential on this 2 houses on one property deal shud get the greed glands going.
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Dmccright
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« Reply #3 on: September 15, 2017, 09:33:29 PM »

I use this Title company called First American, they provide owners names and mailing addresses of all the properties I send them, and it don't matter what town or state their in.
Tell them your a local investor and you will be using their Title company to do your deals.
They also include a list of recently sold with distances from my target property, but I usually don't even look at that.
What I'm looking for usually  is houses that are in such bad shape with a distressed seller that I can get them for 40-60-sometimes less of ARV.
Those numbers provide me with a workable deal.
As for cash flow potential I just do a little math in my head, a 100K house with a low to medium interest loan will cost you 600 a month with taxes and insurance. A 3/1 in a bad area will rent for $900-1100, a 2/1 in a bad area $600-800 or more. This deal looks like it cud produce a serious cash flow of 8-900 buks
Now who wud pay 99K for a property with an ARV of 89K A landlord type buyer and this cash flow potential on this 2 houses on one property deal shud get the greed glands going.

Interesting I have First American Title in a city about a hour from me. I wonder if it is the same company. Did some research and it seems there are title companies in my state but use lawyers to do the paper work. I'm going to call and see what they can offer. Thanks for the help. Definitely didn't know you could pull comps from a title company.
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Randoskie
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« Reply #4 on: September 16, 2017, 03:46:20 PM »

My bird dog Frank has been pre-occupied with a water leak in his lower lake house, and getting ready for winter in the upper lake house with getting wood etc. Now he says he is considering selling the high lake property and getting something within his budget, oh really, you think?
I've been hounding him to get the frikin contract signed, now he says he has a partner and they are trying to renegotiate the price somewhat lower. Cant blame them for that, they are set to make $2,500 each and I got 4K.
Frank asked me how he shud go about negotiating a lower number. I wanted to tell him to go for the throat, kick em in the gonads and rip out their guts and, .
Maybe I'll just tell him to push for a price that gets us all 4K each because the exterior of the houses need paint and lacks any or some curb appeal to justify full price.
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BoNJ
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« Reply #5 on: September 18, 2017, 01:55:29 PM »

So, your bird dog is going to re-negotiate and try to get the price even lower? So they can make more? And he's asking you how to go about negotiating this?

Be careful...Greed blows deals. Good luck.
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Randoskie
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« Reply #6 on: September 19, 2017, 04:52:28 PM »

Yea, they didn't hand this deal off to me, They seem to be getting it done. Frank tells me they got a new lower price and will have the signed purchase contract soon.
It seems Frank and this other newbie met up at a local REI meeting. They been driving for dollars and found this deal.
Once they get a taste of cash profits they will come up with more deals.
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Real Estate Investing Forums | Real Estate Investing | Bird Dogs, Wholesaling, Flipping Properties Forum (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas) | Topic: I got a 78 Year Old Bird Dog
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