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Real Estate Investing Forums | Real Estate Investing | Sub2, Owner Finance, Options, Lease Options Forum (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas) | Topic: Finding expired listings
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Redstar1324
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« on: November 12, 2016, 10:45:36 AM »

How do I do this?

Is the only way to go on Zillow and painstakingly click on every red dot to see which ones are old?

Would an expired listing still be on Zillow?

I think it would be a good idea to look at properties that nobody wants. I'm sure I could do SOMETHING with them.
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Gold River
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« Reply #1 on: November 12, 2016, 03:57:28 PM »

Hi,

    Maybe one in every 10 listings might be able to be wholesaled, the other 9 are retail priced homes being sold for top price.

Once a listing expires it no longer shows as "For Sale" on a listing website!

The only way you will find any wholesales is either a realtor who feeds you an MLS search where you can immediately notice reasonable priced homes in a neighborhood you already know, or comparing the MLS search to a known value of sold homes around your subject property.

Just because a home is listed does not make it anywhere close to wholesale!


                    GR
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Redstar1324
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« Reply #2 on: November 12, 2016, 09:05:33 PM »

If 1 out of 10 homes can be wholesaled, that's pretty good. There are many hundreds of for sales on Zillow at any given location at any time.

It only takes a few minutes to run a comp.

So, in theory, it should take 2 hours maximum to find a wholesale deal on the MLS at any moment?
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Gold River
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« Reply #3 on: November 12, 2016, 09:34:57 PM »

Redstar,

            That's too simplistic like your playing a game of duck, duck goose and you can pick any street and count out 10 houses and the tenth home owner says "Sure you can buy my house for 65 cents on the dollar, this unfortunately is not how real estate works.

It is a fraction of 1 of 10 who actually might be interested but I did not feel like I had to break it down to:

     point (.) 000348762950389237788987135562262632323256636646456434761376136 of 1


             GR
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Redstar1324
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« Reply #4 on: November 12, 2016, 09:45:53 PM »

In other words, it's nearly impossible.

And did I just waste money on this wholesale campaign?

Other people on this site say it worked for them and you have probably found many on the MLS in the past few months.

More on the topic of bulk mailing...

A professional bulk mailing company said they suggest 6x9 color postcards. Would you agree? That's gotta be better than the trifolded letters with wafer seals I'm currently sending out.

I hate being impatient, but I have to start making real money. There's no reason I can't wholesale 5 houses per month = $25,000/month = $300,000/year. That's a REAL income. Not subsisting on the RV park salary.

Or perhaps wholesaling on the MLS just isn't for me right now. That's okay since that's what most wholesalers do anyway.

So rather than search for "expired listings," I should be looking for listings that are about to expire.
« Last Edit: November 13, 2016, 11:03:58 AM by Redstar1324 » Report to moderator   Logged
Gold River
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« Reply #5 on: November 14, 2016, 01:31:12 AM »

Hi,

    My advice to you was in line with my own experience starting out! I took a package or two of colored yellow paper to my local Kinko's copy shop with my original computer generated layout here in the western US, they copied 1000 black print copies for like 4 cents each.

I went back home and sat at my coffee table watching TV and folded all 1000 piece's in thirds and at the time was allowed to staple the leading edge shut, then I used my computer to put addresses into and print mailing labels. My actual cost was like $0.8 cents per mailer plus postage! I sent them to affordable housing neighborhoods in my area, if I needed to I used my computer to see addresses and literally visually saw 204 Oakmont and put 204 Oakmont in my computer to print the label.

You have no hope of trying to send mailers around the country because it's hard as a new investor to calculate the discount for repairs and rehab, yes you can find value and you can find 70% but you can't possible know the condition or be able to discern the general condition of area homes.

So you get a contract in Provo Utah and every investor you emailed from your list looks at Redstars wholesale price of $135,000 for a $200k retail FMV and walks away and you can't figure out why, they drive by or send their birddog and they see $25k in repairs which you can't see and you don't have the investing experience to know that home needs work.

So you sit with a contract for 22 days before exercising your contingency to get out and one of your investors from your list comes back and negotiates a deal with the same seller for $110k for that same property. Your sitting across country and have no idea this home is in an older Provo Utah neighborhood where most homes have never been updated.

Your only realistically going to do 5 or 10 homes your first year, you have to understand the process and be able to put not only a dollar value on rehab but also estimate a proper FMV, you can make huge money wholesaling but you have to start local and learn by actually observing conditions and quantitating repair / rehab costs accurately by observation.

Your best quick bet for finding an immediate wholesale property is to look at homes for sale in affordable housing older neighborhoods in the greater Orlando area. Remember I used to drive 60 to 90 miles or more to look at property so theirs no reason you can't do the same.

Either get a realtor to send you search quarries from the MLS or look for, for sale properties in older neighborhoods on Zillow or Realtor.com and then look for the highest valued home in relation to lowest priced for sale homes and you'll find what I found when I sent you that property I told you to contract.

Just because other investors and wholesalers work your area does not mean you can't be successful, your competing and sometimes you win and sometimes you lose but you have to be in the game! You have every ability to be successful but you have to actively work for it, it's not easy but it is rewarding and it can be done!

So get into the game and get out there and score!

Good luck,


                  GR
« Last Edit: November 14, 2016, 01:35:35 AM by Gold River » Report to moderator   Logged
Redstar1324
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« Reply #6 on: November 14, 2016, 05:56:02 AM »

I sent out 1,500 folded letters one week ago.

I'm just hoping I get a single call.
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caroline
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« Reply #7 on: June 07, 2017, 12:34:29 AM »

Hi,
Here are some ways for finding expired listings:-
Researching the Regulations and Listings
Creating a Listing Presentation
Ask the agent directly
Thanks!!
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Real Estate Investing Forums | Real Estate Investing | Sub2, Owner Finance, Options, Lease Options Forum (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas) | Topic: Finding expired listings
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